What’s happening: The Consumer Financial Protection Bureau (CFPB) issued a proposed rule that would remove medical debt from credit reports.
What else to know: Comments on the rule are due on August 12.
Specifically, under the proposed rule:
- A creditor would no longer be able to use medical information related to debts, expenses, assets, or collateral, in connection with a credit eligibility determination.
- A consumer reporting agency generally would be prohibited from furnishing to a creditor a consumer report containing medical debt information in connection with a credit eligibility determination.
A CFPB fact sheet is available here. CHA is reviewing the rule and will make additional information available shortly.
