CFPB Heeds Brown Call to Eliminate Medical Debt from Consumers’ Credit Reports
WASHINGTON, D.C. – Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, released the following statement on the Consumer Financial Protection Bureau’s new proposal to eliminate medical debt from consumer credit reports:
“Medical debt can happen to anyone, at any time, and does not reflect creditworthiness. No one should be forced to pay higher rates for a mortgage or a car loan or deal with aggressive debt collectors, just because their family member got sick or they had a medical emergency. By heeding our call to eliminate medical debt from consumers’ credit reports, the CFPB is protecting American’s credit scores if they get sick or get into an accident – it will save people money, and it’s just common sense. When CFPB finalizes this rule, all Americans will have medical debt removed from their credit reports.”
Brown has long advocated for the CFPB to take this step to eliminate medical debt from consumer credit reports. In March, Brown led his colleagues in a letter to CFPB Director Rohit Chopra urging him to finalize this rule. Brown also urged Director Chopra to finalize this rule at a hearing in November.
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