NewsBreak Original

Credit bureau policy will mean 2/3 of medical debt in collections will no longer be reported. The Consumer Financial Protection Bureau (CFPB) issued a report and analysis today on a new policy by the three major credit bureaus to stop reporting a portion of medical debt in collections on consumer credit reports. This policy has far-reaching implications for consumer credit scores.

Report shows inaccurate bills, coercive debt collections. A report released by the Consumer Financial Protection Bureau (CFPB) shows that consumers with medical debt often suffer from inaccurate billing and aggressive collection tactics.

National Consumer Law Center says White House action will benefit patients. Following an announcement that the White House is taking action to offer consumers relief from medical debt, the National Consumer Law Center (NCLC) applauded the move and said it would benefit patients who are struggling with debt as a result of an illness.

Maryland Consumer Rights Coalition calls for passage of medical debt relief bill. The Maryland Consumer Rights Coalition (MCRC) is calling on the Maryland Senate to take action to pass HB 694, legislation that seeks to provide relief to consumers who have medical debt despite having been eligible for free care at the time they received services.

Maryland Consumer Rights Coalition (MCRC) urges protection for consumers with medical debt. In an action alert to supporters, the Maryland Consumer Rights Coalition (MCRC) urged citizens in the state to take action and contact lawmakers in support of legislation that will protect consumers who were wrongly charged for medical services at a hospital.

Senator backs plan to expand Medicaid into 12 states, including Georgia. Georgia Senator Rev. Raphael Warnock is taking the lead on Senate legislation that would expand Medicaid to the 12 states that have not already done so under provisions of the Affordable Care Act. The move comes as a key Senate committee takes up the issue of medical debt.

Medical bills are one of the second-highest types of debt reported besides student loans. According to research, Americans owe more than $1 trillion in unpaid medical debts, which accounts for 62.1 percent of bankruptcy filings.

Senator applauds credit bureaus for taking first step, calls for regulatory action. While the three major credit bureaus recently announced the pending removal of 70% of medical debt from consumer credit reports, Ohio Senator Sherrod Brown says more can be done to protect patients.

Consumer group highlights benefit of move by major credit bureaus. On the heels of an announcement by the three major credit bureaus that they will be removing up to 70% of medical debt from consumer credit reports by this summer, consumer advocacy group Consumer Federation of America (CFA) applauded the move as good news for consumers.

Credit agencies announce major policy change impacting credit scores. The three nationwide credit reporting agencies — Equifax, Experian, and TransUnion — announcedtoday that effective July 1, 2022, most medical debt will be removed from consumer credit reports.

Consumer Bureau chief calls out "doom loop" that keeps patients in debt. A report released this week by the Consumer Financial Protection Bureau (CFPB) indicates that Americans have $88 billion in medical debt appearing on credit reports.

Consumer Advocates Applaud CFPB Action on Debt Collectors. The Consumer Financial Protection Bureau (CFPB) today issued a bulletin reminding debt collectors and credit bureaus of the “No Surprises Act” and its implications for certain medical debt.