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Category: Industry Articles & Insights
ClearBalance® Insights on CFPB’s Final Rule on Medical Debt Reporting
On January 10, 2025, the Consumer Financial Protection Bureau (CFPB) finalized a historic rule set to remove $49 billion in medical debt from credit reports, influencing the lives of approximately 15 million Americans. This pivotal decision ensures that medical bills will no longer appear on credit reports or be factored into lenders’ decisions. This step…
Transforming Healthcare Finances: The True Value of Zero-Interest Patient Financing Programs
Patient financing has become a pivotal factor in determining how hospitals interact with their patients. Among those leading these innovations is ClearBalance. Our recent collaboration with a large, integrated healthcare system in the Midwest US marks a significant milestone in advancing patient financing, with tremendous implications for the local community. This system offers a comprehensive…
Ensuring Consumers Aren’t Pushed Into Medical Payment Products
As the cost of healthcare continues to rise, millions of Americans find themselves struggling to pay for essential medical treatments. Financial institutions are capitalizing on this trend by marketing high-cost specialty financial products, such as medical credit cards and installment loans. The Consumer Financial Protection Bureau (CFPB) has heard troubling accounts of these products being…
Medical Credit Cards and Financing Plans
Financial institutions and fintech companies are generating a growing number of financing mechanisms for families and individuals struggling to pay their out-of-pocket health care expenses. This report focuses on some of these alternative financing products, including medical credit cards and installment loans, that were once used primarily for elective care but now cover everything from…