CFPBFinal Rule
Prohibition on Creditors and Consumer Reporting Agencies Concerning Medical Information (Regulation V)
Finance & BankingHealthcare
Ad Space (leaderboard)
Summary
This regulation stops credit companies and credit reporting agencies from using medical debt and medical information when deciding whether to give someone a loan or what interest rate to charge them. It's designed to prevent people from being punished financially just because they had medical problems or unpaid medical bills.
Key Points
- 1Credit companies can no longer consider medical debt when deciding whether to approve loans or credit cards
- 2Credit reporting agencies must stop including medical information in credit reports that lenders use to make decisions
- 3People with medical debt will have better chances of getting approved for mortgages, car loans, and credit cards
- 4Existing medical debt on credit reports must be removed or ignored by lenders when evaluating creditworthiness
- 5The rule protects consumers from discrimination based on health issues or medical expenses they couldn't control
Key Dates
Published
January 27, 2025
This summary is for informational purposes only. It may not capture all nuances of the regulation. Always refer to the official text for authoritative information.
The Digest Network
Ad Space (rectangle)
Related Regulations
OCCFinance & Banking
Bank Appeals Process
IRSFinance & Banking
Updating Regulation References to Reflect Reorganizations at the Department of Justice and the Internal Revenue Service
FTCFinance & Banking