Biden administration bans unpaid medical bills from appearing on credit reports

Well, in a significant move that could impact millions of Americans, the Consumer Financial Protection Bureau along with the Biden administration is finalized. A rule that would remove medical debt from your credit report. Now the change is expected to boost credit scores for many, but not everyone is on board with this. Let's get right out to Jasmine Rose. She has more on all of this. Yeah, hey good morning to both of you. So of course on both sides of the aisle, some people are happy and some people are not so happy. So the Consumer Financial Protection Bureau has finalized this rule to remove medical debt from credit reports, potentially boosting the scores of 15 million Americans. So this new rule would erase $49 billion in unpaid medical bills with a credit score increase of about 20 points for many. So however, debt collection groups like the Association of Credit and Collection Professionals oppose the move, arguing it could reduce consequences for unpaid bills and limited access to credit and medical services. Credit and health care. So the rule is set to take effect in March, though legal challenges of course could delay this. So this is for people you know if you want to start a business. If you want to buy a house, this could help you, but other people says that the bill is just basically left on the table and pushed under the rug. Well, listen, there's so many other issues going along with medical billing in this world. If you go to the doctor several times a year you're going to find these bills. What am I even alive? There's a lot of issues there, so the things to address Jasmine. Thank you so much.