The “Doom Loop”: Federal No Surprises Act Enacts CFPB To Raise Medical Billing Concerns
Updated: Jun 2, 2022
The Consumer Financial Protection Bureau (CFPB), on March 1st, 2022, released a report summarizing key areas of concern in medical debt collections and reporting. The report showed that $88 billion in medical debt were on American consumer credit records as of June 2021, or around 58% of all outstanding debt. The CFPB is considering options to limit the amount of medical debt apparent in credit reports.