Biden proposes eliminating medical debt from credit reports
The Biden administration on Tuesday proposed removing medical debt from the credit reports of more than 15 million Americans, making it easier for them to qualify for auto, home and small business loans.The proposed rule, which will go through a public comment period, would not take effect immediately. It would ban health care providers from sharing medical debt with loan providers and prohibit those providers from considering medical information when it comes to making loans.Vice President Kamala Harris said the move would improve “the financial health and well-being of millions of Americans.”“One of the most significant consequences of carrying medical debt is the damage it does to a person's credit score,” Ms. Harris said. “Medical debt makes it harder for millions of Americans to...