I don’t know much about this situation, but it sounds like the reporting agencies took away debt under $500, but the new ban is for any medical debt, not just the debt under $500.
To be clear, that took place last year. This latest move appears much wider-reaching and categorical to any unpaid medical bills. According to the article:
Unpaid medical bills will no longer appear on credit reports, where they can block people from mortgages, car loans or small business loans, according to a final rule announced Tuesday by the Biden administration.
The Consumer Financial Protection Bureau rule will remove $49 billion in medical debt from the credit reports of more than 15 million Americans, according to the bureau, which means lenders will no longer be able to take that into consideration when deciding to issue a loan.
Ah, so, none of them then. That’s why this isn’t news.
I don’t know much about this situation, but it sounds like the reporting agencies took away debt under $500, but the new ban is for any medical debt, not just the debt under $500.
To be clear, that took place last year. This latest move appears much wider-reaching and categorical to any unpaid medical bills. According to the article:
That was what the credit reporting agencies did, not what the Biden administration just did.
Edit: I meant “credit reporting agencies” not “credit unions”
Someone didn’t read the article.
That’s fair, guilty as charged. I’ll go back and read it for real this time.