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Marketplace All-in-One

The precarious future of a rule on medical debt and credit scores

Marketplace All-in-One

Marketplace

News, Business

4.51.4K Ratings

🗓️ 7 January 2025

⏱️ 7 minutes

🧾️ Download transcript

Summary

The Biden White House has eked out a new initiative on medical debt before President-elect Donald Trump takes over. The rule says unpaid medical bills can’t be included in consumers’ credit reports. But it may not be around for long. We’ll hear more. And, we’ll add context to President Biden’s ban on offshore oil and gas, and hear a dispatch from the world’s largest consumer technology show.

Transcript

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0:00.0

How your credit score dings you for getting sick or hurt and how that may change. I'm David Brancaccio in New York. The outgoing presidential administration is moving to bar unpaid medical bills from hurting consumer credit scores, but the new Congress could put the medical debt demerits back on. Marketplace's Nancy Marshall-Genzor reports.

0:22.9

The new final rule was issued by the Consumer Financial Protection Bureau.

0:27.3

In a statement today, Vice President Kamala Harris says it'll remove $49 billion in unpaid medical bills

0:34.1

from 15 million Americans' credit reports.

0:39.4

Harris says the rule will make it easier for people to get loans for houses, cars, and small businesses. The American Bankers Association

0:45.0

doesn't like the new rule. In a letter to the CFPB last August, it said consumer delinquencies

0:51.2

and defaults will increase if lenders can't consider medical debt when

0:55.1

making loans. They say banks will tighten their lending standards. Incoming Republicans can use

1:00.8

the Congressional Review Act to unwind this rule. Under the Act, any rules issued up to 60

1:06.9

days before the end of a congressional session can be rolled back. Congress just has to pass

1:12.7

legislation. Once that's signed by incoming President Trump, the rule would be repealed.

1:18.4

I'm Nancy Marshall Genser for Marketplace.

1:21.4

The world's biggest consumer technology show is getting underway in Las Vegas.

1:25.8

CES is about companies trying to get attention for their latest gadgets, gizmos and other contraptions. A lot of it with artificial intelligence poured on top these days. My former marketplace colleague and now the BBC's North America technology correspondent, Lily Jamali, is there. Well, from the latest apps to all manner of slick new devices, there is a little

1:46.6

something for everyone here at CES in Las Vegas. The event officially kicks off on Tuesday. There will be

1:53.2

4,500 exhibitors showing off their wares across 2.5 million square feet of convention space. Already we have gotten

2:02.2

to play with robot dogs. We've gotten to test out stringless smart guitars, and there's so much

2:07.7

more in store from here in Las Vegas. But looming large over the event politics, there are so many

2:14.9

questions about what the incoming Trump administration's

2:18.2

tariff policy might look like and whether it could hurt the ability for American consumers

2:23.6

to buy the kinds of things that they see on display here at CES. The Consumer Technology Association,

2:30.8

which runs CES, has expressed their concern, saying that just for the tablet and

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