Economy CFPB Under Biden to Remove ALL Medical Debt From Credit Reports

This sounds like it really would help a lot of Americans. I'm open to hearing the counter arguments against it but I'd be surprised if they outweighed the benefits this could bring to millions. Not sure what the TDS drivel in the OP has to do with anything.
 
This sounds like it really would help a lot of Americans. I'm open to hearing the counter arguments against it but I'd be surprised if they outweighed the benefits this could bring to millions. Not sure what the TDS drivel in the OP has to do with anything.
Probably important to note at the very least that this really helpful and good idea would not be in the universe of consideration for a Trump administration.

Now get out there and vote Trump you reasonable SOB!
 
This sounds like it really would help a lot of Americans. I'm open to hearing the counter arguments against it but I'd be surprised if they outweighed the benefits this could bring to millions. Not sure what the TDS drivel in the OP has to do with anything.
There is no good counter argument. The only thing I can see is it being an election year decision but if it’s a good decision, who cares?
 
I dont know, I think there has always been a base level human right to be treated for ailments. Even in primitive cultures there are healers in the villages, and if the villagers cannot pay for their services they're not just going to be let die or suffer because they're poor.

Also nowadays giving birth IS a medical procedure, backed by industry. My wife had natural home births and we still had to pay for midwives. States that want to force one medical procedure and deny others are weird.
As it's a profession there is always been a fee for service. Even in the village example the healer was given food and taken care of by the members. Bartering is also common. Not saying that they would let someone die but the pay system has always been the way for doctors/healers to make a living. Giving birth should also be supported by Medicaid. Not sure the out of pocket in those cases
 
As it's a profession there is always been a fee for service. Even in the village example the healer was given food and taken care of by the members. Bartering is also common. Not saying that they would let someone die but the pay system has always been the way for doctors/healers to make a living. Giving birth should also be supported by Medicaid. Not sure the out of pocket in those cases

Yeah I mean there is always exchange for people being able to get by. However I'm not sure if that ever gatekept medical attention. I'm sure we can find some outlier examples, but if not then the tribe will do something like offering things from each family to assist. They do this out of the idea of there being a fundamental right for everyone to have access. If they didnt think that was a right they would just leave it to natural selection. And this has been common throughout human History. Only in modern atomized societies has the notion popped up that, well if you cant afford the market cost of healthcare, tough sh*t.
 
The ability to handle unexpected expenses is why it doesn't make sense to bother including it.

What if your roof leaks? What is your bank gets hacked? What if the company you work goes bankrupt? What if you get into a car accident?

The potential list of "what if?" emergencies is massive and doesn't say anything about people's ability to manage their day to day financial decisions.

There's a housing program run by bank of america that understands this and uses it to grant mortgages. They look at spending habits, not credit reports, to determine how much of a mortgage an individual can manage. Why? Because there are people getting denied for mortgages that are lower than their rent because of credit scores and someone realized it didn't make sense. Just think about that problem for a minute...someone is paying $2500 a month for rent without missing a payment but can't get a mortgage for $2000 a month because of their credit report. It doesn't make financial sense. Approval takes longer through this program but it has a very lower foreclosure rate because they evaluate spending history over an extended period of time. And this isn't a low income thing, we're talking properties ranging from $200k to $750k.

Financial habits are more instructive than momentary or singular negative events.

Okay think we will have to agree to disagree on this. Late payments, missed payments, defaults, even small ones, are blemishes that deserve to be considered, it is just common sense. BoA was once bailed out by the federal gov for tens of billion dollars because of their foolish lending practices, I would do the opposite of whatever they're doing.
 
Yeah I mean there is always exchange for people being able to get by. However I'm not sure if that ever gatekept medical attention. I'm sure we can find some outlier examples, but if not then the tribe will do something like offering things from each family to assist. They do this out of the idea of there being a fundamental right for everyone to have access. If they didnt think that was a right they would just leave it to natural selection. And this has been common throughout human History. Only in modern atomized societies has the notion popped up that, well if you cant afford the market cost of healthcare, tough sh*t.
In smaller societies with few ailments seems to work OK. But there is no real cost but a person's time in that scenario as there are no real medical expenses. Modern world has produced amazing advances and technology that has to be funded imo. It's why the life expectancy has grown so much in modern times.
 
you are 1000% not in alignment with what is being taught in liberal humanities departments. i dont know what to tell you buddy. i promise you - i was there a lot more recently than you, if you were ever there to begin with
It's not an ideological matter. You're just factually wrong (and wrong about what the data show).
 
