A recent survey by Tebra explores public opinions on the Consumer Financial Protection Bureau’s (CFPB) proposed changes to the Fair Credit Reporting Act, which would exclude medical debt from credit reports. Introduced in April 2022, the proposal aims to reduce financial strain on Americans by prohibiting consumer credit reporting companies from factoring in medical debt. The potential policy shift seeks to eliminate aggressive collection practices, offering relief to millions burdened by medical expenses. Despite low awareness of the proposal, with only 32 percent of respondents reporting familiarity, nearly 80 percent of those surveyed support the initiative, reflecting a widespread desire for a more compassionate approach to medical debt.
Tebra's study, which included responses from 1,000 Americans, emphasizes the necessity of raising public awareness about the CFPB's mission. Many Americans struggle with medical debt, with over half reporting difficulty paying bills on time. The survey also highlights the mental and financial benefits of removing medical debt from credit reports, with 62 percent of respondents believing this change would improve their overall well-being. As the CFPB moves forward with the proposal, it presents a critical opportunity to enhance financial stability for individuals burdened by medical costs.
