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NAMB—The Association of Mortgage Professionals, and a large number of other consumer and patient advocacy groups, have "wholeheartedly endorsed" the Medical Debt Relief Act of 2015 recently introduced by Reps. John Carney (D-DE) and Congressman Andy Barr (R-KY). HR 2363 would amend the Fair Debt Collection Practices Act to provide relief for patients and consumers and would protect them from unfair credit reporting practices employed by the major credit bureaus relating to medical bills.
"I am very pleased that Congress is finally taking action on one of the areas where people with otherwise excellent credit are frequently rated delinquent," said John Councilman, president of NAMB. "Medical bills are unlike other forms of credit in that the amount of debt that will be incurred is far from clear when someone enters a hospital or initially receives medical care from a physician. When consumers face a medical crisis, they are placed in a vulnerable position where they have little choice other than to sign a blanket payment agreement, without fully knowing what services will be provided and at what cost. Insurance plans that the consumer believes will cover various medical expenses often have deductibles, exceptions, and other limits that only an expert could completely understand."
Click here for a copy of the of the Medical Debt Relief Act of 2015 endorsement letter.
"Complicating matters even more, insurance billing and payment statements are far from clear," said Councilman. "Very few consumers actually know if a medical claim has been fully paid just by looking at their payment invoices. NAMB is proud to sign on the Medical Debt Relief Act, which is an important starting place in improving the medical collection process. We will continue to support legislation and regulations that help creditworthy consumers maintain the credit history they deserve."