The Biden administration announced a major initiative to protect Americans from medical debt on Thursday, outlining plans to develop federal rules barring unpaid medical bills from affecting patients’ credit scores.
The Biden administration announced a major initiative to protect Americans from medical debt on Thursday, outlining plans to develop federal rules barring unpaid medical bills from affecting patients’ credit scores.
Honestly, if we’re going to have credit, as a society, then credit scores aren’t a terrible solution. Otherwise it’s just you pleading your case to whatever bank employee you happen to be sitting in front of. In the past, that system hasn’t gone well for certain groups that tend to face discrimination.
I get that, but it’s a bit of a red herring. Credit scores ultimately exist to mitigate risk for bankers, and the idea that it equalizes results for the population is secondary. Bankers should be taking on risks with loans, because that’s what the return is based on. If we remove the risk for bankers, but they still make interest, the system is broken.