CFPB Finalizes Rule to Limit Impact of Medical Debt on Credit Reporting

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  • The CFPB has finalized a rule amending regulations under the Fair Credit Reporting Act to address the use and reporting of medical information in credit decisions.
  • The Prohibition on Creditors and Consumer Reporting Agencies Concerning Medical Information (Regulation V) final rule removes an exception that previously allowed lenders to use medical debt information in credit eligibility decisions, except in limited circumstances. It also prohibits credit reporting agencies from including medical debt in credit reports provided to creditors when creditors are barred from considering such information.
  • We previously reported on the CFPB’s proposed rule and public comment period, as well as the passage of California Senate Bill 1061, which similarly prohibits the inclusion of consumers’ medical debt in credit reports.
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