The Consumer Financial Protection Bureau (CFPB) on Tuesday finalized a new rule banning medical debt from being included on credit reports. Why it matters: The policy will remove medical debt from about 15 million Americans' credit reports,

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

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

The finalized rule will prevent medical bills from being included on credit reports used by lenders and will prohibit lenders from using medical information in their decision-making.

The Consumer Financial Protection Bureau finalized a rule banning medical debt from being included on Americans' credit reports.