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Biden proposes to ban medical debt from credit reports, loan decisions

The Biden administration Tuesday announced rules to block medical debt from being used to evaluate borrowers' fitness for mortgages and other types of loans.

The proposed rules from the Consumer Financial Protection Bureau arrive less than five months before Election Day and are poised to be part of President Biden's closing argument that he is addressing pocketbook issues as voters rank the economy as their top concern. The White House has repeatedly focused on the issue of medical debt, saying it disproportionately harms low-income Americans and communities of color.

"Medical debt makes it more difficult for millions of Americans to apply for a car loan, a home loan or a small-business loan, all of which makes it more difficult to just get by, much less get ahead," Vice President Harris said on a call with reporters. "No one should be denied access to opportunity simply because they have experienced a medical emergency."


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