Prohibition on Creditors and Consumer Reporting Agencies Concerning Medical Information (Regulation V)
Published Date: 1/14/2025
Rule
Summary
Starting March 17, 2024, creditors and credit reporting agencies can no longer use your medical debt info when deciding if you qualify for credit. This rule protects your sensitive medical details from affecting your credit chances, making the process fairer and more private. If you’ve got medical bills, they won’t hurt your credit report or your wallet anymore!
Analyzed Economic Effects
3 provisions identified: 2 benefits, 0 costs, 1 mixed.
Medical Debt Can't Hurt Your Credit
Starting March 17, 2024, creditors generally may not consider medical debt information when deciding if you qualify for credit. "Medical debt information" under the rule means debt owed (or once owed) to a health care provider or that provider's agent or assignee, and it includes medical bills that are not past due or that have been paid.
Limits on Credit Bureaus Sharing Medical Debt
Consumer reporting agencies may only furnish a consumer report containing medical debt to a creditor if the agency has reason to believe the creditor will use the medical debt information in a way that is allowed by the rule and that the creditor is not legally prohibited from obtaining or using it (including by State law).
Narrow Exceptions Let Some Uses Continue
The rule preserves narrow exceptions allowing creditors to obtain or use medical information in specific situations, for example for determinations related to income, benefits, or the purpose of a loan, and for medical information included in a transaction history of an account when accessed with the consumer's authorization (see 12 CFR 1033.111(b)(1)–(3)). The rule also includes an example addressing Regulation Z ability-to-repay or pay requirements.
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