Sec. 2. Findings
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/bill/113/hr/2211/ih/section-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Congress finds the following: A reduction in a consumer’s credit score can impede consumers’ economic activity and consumer borrowing capacity. A 2012 Federal Trade Commission report found that as many as 40 million Americans have mistakes on their credit report. According to credit evaluators, medical debt collections are inconsistently reported, and of questionable value in predicting future payment performance. Medical debt that has been completely paid off or settled will remain on a consumer’s credit report and can significantly damage a consumer’s credit score for 7 years.
Creditworthy consumers may be denied credit, pay higher interest rates, or pay higher fees when buying or refinancing a home loan or obtaining credit for credit-related products due to disputed medical debt on their credit reports.