Capio CEO Mark Detrick issued the following statement following the Consumer Financial Protection Bureau’s (CFPB) finalization of the agency’s rule to exclude medical debt from credit reports:
“Capio is deeply concerned about the potential implications of the CFPB’s final rule to prohibit the inclusion of medical debt on consumer credit reports. Capio has been a long-time champion of enhancing consumer protections and empowering individuals burdened with medical debt to achieve financial wellness, while also deeply understanding the healthcare financial ecosystem and the essential impact our solution brings to our valued provider partners. In the interests of patients and providers, we believe this rule could have significant unintended consequences that extend beyond its goals.
The removal of medical debt from credit reports risks creating a fragmented credit reporting system that reduces transparency and complicates lenders’ ability to assess creditworthiness, ultimately limiting access to affordable credit for consumers. Additionally, this rule may discourage the resolution of medical debt, increasing financial strain on healthcare providers and driving them toward litigation to recover unpaid bills, further burdening patients.
Capio is dedicated to supporting compassionate, patient-centered solutions that protect consumers while ensuring a stable healthcare system. We encourage the incoming Administration and Congress to swiftly revisit this rule and embrace an approach that truly supports patients and fosters financial stability for everyone involved.”