Vice President Kamala Harris announced on Tuesday a final rule by the Consumer Financial Protection Bureau (CFPB) that will remove $49 billion in unpaid medical bills from the credit reports of 15 million Americans.
The move will raise their credit scores by an estimated average of 20 points and lead to the approval of about 22,000 additional mortgages annually, according to Harris’s office.
“Today, we are building on this meaningful work by announcing an unprecedented final rule that will make it so medical debt is no longer included in your credit score,” Harris said in a statement. “This will be lifechanging for millions of families, making it easier for them to be approved for a car loan, a home loan, or a small-business loan.”…