Comments are currently being accepted regarding the Consumer Financial Protection Bureau’s proposed rule that would prohibit creditors from using medical debts when determining whether a consumer is eligible for credit. The comment period is open until August 12. To help those who might be interested in filing a comment, and to provide insight into the tone of the comments being filed, AccountsRecovery.net is sharing some of those comments here. To date, 345 comments have been filed. Many of the new comments that were filed in the past week were identical to one another and all say this:
I support the Consumer Financial Protection Bureau’s (CFPB) new rule barring credit reporting agencies from reporting medical debt and using that information in credit scores.
Medical debt—usually due to sickness or accidents—burdens people nationwide. When these debts appear on credit reports, people have trouble securing employment, housing, mortgages, or other necessary services. They may avoid needed medical care in the future. Moreover, information about medical debt is often inaccurate and error-ridden.
The CFPB issued a new regulation to stop credit reporting agencies from using medical debt in credit scores. Medical debt will not even appear on consumer credit reports. The rule will bar debt collectors from using medical devices as loan collateral.
I support CFPB’s new rule regarding medical debt reporting. Stephen Ellis
Healthcare costs have become the number one cause of bringing financial hardship onto individuals and families in the U.S. These are enormous costs that are simply unavoidable and can cause financial ruin to an otherwise very fiscally responsible individual. I believe it is imperative that these kinds of medical related credit records be excluded on credit bureau reporting. Many times, there are balances that are also gone unpaid due to disputes with the health insurance provider, which should not negatively impact a persons ability to access affordable credit or harm their creditworthiness. Anonymous
Healthcare in general is expensive in the U.S. even with insurance. Illnesses that are unexpected can create an accumulation of debt for the working class. For those individuals who are trying to make an honest living, we are in support of the CFPB’s proposed rule in amending the implements of the FCRA concerning medical information. Americans should not be penalized for debt that they have no control over. We urge the CFPB to adopt this amendment to improve the efficacy and fairness of credit reporting. BADM 403, Group 15
I partially agree with the proposed rule prohibiting creditors and consumer reporting agencies from including medical debts. Removing medical debt information from credit reports is beneficial for consumers since they do not choose to become ill and may be unable to pay their medical bills. However, it is also true that when consumers fail to pay medical bills, medical facilities often sell the debts to third-party collection agencies. These agencies then attempt to recover the unpaid amounts. Collection bills can range from as little as $1 to very large amounts that one might not imagine.
One might wonder if the medical debt is within a person’s capability to pay and they simply refuse to pay, it should still be reported and allow consumer reporting agencies to share this information with creditors. This would encourage consumers to pay their medical bills and enable medical facilities to continue operating without significant financial risks. However, when medical debt is excessively large and constitutes a surprise bill, which is beyond the patient’s capacity to pay, consumers should be allowed to demonstrate efforts to address these unexpected expenses. Such large and surprise bills should not be reported to creditors by consumer reporting agencies, as doing so would unfairly damage the consumer’s credit report and block future opportunities. C. Shion Cuiping
