That includes dental care.
Many medical bills are inaccurate, according toRohit Chopra, MBA, director of the CFPB.
The rule could stop credit scores from being penalized for medical debts they dont even owe.
Its very different than other forms of debt.
No one plans to have a medical emergency, and everyone needs essential health care.
The rule also prohibits debt collectors from taking medical devices as collateral for a loan.
Importantly, the rule does not cover medical debt carried on credit cards, including medical credit cards.
Communities of color who have experienced racism and classism throughout the years tend to carry the most medical debt.
Easing the burden of medical debt on Americans requires addressing the root causes of debt accumulation, Shah said.
During last weeks announcement, the White House also highlighted efforts to eliminate some medical debt.
Local governments are contributing to this effort, too.
Medical debt is very unique, she said.
What This Means For You
The proposed rule may not be finalized until 2025.
Getting financial assistance upfront can minimize your medical debt later.
Consumer Financial Protection Bureau.CFPB proposes to ban medical bills from credit reports.
