Joe Biden Reduces Medical Debt ‘Burden’ For Millions of Americans [Video]

Joe Biden has blocked unpaid medical bills from appearing on credit reports according to a final rule announced Tuesday by the Biden administration.

Why It Matters

Unpaid medical bills showing on credit reports can block people from mortgages, car loans or small business loans.

What To Know

The new rule will remove $49 billion in medical debt from the credit reports of more than 15 million Americans, according to The Consumer Financial Protection Bureau (CFPB).

This means lenders will no longer be able to take medical debts into consideration when deciding to issue a loan.

Medical Debt and Credit

Medical debt is a poor predictor of an individual’s ability to repay a loan, the CFPB said.

Experian, Equifax and TransUnion, the three national credit reporting …