The Biden administration proposes a new rule that could affect your credit report.

Is this a good thing or a bad thing?

And what about the timing?

I'm Scott Ott with Bill Whittle and Stephen Green, and this episode of Right Angles brought to you by the members of Bill Whittle.

And gentlemen, the Biden administration has basically proposed this rule through the Consumer Financial Protection

Bureau that says that medical debt cannot be considered in credit reports. And so your credit

score cannot be affected by medical debt. And this is an interesting idea, Bill Whittle, because there are two

elements to this story. And I'm going to give you the first one and Steve the second one. But of course,

this is your show. So if you feel like you have to jump in later, you can do that. But it turns out

that something like two and five Americans have medical debt. It can damage your credit score, which makes everything

else in life more difficult. It makes it more difficult to buy a house, to get a car, and all that

kind of stuff. And so the Biden administration wants to intervene and say they want to ban the

practice of including medical debt in credit scores.

And medical debt is a special kind of debt, it occurs to me.

Bill, the story that I read didn't say this, but I thought, you know, if I run up a big charge on my credit card, these are largely elective purchases.

You know, if I go out and buy a bunch of toys or various kinds of entertainment

and run up $20,000 on a credit card, that was my choice. But a lot of times medical debt is not

my choice. If I suddenly have to go in for surgery and that costs $20,000, that's a whole

different world.

And so do you think it makes some sense?

Oh, and I'll give you one more little fact here.

According to the director of the Consumer Financial Protection Bureau,

...