CFPB Visits Oklahoma City to Make Announcement on Reporting Medical Debt

Lee Ellingson Director Cordray and Cristy Cash

(left to right) Lee Ellingson, Director of Housing, CCCSOK.org; Director Richard Cordray, CFPB; and Cristy Cash, Vice President, CCCSOK.org

CCCS of Central Oklahoma was honored to be among only a handful of organizations invited to a Community Roundtable event with Consumer Financial Protection Bureau (CFPB) Director, Richard Cordray. During the roundtable held in the Meinder’s School of Business at Oklahoma City University, consumer advocacy and service organizations were able to voice concerns to the CFPB Director.

The CFPB urged consumer advocates and community leaders to utilize the consumer complaint capabilities at consumerfinance.gov to help bring attention to the issues consumers are dealing with especially when there seems like there is no hope or recourse in a challenging financial situation. They also informed the group that there are several helpful consumer resources on the CFPB website including answers to over 1,000 frequently asked questions concerning several topics including student loans and mortgages.

Following the Roundtable, the CFPB announced sweeping rule changes to how medical debt is prevented, managed, and reported, with Director Cordray noting that, “Getting sick shouldn’t make your credit report sick.” Jim Wehman of FICO was also on hand to talk about the newly released FICO 9 scoring model which accounts for medical debt differently than older scoring models.

If you would like to review the announcement and the white paper from the CFPB, please click here. 

If you need help with medical bill repayment, credit card repayment, or building a budget that helps build wealth for you and protect you from emergencies, contact CCCSOK.org.

To submit a complaint or check the status of an existing complaint, click here. Your CCCSOK.org counselor is happy to help you complete this form.

 

Read more: CFPB: 7 Ways to Prevent Medical Debt Problems

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