Millions of Americans are stuck with medical debt – the negative impact of unpaid medical bills on credit scores can linger for years, making it harder to qualify for mortgages and other wealth building opportunities. The Consumer Financial Protection Bureau has proposed a rule change that would remove medical bills from most credit reports, increase privacy protections, help to increase credit scores and loan approvals, and prevent debt collectors from using the credit reporting system to coerce people to pay. “What we have found is that it’s often just plain inaccurate. People are stuck in a doom loop when it comes to dealing with insurance, dealing with a hospital or a provider… But often those bills get parked on a credit report, and a debt collector can coerce you into paying a bill you don’t even owe, because you have to face the consequences of a lower credit score …” says CFPB Director Rohit Chopra. “We’re saying that enough is enough. These bills really don’t belong on credit reports. It’s an intrusion on people’s privacy, and it really is harming the entire system.
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