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Federal Judge Reverses Biden-Era Rule That Barred Medical Debt From Credit Reports
Posted on 7/14/25 at 11:05 am
Posted on 7/14/25 at 11:05 am
LINK
quote:
In a July 11 order, U.S. District Judge Sean Jordan found that the Consumer Financial Protection Bureau (CFPB) overstepped its authority when in finalized the rule in January, two weeks before President Donald Trump was sworn in for a second term.
Under the Fair Credit Reporting Act, credit reporting agencies are allowed to include medical debt information in credit reports, provided the data is coded to conceal details such as the medical provider’s identity or the nature of the treatment. Creditors are permitted to consider this coded medical debt information when making lending decisions.
However, during the Biden administration, the CFPB issued a rule banning credit reporting agencies from reporting any medical debt information to creditors for credit determinations. The agency argued that medical debt is a poor indicator of a borrower’s creditworthiness and should not influence lending decisions.
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Posted on 7/14/25 at 11:09 am to Major Dutch Schaefer
quote:
found that the Consumer Financial Protection Bureau (CFPB) overstepped its authority when in finalized the rule in January,
The CFPB needs to go. A bunch of bureaucrats are enacting and enforcing laws when no one elected them to do so.
Posted on 7/14/25 at 11:09 am to Major Dutch Schaefer
So having a $30,000 debt on your back is not something a creditor needs to consider & worry about?
Posted on 7/14/25 at 11:26 am to Keltic Tiger
I’m ok with excluding medical debt for medically necessary care. Given that the government sponsors plans that have ridiculously high deductibles and out of pockets, the government should regulate this.
You shouldn’t be punished if you want to buy a car or a house because you got cancer and it’s taking you awhile to pay the bills.
You shouldn’t be punished if you want to buy a car or a house because you got cancer and it’s taking you awhile to pay the bills.
Posted on 7/14/25 at 11:31 am to bluestem75
quote:Should lenders be punished when they gave a loan to someone who was seemingly debt free and now can’t pay?
You shouldn’t be punished if you want to buy a car or a house because you got cancer and it’s taking you awhile to pay the bills.
What you’re advocating would raise interest rates for everyone as banks/lenders build in this unknown risk.
This post was edited on 7/14/25 at 11:32 am
Posted on 7/14/25 at 11:37 am to Major Dutch Schaefer
Medical debt is not something anyone likely chose to do unless it was elective.
The medical industry also fricks it's customers at every chance and ER visits are $1000 minimum now.
I'm sorry, but this is fricked up and yet another way of fricking over every day Americans.
The medical industry also fricks it's customers at every chance and ER visits are $1000 minimum now.
I'm sorry, but this is fricked up and yet another way of fricking over every day Americans.
Posted on 7/14/25 at 11:38 am to Keltic Tiger
quote:
So having a $30,000 debt on your back is not something a creditor needs to consider & worry about?
Medical debt is a bit different in that most hospitals will come up with a very lenient payment plan
You can have 100k in debt but they say just give us $100 a month. Hospitals just want cash flow because they get so much money from government and other streams. And its a bad look to go after debtors
Posted on 7/14/25 at 11:47 am to Jack Ruby
quote:
Medical debt is not something anyone likely chose to do unless it was elective.
Unfortunately whether it was chosen or not is not something that matters when it comes to being safe to lend out money.
It’s actually irresponsible on the part of the lender and the lendee to ignore major debt even if it wasn’t elective.
Posted on 7/14/25 at 11:48 am to bluestem75
quote:
You shouldn’t be punished if you want to buy a car or a house because you got cancer and it’s taking you awhile to pay the bills.
But a lender needs to know the risk of the borrower paying back a loan. If medical debts put the risk of default of a loan up, then the lender needs to charge a rate on the loan that offsets the risk. Its not the lenders fault that a borrower has medical debts.....
Posted on 7/14/25 at 11:51 am to Major Dutch Schaefer
Now do student loans.
Posted on 7/14/25 at 11:53 am to Major Dutch Schaefer
Kind of on the fence on this. Don't want to bankrupt people for legitimate medical issues but it seems unwise to make non-payment completely painless.
Posted on 7/14/25 at 12:12 pm to stout
quote:
The CFPB needs to go.
Do you seriously think you could function if they were shuttered today?
Posted on 7/14/25 at 12:20 pm to Keltic Tiger
quote:
So having a $30,000 debt on your back is not something a creditor needs to consider & worry about?
If you know anything about medicine and it's gross negligence in billing, then youde understand why 30k medical debt is usually a complete fabrication of #s by insurance companies to rape America. If keeping it off of credit is such a bad thing, why were insurers profits at all time staggering highs?
Physicians and hospitals are fricking criminal..absolute theft....and you want us to carry the burden via our credit? frick the government.
Posted on 7/14/25 at 12:22 pm to Major Dutch Schaefer
quote:
The agency argued that medical debt is a poor indicator of a borrower’s creditworthiness and should not influence lending decisions
Great evidence the CFPB needs to be shut down. How is someone’s inability to make payments, or debt burden, not an indicator of a borrowers creditworthiness? If they can’t pay, they are not credit worthy
Posted on 7/14/25 at 12:24 pm to bluestem75
quote:
I’m ok with excluding medical debt for medically necessary care.
This...there is a difference between a dipshit financing a new truck every 6 months that they can't afford vs someone facing a life or death treatment that is insane thanks to our out of control health care system
Posted on 7/14/25 at 12:25 pm to Jack Ruby
quote:
ER visits are $1000 minimum now
People should be unfamiliar with the ER. It’s meant to be used for emergencies. Not because someone has the flu, or someone doesn’t go in for their physical or watch their diet as needed. This is why we have urgent cares
Healthcare is expensive in part due to greed, mostly because Americans are extremely unhealthy and make poor decisions. I pay an extra $75 a month so I can smoke cigars and am still covered if I ever get lung cancer. Someone who doesn’t pay that extra $75, should not smoke cigars.
This post was edited on 7/14/25 at 12:26 pm
Posted on 7/14/25 at 12:28 pm to Major Dutch Schaefer
quote:Stupidity “Fairness” in a credit transaction goes both ways. It is entirely unfair if the creditor is barred from knowing the customer is already deeply in debt.
The agency argued that medical debt is a poor indicator of a borrower’s creditworthiness and should not influence lending decisions.
Posted on 7/14/25 at 12:31 pm to FATBOY TIGER
quote:
Now do student loans.
They did. And ppl are being crushed rightfullyso
But this medical debt mierda is lame.
Posted on 7/14/25 at 12:32 pm to bluestem75
quote:
You shouldn’t be punished if you want to buy a car or a house because you got cancer and it’s taking you awhile to pay the bills.
I agree. Just read a story about a kid with cancer having to go to Europe for some care not approved here. You know medical bills, travel expenses will soar for those parents.
Posted on 7/14/25 at 12:41 pm to SDVTiger
Taxing people out of their home is lame, checking you credit score to have your power turned on is lame, 30 million illegals getting free access to medical/pharma is lame, paying the same rate on my vehicle ins. as a 20 year old is lame.
The cagada never ends.
The cagada never ends.
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