Subcommittee on Financial Institutions and Consumer Credit Examines Regulatory Relief Legislation
1/10/2018 8:00:00 PM
The Protecting Veterans Credit Act of 2017 amends the Fair Credit Reporting Act to exclude certain medical debt incurred by a veteran from their credit report if the medical services predate the credit report by less than one year.
The House Financial Services Subcommittee on Financial Institutions and Consumer Credit examined bipartisan legislation to protect the credit ratings of veterans through requirements for reporting medical debt information, among other regulatory relief proposals, during a hearing Jan. 9.
The legislation, H.R. 2683, “The Protecting Veterans Credit Act of 2017,” sponsored by U.S. Rep. John Delaney, D-Md., is a companion to the regulatory relief provision in U.S. Sen. Mike Crapo’s, R-Idaho, “Economic Growth, Regulatory Relief and Consumer Protection Act” introduced in November 2017, ACA International previously reported.
According to a summary of H.R. 2683 it would, “amend the Fair Credit Reporting Act to delay the inclusion in consumer credit reports and to establish requirements for debt collectors with respect to medical debt information of veterans due to inappropriate or delayed billing payments or reimbursements from the Department of Veterans Affairs, and for other purposes.”
Crapo’s legislation, S. 2155, also amends the FCRA to exclude certain medical debt incurred by a veteran from their credit report if the medical services predates the credit report by less than one year as well as paid or settled veteran’s medical debt characterized as delinquent, charged off or in collection. It also establishes a dispute process for consumer reporting agencies with respect to such veterans’ medical debt.
Delaney and U.S. Rep. Randy Hultgren, R-Ill., introduced The Protecting Veterans Credit Act legislation in May 2017.
The Protecting Veterans Credit Act delays medical debt from medical services received through non-Veterans Affairs (VA) medical care, including the Department of Veterans Affairs Choice Program and other community care programs from being reported on an individual’s credit report for one year. This delay provides adequate time for the VA and its contractors to resolve any billing issues, while retaining a route for resolution of any copayments or other obligations, according to a news release from Delaney’s office.
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