HIT Consultant January 3, 2025
The Consumer Financial Protection Bureau (CFPB) has announced that it wants to ban the inclusion of medical debt data in credit reports to lessen the negative impact of medical debt on credit scores and improve financial outcomes for consumers.
Though well-intentioned, the CFPB’s medical debt credit reporting ban would severely inhibit the activities of medical collection companies who partner with healthcare providers to collect outstanding medical accounts. It also could have unintended negative consequences for both healthcare providers and patients, making an already complex issue even more challenging to navigate.
It is important to note that these proposed changes were provided first by the CFPB after convening an SBREFA panel in 2023 and without any input from healthcare providers....
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