The rule will be announced Tuesday and could go into effect sometime next year.
Vice President Kamala Harris speaks at the Prime Osborn Convention Center on May 01, 2024, in Jacksonville, Florida. In a sweeping change that could improve millions of Americans’ ability to own a home or buy a car, the Biden administration will propose a rule Tuesday to ban medical debt from credit reports.
Some major credit report companies have already stopped using medical debt to calculate peoples’ credit worthiness, including Equifax, TransUnion and Experian. FICO and VantageScore also recently started factoring medical debt less heavily into their scores.Medical debt is extensive in the U.S.
Though she was later able to enroll in health insurance through the Affordable Care Act, Coburn’s medical debt still grew to over $2,300 — including another $1,532 from dental work and a separate ER visit, both in 2019.“Immediately my medical debt was in the way of qualifying for a good loan that didn't have an outrageous payment per month,” Coburn said.
“We know empirically that the repayment rates are incredibly low for medical debt, and so it's already the case that people aren't really paying it down. So I don't think this policy change is going to change the behavior that dramatically,” said Matt Notowidigdo, a professor at University of Chicago’s Booth School of Business who studies health economics.
“You find out , you've got all these medical bills, and what are you supposed to do with them all? You know, there's no way on God's green earth I could pay all those medical bills. Even if I paid a small amount every month, I wouldn't live long enough to pay them all,” Davis said.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Live updates: Hallie Biden, Beau Biden’s widow, completes testimony in Hunter Biden gun trialHunter Biden faces three felony charges related to a gun he purchased in 2018. His trial began Monday in Delaware.
Read more »
Live updates: Hallie Biden, Beau Biden’s widow, describes Hunter Biden’s drug useHunter Biden faces three felony charges related to a gun he purchased in 2018. His trial began Monday in Delaware.
Read more »
Hunter Biden gun trial: Beau Biden's widow Hallie Biden testifies about crack useThe Hunter Biden trial comes after former President Donald Trump was found guilty on 34 felony counts of falsifying business records.
Read more »
Hunter Biden gun trial: Beau Biden's widow Hallie Biden testifies about crack useThe Hunter Biden trial comes after former President Donald Trump was found guilty on 34 felony counts of falsifying business records.
Read more »
Hunter Biden trial live updates: Hallie Biden testifies about drug addictions that rocked the Biden familyThis is additional taxonomy that helps us with analytics
Read more »
Hallie Biden, James Biden among witnesses in Hunter Biden's gun trialMembers of the Biden family will take the stand in the federal gun crime trial of Hunter Biden, attorneys told the court on Tuesday.
Read more »