Biden admin moves to scrub medical debt from credit reports. What you need to know - Unpaid medical bills will no longer appear on credit reports, where they can block people from mortgages, car loans

The Consumer Financial Protection Bureau rule will remove $49 billion in medical debt from the credit reports of more than 15 million Americans, according to the bureau.

The change is estimated to raise the credit scores by an average of 20 points and could lead to 22,000 additional mortgages being approved every year, according to the bureau. Vice President Kamala Harris said in a statement announcing the rule that it would be “lifechanging” for millions of families.

Joe Biden has blocked unpaid medical bills from appearing on credit reports according to a final rule announced Tuesday by the Biden administration. Unpaid medical bills showing on credit reports can block people from mortgages,

Unpaid medical bills will no longer appear on consumer credit reports, which can result in people being blocked mortgages and car loans. Here's what to know about the newly-announced rule.

The Biden Administration announced an initiative Tuesday to remove an estimated $49 billion in medical debt from credit reports.

Officials said the new regulation, adopted despite objections from the banking and consumer data industries, would remove $49 billion in medical bills from the credit reports of about 15 million Americans.

The Biden administration has moved to ban unpaid medical bills from appearing on credit reports, making it easier for people to borrow money for mortgages, car loans or small business loans. The Consumer Financial Protection Bureau rule,

The Consumer Financial Protection Bureau said on Tuesday it has finalized a rule that will remove medical bills from credit reports.