FCRA Use of Medical Information

IMPORTANT NOTE:

On January 14, 2025, the Consumer Financial Protection Bureau (CFPB) published a Final Rule amending Regulation V (Fair Credit Reporting Act) concerning medical information that removes the long-standing exemption that allows creditors to consider medical debt when determining a consumer’s eligibility – or continued eligibility – for credit. The Final Rule generally prohibits creditors from using any information relating to payment obligations (whether paid or unpaid) a consumer owes or owed directly to a health care provider for medical services, products, or devices. Further, creditors may not use credit scores that utilize medical debt information. Consumer reporting agencies will not be allowed to provide credit reports with medical debt information. Compliance with the Final Rule is mandatory by March 14, 2025.

However, this Final Rule is being challenged in court and may be nullified by Congressional or White House action. This course will be updated based on the outcome.

This course explores FCRA restrictions on when medical information may be obtained and used for credit purposes.

What You'll Learn

After successfully completing this course, you will be able to:

• Describe the restrictions on banks, as creditors, to obtain or use medical information in connection with credit decisions
• Describe exceptions to those restrictions

Audience

Personnel involved in using consumer reports or reporting to consumer reporting agencies.