Political Quotes

“This amendment delays the collection of servicemembers' medical debt for 2 years. It outright bans the reporting of a servicemembers' medically necessary procedures to a credit reporting agency ever, and it restricts the reporting of a servicemember's debt obligations to a credit reporting agency for 1 year. Republicans have supported removing paid medical debt from a consumer's credit report that was unpredictable and unavoidable. However, this amendment would remove all information related to medically necessary procedures for servicemembers. Frankly, it exploits servicemembers to advance a cause my colleague has previously advocated for which is to eliminate medical reporting altogether to credit reporting agencies. Debt, including medically necessary debt, is important criteria to assess a borrower's creditworthiness and ability to repay and should appear on credit reports of consumers, including servicemembers. It can improve their credit scores if they pay their debts. Removing predictive information from a credit report has the potential to increase the cost of credit, particularly for those borrowers who have limited credit history. Requiring the expedited removal of debt from such reports will undermine the safety and soundness of financial institutions and the financial system more broadly. It will further damage healthcare. Additionally, recouping a loss is a basic tenet of a credit-based economy.…”