Will this credit score report change help Americans?
This boost in credit score report will help many Americans get the home of their choice, which they were not being able to do because of low credit scores, which meant that banks were reluctant in lending them money for loans or mortgages.
Removing the medical aspect from a credit score report, does away with the financial baggage of a US-based consumer, and could help boost those borrowers’ credit scores by an average of 20 points, say reports.
Will loaning numbers increase in the US after this decision?
According to VP Kamala Harris’ recent statement, no American should be denied an economic opportunity because they experienced a medical emergency. This decision has been welcomed across all brackets, typically meaning that more money could be flowing out of banks now in the form of loans for US consumers.
FAQs:
Is the US government increasing credit scores?
No, the US is not increasing credit scores, but is removing the medical debt from credit score reports, which will help consumers get better loans and mortgages.
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