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Industry groups sue over Biden ban on medical debt in credit reports (www.aljazeera.com)

submitted 1 day ago by [email protected] to c/[email protected]

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Author: Unknown
Published on: 08/01/2025 | 00:00:00

AI Summary:
Consumer Data Industry Association and Cornerstone Credit Union League filed the lawsuit in federal court in Sherman, Texas. The agency had said the rule would remove $49bn in medical debts from the credit reports of about 15 million Americans. It was adopted despite demands from Republicans in Congress that Biden’s financial regulators stop issuing new rules as President-elect Donald Trump prepares to take office on January 20. Medical debt provides little indication of whether a borrower is likely to repay a loan. The change should result in rising credit scores and could lead to an additional 22,000 low-cost mortgages per year being issued. The new rule will also prohibit lenders from considering certain medical information.

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