Community Catalyst’s Post

Big News: Medical Debt Removed from Credit Reports! The CFPB announced yesterday that medical bills will no longer appear on credit reports, removing $49 billion in medical debt for 15 million Americans. This change could boost credit scores by an average of 20 points, helping more people qualify for loans and mortgages. A major win for financial fairness! Share this update to spread the word. #CreditScore #CFPBUpdate #MedicalDebt #FinancialFreedom

TNCPNEWS: Have medical bills ever impacted your credit score or financial opportunities? Did you know the CFPB has just finalized a rule to remove $49 billion in medical debt from credit reports? This change will impact 15 million Americans, improving credit scores and increasing access to affordable loans and mortgages. This brings us to important questions about how this will impact you and your family. https://bit.ly/4aq6scu

Sixty-nine percent of people with medical debt have delayed paying a medical bill, put bills on credit cards, changed the food they eat, or even skipped necessary care due to high costs. Oregonians should not be penalized for being in debt because of unexpected medical bills. SB 605 would remove medical debt from credit reports to protect patients, improve the accuracy of credit scores, and remove barriers to renting an apartment or getting a job. Medical debt doesn't reflect financial responsibility and has no place on credit reports. Support SB 605 in this legislative session to end medical debt on credit reports. Learn more at https://lnkd.in/gUZwDGfR

In my new Next Avenue article, I write about the brutal effects of medical debt on our finances and psyche and the initiatives underway to address, and sometimes even eliminate, this debt. https://lnkd.in/efJsUf3w

If owed medical debt doesn't matter for a credit score, what happens if you don't pay your debts? The debt collectors won't disappear but patients have a stronger negotiating hand, consumer advocates tell me. Of course, there's the question if the new CFPB rule about medical debt and credit scores even stands. Stay tuned on that. Read more on what's next here. https://lnkd.in/eTtjcRz4

This week, the CFPB finalized its rulemaking to remove medical debt from credit reports. We are concerned about the unintended consequences that could add to the financial burden already faced by patients with medical debt.   BuoyFi understands the toll that medical debt can take on patients, financially, emotionally, and physically. But that’s why we remain dedicated to a patient-centric approach that ensures patients can establish payment plans that only require that they pay what they can afford.    With financial tools like our BuoyFi Calculator helping patients build their financial wellness in the debt repayment process, we recommend the Administration and Congress swiftly revisit this final rule and consider alternative approaches and tools that put patients first.    BuoyFi is committed to this effort and continues to be a partner to patients on their path to financial wellness. https://lnkd.in/g37bW9Q3

If you find yourself with medical debt you can't pay right away, it may be tempting to ignore it, even if it goes to collections. But ignoring medical bills can be a huge hit to your credit score. If you can, try to negotiate your bill. Oftentimes, hospitals and debt collectors will help you come up with a payment plan, or will allow you to negotiate your bill down into a more manageable sum. And as always, if you’re uncomfortable negotiating your debt, don't be afraid to explore other options for debt settlement. #MedicalDebt #DebtRelief #NationalDebtRelief

Huge win for consumers! The CFPB just announced that unpaid medical bills will be completely removed from credit reports! This is a game-changer for millions of Americans, potentially boosting credit scores by 20 points or more! Key takeaways: • $49 billion in medical debt will be removed from credit reports • Higher credit scores means better approval odds for mortgages, credit cards, and loans! Read more on the new ruling and when this might take effect! https://lnkd.in/e-wRAC6u

This article looks at changes in the way medical debt is handled on credit reports and offers tips to avoid having unpaid medical bills impact credit. https://lnkd.in/gxCuX3eH

💳 Medical Debt Removed from Credit Reports 🚑 The CFPB has finalized a rule that will remove an estimated $49 billion in medical debt from credit reports, benefiting nearly 15 million Americans. This change could result in improved credit scores for those with medical debt, providing better access to credit. A significant step forward in improving financial health!