The rules ban credit agencies from including medical debts on consumers’ credit reports and prohibit lenders from considering medical information in assessing borrowers.

President Joe Biden's outgoing administration announced on Tuesday a ban on medical debt in American consumers' credit reports, making good on a campaign year pledge less than two weeks before leaving office.

The future of the new rule remains in question, however, with President-elect Donald J. Trump set to return to the White House this month.

U.S. consumers will no longer have medical debt appear on their credit reports under to a new rule the CFPB finalized Tuesday.

The Consumer Financial Protection Bureau rule will remove $49 billion in medical debt from the credit reports of more than 15 million Americans, according to the bureau, which means lenders will no longer be able to take that into consideration when deciding to issue a loan.

The Consumer Financial Protection Bureau rule will remove $49 billion in medical debt from the credit reports of more than 15 million Americans, according to the bureau.