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63 sats \ 0 replies \ @Bell_curve 12 Jun freebie \ on: Biden: Removing Medical Debt from Credit Reports econ
Normally I would say this is a terrible idea and would oppose it. However I am considering supporting this bad idea because Obama care has made medical care more expensive. Plus immigrants especially undocumented are getting medical treatment without paying for it.
The main arguments against banning medical debt from credit reports include:
  1. Increased Demands for Upfront Payments: Hospital leaders and debt collection industry representatives are concerned that if medical debt is removed from credit reports, hospitals might need to demand upfront payments from patients before providing care, which could lead to difficulties for those who cannot afford it[2][5].
  2. Potential Negative Consequences for Healthcare Providers: The Association of Credit and Collection Professionals has expressed concerns that patients might be incentivized to stop paying their medical bills, potentially leading to negative consequences for healthcare providers and lenders[5].
  3. Impact on Credit Reporting and Lending: Some argue that removing medical debt from credit reports could alter the way credit scores are calculated, potentially affecting lending decisions and the overall credit landscape[5].
Sources [1] New rule would ban medical debt from credit reports https://mississippitoday.org/2024/06/12/new-biden-administration-rule-would-ban-medical-debt-from-credit-reports/ [2] Proposed rule would remove medical debt from credit reports - NPR https://www.npr.org/sections/shots-health-news/2024/06/12/nx-s1-4998853/medical-debt-credit-scores-reports-rule [3] Biden administration moves to ban medical debt from credit reports https://www.wavy.com/news/politics/biden-administration-moves-to-ban-medical-debt-from-credit-reports/ [4] Biden administration proposes banning medical debt from credit ... https://www.cnn.com/2024/06/11/politics/medical-debt-credit-reports-biden-ban/index.html [5] Biden admin to ban medical debt from credit reports, loan decisions https://www.foxbusiness.com/politics/biden-admin-ban-medical-debt-from-credit-reports-loan-decisions-reports
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