Industry groups sue to stop Biden from banning medical debt on credit reports
CNN
Opposition is quickly forming against the Biden administration’s rule to ban medical debt from appearing on consumers’ credit reports, threatening the viability of what could be a popular regulation.
Opposition is quickly forming against the Biden administration’s rule to ban medical debt from appearing on consumers’ credit reports, threatening the viability of what could be a popular regulation. Two industry groups filed lawsuits last week seeking to block the rule, which was finalized by the Consumer Financial Protection Bureau a week ago. Also, a leading House Republican lawmaker has promised to take action on the ban. The rule ends the inclusion of medical debt on credit reports and prevents lenders from using certain medical information in loan decisions. It is expected to remove an estimated $49 billion in medical bills from the credit reports of about 15 million consumers, which would likely raise credit scores and make it easier for some people to obtain mortgages, according to the bureau. The measure is scheduled to effect 60 days after it is published in the Federal Register. But the Consumer Data Industry Association, which represents credit bureaus such as TransUnion, Experian and Equifax, and ACA International, which represents debt collectors, argue that the rule violates the Fair Credit Reporting Act and the bureau lacks the authority to issue such a ban. “Americans are frustrated by medical bills. But frustration does not justify lawlessness,” ACA International wrote in its complaint, filed in the US District Court for Texas’ Southern District. “Here, a federal agency with no healthcare experience is exploiting this frustration by making a politically motivated regulation that prevents credit reporting agencies from showing accurate medical debts on credit reports. No agency has the power to do that.”
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Opposition is quickly forming against the Biden administration’s rule to ban medical debt from appearing on consumers’ credit reports, threatening the viability of what could be a popular regulation.
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