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The administration announced a new initiative that would potentially help tens of millions of people by eliminating information that can depress consumers’ scores as a result of medical debt.
The White House said the Consumer Financial Protection Bureau will develop new regulations that would prevent unpaid medical bills from being counted on credit reports.
The White House said the Consumer Financial Protection Bureau will develop new regulations that would prevent unpaid medical bills from being counted on credit reports.
The Restoring Unfairly Impaired Credit & Protecting Consumers Act would provide credit restoration for victims of predatory lending, fraud, and other financial abuse, prohibit the reporting of medical debt, and reduce the length of time that adverse information appears on credit reports from seven to four years.
The credit bureaus' annual credit report website has extended free weekly access through the end of 2023. Here's how to get your credit reports and check them over.