Biden Moves to Bar Medical Debt From Consumer Credit Reports (1)

President Joe Biden’s administration formally proposed a rule to bar medical debt from most individual credit reports on Tuesday, a move that will prevent major health care bills from negatively impacting borrowing.

Vice President Kamala Harris and Consumer Financial Protection Bureau Director Rohit Chopra announced the measure, which is expected to affect more than 15 million Americans, according to a White House fact sheet.

The administration estimates that beneficiaries could see their credit scores raised by an average of 20 points if the changes are enacted, and approximately 22,000 more mortgages could be approved each year.

The move is ...