The Consumer Financial Protection Bureau (CFPB) has announced the initiation of its anticipated rulemaking on consumer reporting. As part of this announcement, made on September 21, it includes a proposal to exclude medical bills from credit reports. This decision comes as a follow-up to a hearing the CFPB conducted in July 2023 to discuss medical billing and collections, specifically their negative effects on marginalized communities.
In the announcement, CFPB’s Director Rohit Chopra emphasized the insignificant predictive value of medical bills; however, the details of the arguments, facts, or proposals were not readily available.
The intended rulemaking is expected to influence the legal requirements concerning consumer reporting profoundly. Legal professionals in corporations and law firms with a stake in financial services, healthcare, and consumer credit should take note of these developments.
More information and precise details will be shared once they become accessible or are publicly released by the CFPB.