Unpaid medical bills will no longer appear on credit reports WSOC TV [Video]
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Unpaid medical bills will no longer appear on credit reports WSOC TV [Video]

CHARLOTTE — (AP) — Unpaid medical bills will no longer appear on credit reports, The Associated Press reports, citing a final rule announced Tuesday by the Biden administration.

The AP says the Consumer Financial Protection Bureau rule will reportedly remove $49 billion in medical debt from the credit reports of more than 15 million Americans, which means lenders will no longer be able to take that into consideration when deciding to issue a loan.

The change is estimated to raise the credit scores by an average of 20 points and could lead to 22,000 additional mortgages being approved every year, according to the bureau.

“No one should be denied economic opportunity because they got sick or experienced a medical emergency,” she said.

Harris also announced that states and local governments have used a sweeping 2021 pandemic-era aid package to eliminate more than $1 billion in medical debt for more than 700,000 Americans.

The administration announced plans for the rule in fall 2023.

The CFPB said …

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We are in 2025. Hundreds of thousands of tech businesses have already been built successfully. Let's learn from those who have come before us. Girish Navani started eClinicalWorks, a healthcare IT venture by bootstrapping with a paycheck. Girish scaled to over $500M in revenue. Since 2006, I have spent thousands of hours interviewing successful entrepreneurs. Listening. Asking questions. Understanding. Extrapolating. Learning about their mistakes. Capturing their lessons from the trenches. I encapsulated their anecdotal knowledge into Methodology. I have been running One Million by One Million (1Mby1M) since 2010. Our unwavering mission has been to democratize entrepreneurship education, incubation and acceleration. What is Core Startup Methodology? Bootstrapping. Positioning. Market Sizing. Customer Validation. Customer Acquisition. Financing. Team Building. We have to learn Domain Specific nuances. We call them Electives. Artificial Intelligence. Machine