CNN - The Biden administration will finalize a rule today that will ban the inclusion of medical debt on credit reports. The rule will also remove an estimated $49 billion in medical bills from the credit reports of about 15 million people, the Consumer Financial Protection Bureau said. The rule bans lenders from using medical devices, such as wheelchairs or prosthetic limbs, as collateral for loans and bars them from repossessing the devices if patients are unable to repay the loans. The measure, which was proposed last June, takes effect 60 days after it is published in the Federal Register. Congress now has a limited period of time when it can review and rescind the final rules.
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