The PATCH Act (Protecting Americans from Treatment-related Credit Harm Act) prohibits credit reporting agencies from including medical debt information on consumer credit reports. Medical debt would be defined as any debt arising from receiving medical services, products, or devices, and this information could no longer be used to determine a person's creditworthiness. The bill affects consumers who have medical debt by removing it as a factor that impacts their credit scores and ability to obtain loans or credit. Within one year of the law's enactment, the Consumer Financial Protection Bureau must update its regulations to ensure that lenders cannot use medical debt information when deciding whether to extend credit to consumers. This legislation aims to prevent medical debt from harming people's financial lives when they seek necessary medical care.
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