Field hearing on medical debt collection in Oklahoma City, OK
CFPB Director Richard Cordray announced the release of a report that found medical debt has a significant impact on consumer credit, as 43 million Americans have overdue medical debt on their credit reports. The CFPB is concerned that the systems for incurring, collecting, and reporting medical debt can create difficult challenges for consumers. To better address these challenges, the CFPB announced that the major consumer credit reporting agencies will be required to provide regular accuracy reports to the Bureau on how disputes from consumers are being handled.
Oklahoma City, OK
Based on the outcomes of its new report on medical debt, the CFPB will now require the major consumer credit reporting agencies to report how they are handling disputes from consumers.