The CFPB issued a new report, “Market Snapshot: An Update on Third-Party Debt Collections Tradelines Reporting,” that looks at trends in credit reporting of debt in collections from 2018 to 2022. It also published a new blog post, “Debt collectors re-evaluate medical debt furnishing in light of data integrity issues,” that looks at factors that create challenges for medical collections reporting.… Continue Reading
CFPB issues bulletin on medical debt collection and consumer reporting requirements in connection with No Surprises Act
The CFPB has issued a compliance bulletin and policy guidance on medical debt collection and consumer reporting requirements in connection with the No Surprises Act.
The No Surprises Act sets forth requirements that apply to certain individuals who receive care from an out-of-network provider that furnishes emergency services, inpatient services an in-network facility, or air ambulance services. … Continue Reading
Industry groups challenge Nevada’s new medical debt collection law
On June 25, a group of collection agencies, law firms, and industry associations filed a lawsuit against the Nevada State Commissioner requesting the Court declare invalid Nevada Senate Bill 248, which regulates medical debt collection. The new law took effect on July 1, 2021. Nevada enacted the new law last month.… Continue Reading
New requirements for collection of medical debt in Washington effective July 28
Effective July 28, debt collectors licensed in Washington will be subject to new requirements when collecting medical debt.
Substitute House Bill 1531, signed into law by Washington Governor Jay Inslee on April 30, amended the state’s debt collection law that requires debt collectors to be licensed by adding certain substantive requirements along with a definition of “medical debt.” … Continue Reading
CFPB to hold Dec.11th field hearing on medical debt collection
The CFPB has announced that it will hold a field hearing on medical debt collection in Oklahoma City, OK on December 11. The hearing will include remarks from Director Cordray and testimony from consumer groups, industry representatives, and members of the public.
The CFPB has previously flagged medical debt collection as an area of concern. … Continue Reading