Trump Administration Seeks to Invalidate Laws Protecting Credit Reports from Medical Debt
The Trump Administration is seeking to nullify state laws that protect consumers from having medical debt appear on their credit reports.
This move could impact the ability to secure loans, mortgages, and credit cards for millions of Americans.
- The Consumer Financial Protection Bureau (CFPB) drafted an interpretative rule under the Fair Credit Reporting Act (FCRA).
- This rule asserts federal law should take precedence over state-level protections regarding credit reporting of debt, including medical bills.
This action overturns Biden-era regulations that allowed states to set stricter limits on reporting.
This change could significantly affect Americans' financial stability and access to credit.
Author's summary: Trump Administration targets medical debt credit report protections.
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