Why Defend Medical Debt?
Top Republican argues getting sick should keep you in debt
Following an announcement by the three major credit bureaus that roughly 70% of all medical debt will be removed from consumer credit reports this summer, a top Senate Republican is arguing that getting sick should be an acceptable reason to be in debt AND should be a reason you can’t get a consumer loan.
American Banker reports that GOP Senator Pat Toomey of Pennsylvania took a stand in favor of the debt industry and accused the Consumer Financial Protection Bureau of exerting political pressure to achieve an outcome.
According to the report from American Banker, Toomey argued:
Speaking during a Senate Banking Committee hearing on medical debt, Sen. Pat Toomey, R-Pa., blamed the Consumer Financial Protection Bureau for a recent decision by the three major credit bureaus — Equifax, Experian and Transunion — to no longer include nearly 70% of medical debt on consumer credit reports. Toomey, the committee’s ranking Republican, argued that any action that limits…
