In a survey that the Consumer Financial Protection Bureau will no doubt begin citing as more evidence for its decisions related to the credit reporting of medical debt, 90% of consumers claimed to have suffered financial setbacks as a result of medical debts on their credit reports.
By the Numbers: If the CFPB moves forward with its proposal to remove all medical debt tradelines from consumers’ credit reports, 62% of consumers said that such an action would improve their financial health and peace of mind, and 36% said it would have no change. Only 2% of consumers believe that removing medical debts from their credit reports will worsen their financial situation.
- While only 32% of consumers said they were informed about the proposal to remove medical debts from their credit reports, 78% of consumers said they support the plan, while only 3% oppose it.
When asked if they have ever had a medical bull that they were unable to pay on time or pay in full, 57% of consumers indicated that has happened to them. About 40% of consumers said they have had difficulties paying off their medical bills in the past five years. And then 90% of consumers said they have suffered a financial setback because of medical debt on their credit report.