The Consumer Financial Protection Bureau (CFPB) is inviting public input on a proposed amendment to Regulation V, which enforces the Fair Credit Reporting Act (FCRA). This amendment focuses on medical information in credit reports and aims to enhance consumer protection regarding medical debt.
Key Changes in the Proposed Rule
The CFPB is looking to eliminate a current regulatory exception that allows creditors to obtain or use medical debt information when determining credit eligibility. Additionally, the proposed rule would generally prohibit consumer reporting agencies from providing creditors with consumer reports that include medical debt information, aligning with the FCRA’s restrictions.
Why This Matters
Medical debt can significantly impact consumers’ credit scores and financial health. By limiting the use of medical debt information, the CFPB aims to prevent creditors from making credit decisions based on potentially misleading or irrelevant data.
How to Submit Your Comments
The CFPB encourages the public to share their views on the proposed rule. Comments must be submitted by August 12, 2024.
Here are the methods to submit your comments:
- Federal eRulemaking Portal:Visit (https://www.regulations.gov) and follow the instructions for submitting comments.
- Email: Send your comments to 2024-NPRM-MEDICAL-DEBT@cfpb.gov. Include “Docket No. CFPB-2024-2023” or “RIN 3170-AA54” in the subject line.
- Mail/Hand Delivery/Courier: Address your comments to Comment Intake—2024 NPRM FCRA Medical Debt Information, c/o Legal Division Docket Manager, Consumer Financial Protection Bureau, 1700 G Street NW, Washington, DC 20552.
Join the Conversation
This is an opportunity for you to voice your opinion and influence policy that affects millions of consumers. Share your thoughts with the CFPB and help shape the future of credit reporting and consumer protection.
Important Submission Guidelines
- Submit comments early to ensure they are considered.
- Include the agency name and docket number or Regulatory Information Number (RIN) for this rulemaking.
- Due to potential delays in paper mail, electronic submissions are preferred.
- All comments will be posted publicly at (https://www.regulations.gov) without changes. Do not include sensitive personal information, such as account numbers or Social Security numbers.
For more detailed information, you can visit the official CFPB announcement at (https://www.regulations.gov).
Author: Jennifer Evancic
Jennifer.Evancic@ResourceManagement.com
Jennifer Evancic is a third-party auditor valued by creditors and large organizations for her knowledge in call monitoring within the collections industry. With meticulous attention to detail and a firm grasp of regulatory requirements, she ensures compliance with clients’ criteria and state and federal regulations.
Jennifer audits collections calls, ensuring they meet client-specific criteria and comply with regulations, providing valuable insights and maintaining industry standards.
Beyond her auditing responsibilities, Jennifer takes the lead in organizing and facilitating monthly call calibrations. These sessions serve as a collaborative forum where clients and their vendors come together to discuss call monitoring results and address any findings or areas for improvement. Jennifer’s guidance fosters open communication and ensures alignment between clients and vendors, driving continuous improvement in collections practices.
Jennifer stays up-to-date with compliance and industry best practices by participating regularly in peer meetings, regulatory updates and industry webinars. This keeps her informed about emerging issues and ensures she remains a knowledgeable leader in collections compliance.
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