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CFPB Bans Medical Debt From Consumer Credit Reports

  • The Consumer Financial Protection Bureau (CFPB) has announced a new rule that will remove medical debt from consumers' credit reports.
  • This rule will affect over 15 million Americans and eliminate $49 billion in medical debt from credit reports.
  • Lenders will no longer be able to consider medical debt when making decisions about mortgages or car loans.
  • The rule change is expected to raise credit scores by an average of 20 points and could lead to 22,000 additional mortgage approvals per year.

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