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As of 2025, the Consumer Financial Protection Bureau (CFPB) finalized a rule banning medical debt from appearing on credit reports and preventing lenders from using it in credit decisions. This change could improve credit scores for millions of Americans and expand access to mortgages, with estimates showing an average 20-point score increase and 22,000 more home loan approvals annually. However, the rule’s implementation—originally set for March 17—has been delayed to June 15 due to legal challenges and a court-ordered stay. While its future remains uncertain amid political and industry opposition, the three major credit bureaus still voluntarily exclude paid and low-balance medical collections, providing some relief in the meantime.
Big banks may seem convenient, but they often come with strict guidelines, slower processing times, and limited loan options. You're usually just a number in their system, making it difficult to get personalized service or quick answers when you need them most. Unlike local lenders who take the time to understand your unique situation, big banks tend to push their own products without exploring what truly works best for you. Choosing a dedicated mortgage professional gives you more flexibility, better communication, and a smoother, more tailored homebuying experience.