WASHINGTON, D.C. (WLNE) — Leading up to his final days in office, President Biden is finalizing a rule that will end the addition of medical debt on credit reports
If Congress doesn’t rescind the rule, about 15 million people will have an estimated $49 billion removed from their scores, according to the Consumer Financial Protection Bureau.
The rule will also ban lenders from using medical devices like wheelchairs or prosthetic limbs as collateral for loans.
They also can’t repossess them if patients aren’t able to repay the loans.
Lenders can continue to consider medical information when a person requests a loan to pay health expenses or asks for a temporary postponement of loan payments for medical reasons.
Categories: News, US & World News