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The Consumer Financial Protection Bureau issued its annual report to Congress on debt collection, which focuses on medical debt and rental debt.
Details: The report says:
Problems with real estate companies’ revenue management software can result in improperly inflated rental debt amounts.
Debt collectors are attempting to collect medical bills already satisfied by nonprofit hospitals’ financial assistance programs.
Many medical bills from low-income consumers are not addressed by financial assistance.
CFPB Proposal: The CFPB has proposed a rule to remove medical debt information from credit reporting. In a recent comment letter, ICBA said this proposal would lead to inaccurate reports and hinder community banks’ ability to comply with other regulations.