The Biden administration’s Consumer Financial Protection Bureau (CFPB) has finalized a new rule preventing credit reporting agencies from using unpaid medical debt to determine a consumer’s credit score.
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This is welcome news to deadbeats. Not so much for the rest of us.
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Medical debt, like all other debt, is money borrowed from someone else. When people don’t pay back what they borrowed, the cost of borrowing goes up for the rest of us.
“People who get sick shouldn’t have their financial future upended,” CFPB Director Rohit Chopra said in a press release. Chopra added that the rule will “close a special carveout that has allowed debt collectors to abuse the credit reporting system.”
That may be so, but there are many other considerations that need
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