Trump's Plan to Affect Your Credit
The Trump administration's Consumer Financial Protection Bureau is attempting to prevent states from removing medical debt from credit reports.
A new guidance, to be issued, will prohibit states from wiping medical debt from consumers' credit ratings, citing federal law as the overriding authority.
- More than 90% of Americans have health insurance.
- Medical debt in the US has risen to an estimated $220 billion.
- Around 100 million Americans are impacted by medical debt.
The move could exacerbate the crippling effects of skyrocketing medical costs and assist financial industry groups in their lawsuits to block state-level protections.
Author's summary: Trump's administration aims to stop states from removing medical debt from credit reports.