The Biden administration finalized a rule Tuesday banning the inclusion of medical debt on credit reports, fulfilling a key priority of President Joe Biden in the waning days of his presidency.
But whether the incoming Trump administration or the Republican-controlled Congress will keep the rule is an open question.
The rule, finalized by the Consumer Financial Protection Bureau, would also prohibit lenders from using medical information in their lending decisions. The CFPB estimates $49 billion in medical bills will be removed from the credit reports of 15 million Americans as a result. Americans with medical debt on their credit reports could see their credit scores rise by an average of 20 points after the removal, the CFPB said.
