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.
What do we replace credit scores with? How should banks determine who can be trusted with what loan?
It’s a good question. Consolidated credit scores like FICO have only existed for the last 40 years or so.
I don’t have a good answer at the moment, but I’ll also say that making sure that bankers are comfortable to the nth degree has not done the well for the average person in the US. Perhaps they could simply take on the risk.