@shondamartin_: #greenscreen 🚨 CREDIT BREAKING NEWS: MEDICAL BILLS ERASED! 🚨 Credit Cousins, you’re not gonna believe this—then again, maybe you will. The CFPB just made it official: medical bills are no longer allowed on credit reports. Back in 2022, they stopped reporting medical collections under $500. Now? They’re scrapping ALL medical debt from credit reports—no exceptions. And lenders? They can’t even factor it into decisions anymore. What you need to know: 1️⃣ Medical debt is gone from credit reports. • Credit bureaus can’t report medical debt to lenders anymore. • Lenders can’t use medical history or unpaid bills to judge creditworthiness. 2️⃣ Why this is huge: • You can’t be denied credit, loans, or mortgages over medical collections anymore. • Debt collectors can’t use your credit report to pressure you into paying medical bills. The CFPB found that: • 46% of reports had medical debt. • Those impacted should see an average 20-point credit score increase. • 22,000 more people are expected to qualify for a mortgage this year because of this rule. The CFPB has been cracking down on this for years… and now it’s final. They’ve hinted, warned, and tightened restrictions—but now? It’s done. No more debates. No more loopholes. Medical debt is out. Now what? • This rule goes into effect March 17, 2025 (60 days after its official publication on January 14, 2025). • If you have medical bills on your credit report, expect them to start disappearing in the coming weeks. • If you’re in the middle of buying a home, ask your lender for a rapid rescore OR request they omit medical debt from your report under this new rule. This changes everything! What do y’all think? Drop your thoughts below. ⬇️

Shonda Martin

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Region: US

Saturday 15 March 2025 06:34:21 GMT