According to the CFPB, the new rule is expected to provide an average credit score boost of 20 points for those impacted by outstanding medical debt. This could lead to more than 22,000 more consumers being approved for mortgages each year, the bureau said.

The new rule will blot out an estimated $49 billion in unpaid medical bills from about 15 million Americans' credit reports.

If you have any medical debt, you’ll be glad to know it will no longer appear on your credit report. On Tuesday, the Consumer Financial Protection Bureau (CFPB) announced the finalization of a rule that will remove an estimated $49 billion in medical bills from the credit reports of approximately 15 million people nationwide.

A study by the CFPB found that medical bills are not a good predictor of whether a person will repay a loan which contributes to thousands of denied applications on mortgages each