Joe Biden and Kamala Harris are making millions of lives better with changes to medical debt rules

Vice President Kamala Harris announced that medical debt will no longer be counted against people’s credit scores, as the Biden administration takes another step to improve lives.

Read: The Republican Presumptive Nominee for President is A Convicted Felon

What Vice President Kamala Harris announced about medical debt

Harris told PoliticianUSA while speaking to reporters:

Today, more than 100 million Americans struggle with medical debt. Most often, medical debt is the result of a medical emergency. An unplanned, unexpected expense, often tens to hundreds of thousands of dollars. And one of the most significant consequences of carrying medical debt is the damage it does to one’s credit score.

Medical debt makes it harder for millions of Americans to get approved for a car loan, a home loan or a small business loan. All this in turn makes it harder to make ends meet, much less get ahead. And that’s just not fair. Especially when we know that people with medical debt have an equal chance of repaying a loan as people without medical debt.

No one should be denied access to economic opportunities simply because of a medical emergency. That’s why today I’m proud to announce that we will soon eliminate medical debt from being included in your credit score. We ensure that medical debt cannot be used against you when you apply for a car loan, home loan, small business loan or the like.

As a result of this change, millions of Americans will see their credit scores increase by an average of 20 points, meaning an estimated 22,000 more American families will be able to get a mortgage and buy a home each year.

….

From the beginning. Our administration, President Biden and I, and our government have been focused on easing the burden of medical debt. We’ve forgiven more than 650 million people to date, and we plan to forgive another 7 billion, with a B, for millions of Americans across the country. Today I’m calling on states, cities and hospitals across our country. To help us cancel medical debt, President Biden and I will continue to create a future where everyone has the opportunity to build wealth and in turn build a stronger economy that benefits us all.

The Biden administration’s actions on medical debt will help millions of Americans

According to a White House fact sheet: “Today, Vice President Kamala Harris and CFPB Director Rohit Chopra announced a new CFPB action that would remove medical debt from the credit reports of more than 15 million Americans, lowering their credit scores by an average would rise. 20 points and leads to the approval of approximately 22,000 additional mortgages per year. Under the CFPB’s proposed rule, there would be zero Americans with medical debt reported on their credit reports, down from 46 million in 2020. The vice president also called on states, local governments and health care providers to take additional action to reduce the burden of reduce the disease. medical debt for millions of Americans, building on the $7 billion in medical debt eliminated by the end of 2026, thanks to the American Rescue Plan (ARP).”

Trump and Republicans want to bury millions of Americans under medical debt

Republicans have been proposing legislation and have been trying to abolish the CFPB for years. If Republicans were successful, actions like the one on medical debt announced by Vice President Harris would disappear. Millions of Americans would have more debt and less protection. Everything from Biden’s reforms on junk fees charged by banks and credit card companies to medical debts that aren’t recovered from people would disappear if Trump and the Republican party had their way.

Elections have consequences, and whether millions of Americans realize it or not, a second Trump term would make their lives much worse.

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