The Consumer Financial Protection Bureau just announced big news! Medical debt and collections have always been problematic for millions of Americans applying for credit. The New Rule bans consumer reporting agencies from including medical debt information on credit reports and credit scores sent to lenders. It also ends the special regulatory carve-out that previously allowed creditors to use certain medical information in making lending decisions. If you were denied credit for a home loan due to medical bills, let’s talk! This new regulation may help you own your own home or refinance the home you have.
