This rule will lead to the approval of approximately 22,000 additional mortgage applications a year.

This rule will raise credit scores by an average of 20 points by affected consumers.

Insurance is increasingly failing to protect patients from debt. 58% of hospital bad debt is held by insured patients.

Medical debt is far less fair than other forms of consumer debt. Patients rarely have a choice in whether to receive medical services. 60-80% of hospital bills have errors. Many "legitimate" charges are suspect given the wide range in what the same service costs between hospitals.

Much of the medical debt on credit reports should've been forgiven as charity care. 70% of people with medical debt have some from a hospital and only 29% of eligible patients receive charity care. At least $14 billion per year in debt ending up on credit reports that should have been forgiven.

Medical debt has little-to-no predictive value to lenders. This is a thoroughly vetted fact. The CFPB has been researching and publishing about the predictive value of medical debt for over a decade.

It's a good point...if Bluesky let me edit posts I would.

Fair point. I agree that wealthy systems are financially screwing both safety net orgs and patients. However, there's a broader problem of not structuring policy that's intended to lower costs for patients. I spend enough time in 990s and cost reports to not buy it when most hospitals claim poor.

And we love you for it!

The CFPB is hands down one of the best and most well functioning agencies we have. This isn’t just sad, it’s maddening.