Biden’s medical debt credit ban faces opposition [Video]

Opposition is quickly forming against the Biden administration’s rule to ban medical debt from appearing on consumers’ credit reports, threatening the viability of what could be a popular regulation.Two industry groups filed lawsuits last week seeking to block the rule, which was finalized by the Consumer Financial Protection Bureau a week ago. Also, a leading House Republican lawmaker has promised to take action on the ban.The rule ends the inclusion of medical debt on credit reports and prevents lenders from using certain medical information in loan decisions. It is expected to remove an estimated $49 billion in medical bills from the credit reports of about 15 million consumers, which would likely raise credit scores and make it easier for some people to obtain mortgages, according to the bureau.The measure is scheduled to effect 60 days after it is published in the Federal Register.But the Consumer Data Industry Association, which represents …