The Consumer Financial Protection Bureau announced on Tuesday that it has finalized a rule that will remove medical debt from consumer credit reports.The CFPB said debt reporting agencies will no longer be allowed to include medical debt on consumer reports that are used on credit checks. Debt collectors will also be prohibited from using the credit reporting system as leverage to pressure consumers into paying questionable debts.The White House touted the announcement by saying medical debt won't be an extra burden on Americans needing credit for home mortgages, car loans and small business loans.RELATED STORY | Report: More than 100 million adults are paying off medical bills"Today, we are building on this meaningful work by announcing an unprecedented final rule that will make it so medical debt is no longer included in your credit score," Vice President Kamala Harris said on Tuesday. "This will be lifechanging for millions of families, making it easier for them to be approved for a car loan, a home loan, or a small-business loan. As someone who has spent my entire career fighting to protect consumers and lower medical bills, I know that our historic rule will help more Americans save money, build wealth, and thrive.Officials estimate that as of 2020, 46 million Americans had medical debt listed on their credit reports. The White House also said that the amount of medical debt a person has is a "poor predictor" of a person's ability to repay a loan.In April 2023, Experian, TransUnion and Equifax announced that they would remove medical debts lower than $500 from credit reports. With the decision, about 70% of those with medical debt had it removed from their credit reports, the companies said.RELATED STORY | New report finds Americans owe more than a trillion dollars on credit cardsEven after these changes, there remained an estimated 15 million Americans with medical debt showing up on credit reports. Combined, those Americans owed an estimated $49 billion in outstanding medical bills.The rule does not eliminate the debt itself.The rule could also be undone by the Trump administration, which has promised to slash government regulations.