Referred to the House Committee on Financial Services.
Finance and Financial Sector
Why This Matters
This bill amends the Fair Credit Reporting Act to prohibit medical debt from being included in consumer credit reports and to stop creditors from using that information in credit decisions.
Who this affects
Consumers with medical debt · Credit reporting agencies · Lenders
What changes is this bill making?
1Defines medical debt as any debt arising from medical services, products, or devices.
2Prohibits credit reporting agencies from including any adverse information related to medical debt on consumer reports.
3Makes technical changes to related sections of the Fair Credit Reporting Act to ensure medical debt is excluded.
4Requires the Bureau of Consumer Financial Protection to update its regulations within one year to ban creditors from obtaining or using medical debt information when deciding on credit.
