Medical debt continues to dominate the headlines in 2022 and continues to be an area of significant focus for the Consumer Financial Protection Bureau.
On April 20, the CFPB issued a report examining the financial consequences realized by consumers because of the receipt of medical services, specifically the billing and collections of such debt.
This follows the CFPB’s recent report on medical debt, in which the bureau iterated it will hold the nationwide consumer reporting agencies (“NCRAs”) accountable for the accurate reporting of medical debt, including a duty to act against abusive furnishers who routinely report inaccurate information regarding medical debt. Specifically, the CFPB reported an estimated $88 billion in medical debt reflected on consumer credit reports as of June 2021, the majority of which are debts under $500. In response, the NCRAs began rolling out guidance to data furnishers regarding their responsibilities as it relates to the changes the NCRAs are making in the reflection of medical debt on consumer reports.
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