The Biden administration on Tuesday proposed removing medical debt from the credit reports of more than 15 million Americans, making it easier for millions to qualify for car, home and small-business loans.
The proposed rule, which will go through a public comment period, would not take effect immediately.
It would forbid health care providers to share medical debt with loan providers and prohibit those providers from factoring in medical information when it came to granting loans.
Vice President Kamala Harris said the move would improve “the financial health and well-being of millions of Americans.”“One of the most significant consequences of carrying medical debt is the harm it does to a person’s credit score,” Ms. Harris said.
“Medical debt makes it more difficult for millions of Americans to be approved for a car loan, a home loan or a small-business loan, all of which in turn makes it more difficult to just get by, much less get ahead.
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Biden, Kamala Harris, ”, ” Ms, Harris
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