Trump's Plan to Protect Credit Reports
Trump's Consumer Financial Protection Bureau is attempting to prevent states from removing medical debt from credit reports.
The Trump administration plans to issue guidance that prohibits states from removing medical debt from consumers' credit ratings, as stated on the Consumer Financial Protection Bureau's website.
The guidance deems that federal law overrides any state law that limits the inclusion of medical debt on individuals' credit reports.
Impact on Medical Debt
Medical debt in the United States has risen to an estimated $220 billion, affecting around 100 million Americans, despite over 90% of Americans having health insurance.
- Over 90% of Americans have health insurance.
- Medical debt in the US has risen to an estimated $220 billion.
- Around 100 million Americans are impacted by medical debt.
Author's summary: Trump's administration aims to stop states from removing medical debt from credit reports.