There ain't no f*ckin "left politics" here. We literally have a capitalist party, and another capitalist party
We have a normal left-wing party in America, and support for capitalism is consistent with both left-wing and right-wing viewpoints. Remember that a market-based economy was one of the original left-wing causes.

I'd argue that rightists who support market-based economies are actually in a much tougher position, in that well-functioning markets inherently dissolve hierarchies.
 
This sounds like it really would help a lot of Americans. I'm open to hearing the counter arguments against it but I'd be surprised if they outweighed the benefits this could bring to millions. Not sure what the TDS drivel in the OP has to do with anything.

The only downside I could is that there would be zero incentive to pay your medical bills.

You could just let them indefinitely pile up and nothing happens. Doctors can't just keep providing services without being paid. Hospitals are already inflating costs for insured patients to make up for the money they lose when they're forced to take uninsured patients or people don't pay.

The hospital business is slimy already, at least one the administration side. My girlfriend works in labor & delivery at Texas Childrens. It's a borderline insane asylum with the some of patients they take and the policies they're made to follow. I don't know how she does it.

If it got bad enough, maybe hospitals and doctors would start denying services unless patients paid in advance. Not saying this would happen, but it could happen.


Now... I'm not for or against this. I'm just trying to play Devil's Advocate here.
 
We have a normal left-wing party in America, and support for capitalism is consistent with both left-wing and right-wing viewpoints. Remember that a market-based economy was one of the original left-wing causes.

I'd argue that rightists who support market-based economies are actually in a much tougher position, in that well-functioning markets inherently dissolve hierarchies.

Nah, going by the Overton Window what we think of as "left" is center-right in places with much more healthy political discourse. This Country has been plagued, since its inception, by the wealthy class eroding democracy to protect their interests. Its counter-intuitive to the core principal of leftism, which is egalitarianism. It's easy to say that the idea of market economics is or can be leftist, just as anarcho-capitalism once was, until you start justifying the existence of economic heirarchies.

There has been increased leftism among the working class, and like always that's being pushed down at every turn. From big media coverage of protests, to anti-Union practices, to an entire party suggesting dismantling the Administrative State.
 
The only downside I could is that there would be zero incentive to pay your medical bills.

You could just let them indefinitely pile up and nothing happens. Doctors can't just keep providing services without being paid. Hospitals are already inflating costs for insured patients to make up for the money they lose when they're forced to take uninsured patients or people don't pay.

The hospital business is slimy already, at least one the administration side. My girlfriend works in labor & delivery at Texas Childrens. It's a borderline insane asylum with the some of patients they take and the policies they're made to follow. I don't know how she does it.

If it got bad enough, maybe hospitals and doctors would start denying services unless patients paid in advance. Not saying this would happen, but it could happen.


Now... I'm not for or against this. I'm just trying to play Devil's Advocate here.

Doctors can and should be paid the same way Cops and Firefighters are.
 
In smaller societies with few ailments seems to work OK. But there is no real cost but a person's time in that scenario as there are no real medical expenses. Modern world has produced amazing advances and technology that has to be funded imo. It's why the life expectancy has grown so much in modern times.

I agree, I just want a better way to fund it. Private isnt working well.

You know my Son broke his wrist, and one of the schemes in the medical industry is insurance denying claims. My wife is quasi-Government (bigger than County but smaller than State) and their insurance has always been poor. They tried to deny our claim for his broken wrist because they said "it wasnt an emergency." The f*ck are you supposed to do when a child breaks a bone? I wonder if they ever tried to tell a screaming kid to chill, THAT broken bone isnt an emergency. We got a bill in the mail for $14k. Ain't no f*ckin way we were paying that. So we haggled with them about why it wasnt an emergency. What were we supposed to do? It happened on a Sunday night (so our regular pediatrician wasnt even available), and eventually his cast had to be molded by a bone specialist. They expected us to pay that out-of-pocket.

