The Biden administration released a final regulation Tuesday that would remove unpaid medical bills off credit records,
Which may be used to deny individuals small business loans, auto loans, or mortgages. More than 15 million Americans will have $49 billion.
In medical debt removed from their credit records by the Consumer Financial Protection Bureau regulation, which will prevent lenders from considering it when making lending decisions.
According to the bureau, the adjustment is expected to increase credit scores by an average of 20 points and result in the approval of 22,000 more mortgages annually.
In a statement introducing the regulation, Vice President Kamala Harris claimed that millions of families will find it “lifechanging.”
She said that “no one should be denied economic opportunity because they became ill or had a medical emergency.”
