The change is estimated to raise the credit scores by an average of 20 points and could lead to 22,000 additional mortgages being approved every year, according to the bureau. Vice President Kamala Harris said in a statement announcing the rule that it would be “lifechanging” for millions of families.

In a major change that could affect millions of Americans' credit scores, the Consumer Financial Protection Bureau on Tuesday finalized a rule to remove medical debt from consumer credit reports. The rule would erase an estimated $49 billion in unpaid medical bills from the credit reports of roughly 15 million Americans, the CFPB said.

Americans won’t have to worry about unpaid medical bills damaging their credit reports and scores much longer.

The future of the new rule remains in question, however, with President-elect Donald J. Trump set to return to the White House this month.

Credit-reporting companies and debt collectors have previously opposed the policy, which could face political and legal challenges under incoming President Donald Trump.

President Joe Biden's outgoing administration announced on Tuesday a ban on medical debt in American consumers' credit reports, making good on a campaign year pledge less than two weeks before leaving office.

A new rule being implemented by the White House will eliminate medical debt from appearing on 15 million Americans' credit reports.

The Consumer Financial Protection Bureau rule will remove $49 billion in medical debt from the credit reports of more than 15 million Americans, according to the bureau.