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Category: Press release |
Published

CFPB Report Details Family Finances and Debt in Rural Appalachia

The Consumer Financial Protection Bureau (CFPB) has issued the first in a series of reports focusing on the finances of consumers living in rural areas. Today’s report focuses on rural Appalachians, who tend to earn less than consumers in other rural areas and have higher rates of subprime credit. In particular, medical debt collections are a much more prevalent issue among rural Appalachians, and consumers with medical debt collections often experience difficulties making ends meet on other financial obligations.

Category: Press release |
Published

CFPB Report Highlights Experiences of Military Families with Medical Billing, Credit Reporting, and Debt Collection

Today, the Consumer Financial Protection Bureau (CFPB) released its annual report on the top financial concerns facing servicemembers, veterans, and military families, based on the complaints they submitted to the CFPB. Servicemembers told the CFPB about billing inaccuracies and that debt collectors used aggressive tactics to recover allegedly unpaid medical bills.

Category: Press release |
Published

CFPB Report Spotlights Medical Billing Challenges

A report issued today by the Consumer Financial Protection Bureau (CFPB) examines the financial consequences of medical billing and collections endured by individuals and families across the country. The report draws from the rising volume of medical billing and collection complaints submitted to the CFPB.

Category: Op-ed | Category: Speech |
Published

Prepared Remarks of Director Rohit Chopra on New CFPB Medical Debt Report

Today, the CFPB released a report on medical billing and collection practices in our country. Medical bills are the most common debt in collections reported on our credit reports. Our own review suggests that roughly 43 million people had medical bills on their credit report, in June 2021, with the total outstanding amount around $88 billion.

Category: Press release |
Published

CFPB Releases Report Detailing Consumer Complaint Response Deficiencies of the Big Three Credit Bureaus

A new analysis by the Consumer Financial Protection Bureau (CFPB) reveals how changes in complaint responses provided by nationwide consumer reporting companies resulted in fewer meaningful responses and less consumer relief. In 2021, Equifax, Experian, and TransUnion together reported relief in response to less than 2% of covered complaints, down from nearly 25% of covered complaints in 2019.

Category: Press release |
Published

Consumer Financial Protection Bureau Releases Report on Third-Party Debt Collections

The Consumer Financial Protection Bureau (Bureau) released a report today that found that more than one-in-four consumers with a credit report have at least one debt in collection by third-party debt collectors.

Category: Press release |
Published

CFPB Takes Action Against Medical Debt Collector

Company Mishandled Consumer Credit Reporting Disputes, Prevented Consumers From Exercising Debt Collection Rights WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) announced an enforcement action against a medical debt collection company for mishandling consumer credit reporting disputes and preventing consumers from exercising important debt collection rights. These practices potentially affected the credit scores […]

Category: Press release |
Published

CFPB Spotlights Concerns with Medical Debt Collection and Reporting

WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) released 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 is announcing that the major consumer reporting agencies will be required to provide regular accuracy reports to the Bureau on how disputes from consumers are being handled.

Category: Speech |
Published

Prepared Remarks of CFPB Director Richard Cordray at the Medical Debt Collection Hearing

Today the Consumer Financial Protection Bureau has come here to talk about debt collection and credit reporting, both in general and more specifically as they relate to medical debt. Collection of consumer debts serves an important role in the proper functioning of consumer credit markets. Obviously if lenders and other providers cannot get paid what they are owed, they cannot provide the kinds of products and services that consumers need to improve their lives. But certain debt collection practices have long been a source of frustration for many consumers.

Category: Press release |
Published

CFPB Study Finds Medical Debt Overly Penalizes Consumer Credit Scores

Study Finds Credit Scores Underestimate Creditworthiness for Consumers Who Owe and Repay Medical Debt WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) released a research report that found consumers’ credit scores may be overly penalized for medical debt that goes into collections and shows up on their credit report. According to the study, […]

Category: Speech |
Published

Prepared Remarks of CFPB Director Richard Cordray on the Medical Debt Study Press Call

Today the Consumer Financial Protection Bureau is releasing a study on how the collection of medical debt affects a consumer’s credit score. What we found is that consumers’ credit scores may be overly penalized for medical debt that goes into collections and shows up on their credit report. This is because credit scoring models may […]

Category: Press release |
Published

CFPB Orders GE CareCredit to Refund $34.1 Million for Deceptive Health-Care Credit Card Enrollment

More than 1 Million Consumers Were Potential Victims of Misleading Practices WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau is ordering GE Capital Retail Bank and its subsidiary, CareCredit, to refund up to $34.1 million to potentially more than 1 million consumers who were victims of deceptive credit card enrollment tactics. At doctors’ and […]