June 11, 2024 (press release) –
The Consumer Financial Protection Bureau June 11 released a proposed rule that would remove medical bills from credit reports. The rule would prohibit credit reporting companies from sharing medical debts with lenders and prevent lenders from making borrowing decisions based on medical information.
The AHA submitted comments to CFPB in October when the proposals were under consideration, as well as the CFPB, the Centers for Medicare & Medicaid Services and the Department of the Treasury in September responding to a request for information about certain financial products patients may use to pay for medical care. The AHA highlighted hospital efforts to ensure fair and patient-friendly billing practices, expressed concern regarding potentially predatory actions by certain lenders, and urged the agencies to tackle the root causes of medical debt, specifically, failures of health plans to provide meaningful, affordable coverage.
* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistribute or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.