• Advertise
  • Contact
Thursday, July 3, 2025
New York Voice News
  • Login
  • Home
  • TRUMP ADMINISTRATION
  • NYC 2025 Elections
    • Public Advocate Candidates Forum
    • Comptroller Candidates Forum
    • Meet The Candidate Video Interview Series
  • Metro
  • U.S.
  • International
  • Opinion
  • Podcasts
  • Home
  • TRUMP ADMINISTRATION
  • NYC 2025 Elections
    • Public Advocate Candidates Forum
    • Comptroller Candidates Forum
    • Meet The Candidate Video Interview Series
  • Metro
  • U.S.
  • International
  • Opinion
  • Podcasts
No Result
View All Result
New York Voice
No Result
View All Result
Home U.S.

CFPB’s New Rule Removes Medical Debt from Credit Reports

Isabella Rodriguez by Isabella Rodriguez
January 7, 2025
in U.S.
Share on FacebookShare on Twitter

The Consumer Financial Protection Bureau (CFPB) has finalized a new rule that will remove medical debt from Americans’ credit reports. Announced on Tuesday, January 7th, the rule is set to benefit millions who have struggled with the financial burden of unpaid medical bills.

The new regulation will eliminate roughly $49 billion in medical debt from the credit reports of approximately 15 million Americans. By doing so, the rule is expected to boost credit scores by an average of 20 points, making it easier for individuals to qualify for loans, including mortgages, car loans, and small business loans.

“No one should be denied economic opportunity because they got sick or experienced a medical emergency,” said Vice President Kamala Harris. She also emphasized that the rule would be “life-changing for millions of families,” as it would provide them with better access to credit, improving their financial security.

The move aligns with the Biden administration’s promise to tackle healthcare-related financial challenges. With medical debt being one of the leading causes of financial instability in the U.S., many individuals have been forced to make difficult sacrifices, such as limiting essential spending, due to the strain of unpaid bills. By removing this debt from credit reports, the CFPB aims to lessen the financial consequences that can derail people’s lives.

Some industry groups, including the Association of Credit and Collection Professionals, oppose the rule, arguing it reduces accountability for unpaid bills and could make it harder for people to access credit in the future. However, many consumer advocates view the change as a positive step in easing financial struggles for millions of Americans.

The new regulations are expected to take effect in March 2025, although legal challenges could delay the timeline. As of now, major credit reporting agencies have agreed to voluntarily remove medical debt from their reports, a move seen as a precursor to the official rule.

While some critics remain skeptical, the rule has the potential to significantly impact the lives of those affected by medical debt, improving their financial futures and providing much-needed relief.

Tags: Biden AdministrationCFPBCredit ReportsEconomicMedical debt

Related Posts

House of Representatives Set to Vote on Trump’s Policy Bill After Senate Approval
TRUMP ADMINISTRATION

House of Representatives Set to Vote on Trump’s Policy Bill After Senate Approval

by Isabella Rodriguez
July 2, 2025
Judge Blocks DHS Attempt to End Haitian Migrant Protections
TRUMP ADMINISTRATION

Judge Blocks DHS Attempt to End Haitian Migrant Protections

by Tamara Brown
July 2, 2025
Senate Begins Crucial Vote on Trump’s Expansive Tax and Spending Plan
U.S.

Senate Begins Crucial Vote on Trump’s Expansive Tax and Spending Plan

by Maria Cruz
July 1, 2025
City Services Disrupted as 9,000 Workers Strike in Philadelphia
U.S.

City Services Disrupted as 9,000 Workers Strike in Philadelphia

by Tamara Brown
July 1, 2025
Eric Adams Kicks Off Reelection Bid, Targets Opponent’s Policies and Record
NYC 2025 Elections

Eric Adams Kicks Off Reelection Bid, Targets Opponent’s Policies and Record

by Michelle Wilson
June 27, 2025

Translate

af Afrikaanssq Albanianam Amharicar Arabichy Armenianaz Azerbaijanieu Basquebe Belarusianbn Bengalibs Bosnianbg Bulgarianca Catalanceb Cebuanony Chichewazh-CN Chinese (Simplified)zh-TW Chinese (Traditional)co Corsicanhr Croatiancs Czechda Danishnl Dutchen Englisheo Esperantoet Estoniantl Filipinofi Finnishfr Frenchfy Frisiangl Galicianka Georgiande Germanel Greekgu Gujaratiht Haitian Creoleha Hausahaw Hawaiianiw Hebrewhi Hindihmn Hmonghu Hungarianis Icelandicig Igboid Indonesianga Irishit Italianja Japanesejw Javanesekn Kannadakk Kazakhkm Khmerko Koreanku Kurdish (Kurmanji)ky Kyrgyzlo Laola Latinlv Latvianlt Lithuanianlb Luxembourgishmk Macedonianmg Malagasyms Malayml Malayalammt Maltesemi Maorimr Marathimn Mongolianmy Myanmar (Burmese)ne Nepalino Norwegianps Pashtofa Persianpl Polishpt Portuguesepa Punjabiro Romanianru Russiansm Samoangd Scottish Gaelicsr Serbianst Sesothosn Shonasd Sindhisi Sinhalask Slovaksl Slovenianso Somalies Spanishsu Sundanesesw Swahilisv Swedishtg Tajikta Tamilte Teluguth Thaitr Turkishuk Ukrainianur Urduuz Uzbekvi Vietnamesecy Welshxh Xhosayi Yiddishyo Yorubazu Zulu
en English
No Result
View All Result

VOICE and LAN Newspapers Retailers

  • NEWS CATEGORIES
  • Metro
  • Crime and Public Safety
  • Adams Adminstration
  • Education
  • School Safety
  • U.S.
  • International
  • QUICK LINKS
  • Home
  • Retail Locations
  • Advertise With Us
  • About Us
  • Contact

© 2025 New York Voice News. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Metro
  • Crime and Public Safety
  • Adams Adminstration
  • Education
  • School Safety
  • U.S.
  • International
  • Newspaper Editions
  • Retail Locations
  • Advertise With Us
  • About Us
  • Contact

© 2025 New York Voice News. All Rights Reserved.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?

Notifications