Medical Debt Credit Reporting Legislation Signed into Law in Colorado

A Colorado House bill that prevents medical debt from impacting credit scores was signed into law administratively this week, and RMMFI was part of the coalition that made this happen. Back in February, RMMFI Director of Impact Theresa Rinne-Meyers started working with the Colorado Center on Law and Policy, the Small Business Majority, and others to promote the bill. RMMFI served on the coalition for several months to put the bill in place and put forward amendments to it; then, RMMFI CEO Jessica Sveen provided testimony twice on behalf of RMMFI in support of the bill. Our testimony was focused on how lending despite medical debt is possible and is in pursuit of RMMFI’s mission.

“We are thrilled for our ecosystem and hopeful that more entrepreneurs will have more access to lending, credit, and economic opportunities when medical debt isn’t negatively impacting their credit scores.”

-Theresa Rinne-Meyers, Director of Impact, RMMFI

What does all of this mean? House Bill 23-1126 stops medical debt from being included on credit reports and factored into credit scores in Colorado. You can read the full press release here.