Money News: CFPB Removes Medical Debt from Credit Reports

NerdWallet's Smart Money Podcast

NerdWallet Personal Finance

Business, Education, Investing, How To

4.2 • 665 Ratings

🗓️ 11 October 2023

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

Learn how removing medical debt from credit reports will protect consumers. Plus: rising interest rates and falling stock prices. Before discussing news from the Consumer Financial Protection Bureau (CFPB) that could reshape the way medical debt impacts your credit score, hosts Sean Pyles and Anna Helhoski discuss the latest news around student loan forgiveness, rising auto and mortgage rates, and recent losses in the stock market. They then turn their attention to the benefits of omitting medical debts and collection information from credit reports. In their conversation, the Nerds discuss: medical debt, credit reports, consumer protection, Medicaid disenrollment, Consumer Financial Protection Bureau (CFPB), healthcare costs, collection agencies, mortgage interest rates, stock prices, student loans, debt forgiveness, loan relief, income-driven repayment (IDR), car payments, 401k balances, Dow Jones Industrials, S&P 500, credit reporting agencies, and Medicaid coverage. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email [email protected]. Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:25.3	Prime Video.
0:27.1	Click or tap the banner to find out more.
0:33.5	Welcome to NerdWallet's Smart Money Podcast.
0:36.0	I'm Sean Piles.
0:37.0	And I'm Anna Hilhouski, and this is our weekly personal finance news roundup where we take a look at recent developments in the world of money and then go in depth on an issue that's important to your life and your bottom line. Today we're going to the hospital.
0:51.2	Uh-oh. Hope we don't go into medical debt. Me too, but at least if we do, it won't be
0:57.2	part of our credit scores anymore. The credit bureaus have already started changing that policy,
1:02.5	and the Consumer Financial Protection Bureau says it's going to make those policies stick. We'll
1:07.1	have more on that in a moment. But first, a few money headlines from the last few days.
1:15.3	So, Sean, listeners who tuned in last week heard our long explainer of what's happening with student loans.
1:21.4	Yeah, they're restarting after a three-and-a-half-year hiatus, so get budgeting.
1:26.6	Right, and we've got more news on that front this week.
1:30.0	President Biden announced that another 125,000 borrowers are going to have their loans forgiven,
1:35.2	to the tune of $9 billion.
	...

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