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Veteran’s Medical Debt

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  • #343501
    Annmichele
    Participant

    I recently listened to your webinar on FCRA/FACT Act. I made note that we do not need to consider Veteran’s medical debt as part of our credit decision. So if we pull a credit bureau on our applicant and see medical collections are we just suppose to ask them if they are a Veteran? How do we know they are a Veteran? I know you mentioned that the credit bureaus have a data base that they check but I didn’t know if the banks had access to it too.
    Thank you!
    Ann Michele

    #343541

    Per the Veteran’s administration requirements they should be keeping a list on their website. But as part of the application process doesn’t your application ask them? If not as part of normal due diligence it would probably be a good idea to ask anyone with medical debt if they are or have been a member of the armed services. Since the CFPB is considering the removal of all medical debt in credit decision you may want to watch the proposed rule as well.

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