Harris also said that more than 700,000 Americans have had more than $1 billion in medical debt forgiven thanks to state and local governments using.
A comprehensive relief package from the 2021 pandemic. In the autumn of 2023, the government made its intentions for the rule public.
According to the CFPB, medical debt is not a reliable indicator of a borrower’s capacity to repay a loan. Last year, the three main credit reporting agencies—Experian,
Equifax, and TransUnion—announced that they were clearing off medical collections debt under $500 from consumer credit reports in the United States.
The Biden administration’s new regulation will apply to unpaid payments that show up on credit records.