They did end up covering, but it makes you wonder how many families dont know better and then are just saddled with an outlandish bill for that crap. Anyway, to end on a positive note, it didnt keep him out of the gym:

 
Okay think we will have to agree to disagree on this. Late payments, missed payments, defaults, even small ones, are blemishes that deserve to be considered, it is just common sense. BoA was once bailed out by the federal gov for tens of billion dollars because of their foolish lending practices, I would do the opposite of whatever they're doing.
See, I figured you'd say that. Which is why it's worth noting that this program was primarily funded as a response to the GFC and mortgage foreclosure issue.

They came to realize that the spending habits were way more instructive than the credit reports.

And late payments, missed payments, etc. don't deserve to be credited. That's so silly. So, if Johnny misses his cable bill one month but pays it back the next month, that's a blemish that should be considered? Lisa pays her mortgage every month but she's late 2-3x year, that deserves to be considered the same as if she just skipped out on those months altogether?
 
I agree, I just want a better way to fund it. Private isnt working well.

You know my Son broke his wrist, and one of the schemes in the medical industry is insurance denying claims. My wife is quasi-Government (bigger than County but smaller than State) and their insurance has always been poor. They tried to deny our claim for his broken wrist because they said "it wasnt an emergency." The f*ck are you supposed to do when a child breaks a bone? I wonder if they ever tried to tell a screaming kid to chill, THAT broken bone isnt an emergency. We got a bill in the mail for $14k. Ain't no f*ckin way we were paying that. So we haggled with them about why it wasnt an emergency. What were we supposed to do? It happened on a Sunday night (so our regular pediatrician wasnt even available), and eventually his cast had to be molded by a bone specialist. They expected us to pay that out-of-pocket.

They did end up covering, but it makes you wonder how many families dont know better and then are just saddled with an outlandish bill for that crap. Anyway, to end on a positive note, it didnt keep him out of the gym:


We both agree it's a mess for sure. Dat kid gets back after it. Great work ethic you are bringing them up in brotha. We'll done.
 
See, I figured you'd say that. Which is why it's worth noting that this program was primarily funded as a response to the GFC and mortgage foreclosure issue.

They came to realize that the spending habits were way more instructive than the credit reports.

And late payments, missed payments, etc. don't deserve to be credited. That's so silly. So, if Johnny misses his cable bill one month but pays it back the next month, that's a blemish that should be considered? Lisa pays her mortgage every month but she's late 2-3x year, that deserves to be considered the same as if she just skipped out on those months altogether?

Does the bank outside this single program still rely on credit reports, still finds them to be a useful tool? I'll guarantee they do.

It's silly to take into account how a potential borrower has in the past treated the deadlines for payment of their bills? Of course it is not silly, it is in fact very important to get an idea if they will pay their bills on time. One month won't go on your credit report obviously, that would be foolish from the lenders perspective because people just forget sometimes, and they just need a reminder. We are talking about those who miss payments for extended periods, after being contacted multiple times and been given multiple chances to make it right. Not considered the same as if she just skipped out on those months, but considered nonetheless.

This is from that WSJ article posted on the front page:
Patients often prioritize other loan payments so cars aren’t repossessed or homes foreclosed. A credit-report blemish is the only tool healthcare providers have to encourage payment.

You're asking them to do something you wouldn't do yourself, and that is lend someone money without asking them if they already owe someone else money, lend to them without inquiring about their history of repaying past debts. Asking healthcare companies to lend money while denying them an important tool to encourage repayment.
 
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And late payments, missed payments, etc. don't deserve to be credited. That's so silly. So, if Johnny misses his cable bill one month but pays it back the next month, that's a blemish that should be considered? Lisa pays her mortgage every month but she's late 2-3x year, that deserves to be considered the same as if she just skipped out on those months altogether?
100% agreed.
 
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