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How medical debt affects your credit

THE TRUTH ABOUT MEDICAL BILLS Credit bureaus will wait That's just 180 DAYS 6 MONTHS to get debts squared away - and bills for serious injuries, illnesses, and chronic conditions can easily amount before adding medical debt to your report. to tens of thousands of dollars. Most emergency room visits really costs an average of $1,233 43 MILLION Americans have medical debt on their credit reports. About 1/3 of those people have otherwise flawless credit. A new report from the Consumer Financial Protection Bureau finds 52% that 52% of all debt on credit reports is medical debt. Debt collection agencies pursue fairly small medical debts: The average medical debt on a credit report is $579. $579 PAY YOUR BILL WITHIN Some hospitals and doctor's offices will give you a one-time discount for paying your bill in one lump sum within 30 days. 30 DAYS YOU MIGHT GET A DISCOUNT A single medical-related collection account - even for a $15 copay - can cause your credit score to plummet. Any collections item, The injury to your credit Score will lessen over time, medical or not, can lower a person's FICO credit score by as much as but the item will stay on your credit report for 100 POINTS 7 YEARS SOURCES: time.com/money/3737140/credit-score-medical-debt time.com/money/3629764/medical-debt-cfpb moneyunder30.com/paying-medical-bills-you-cant-afford blog.credit.com/2012/10/the-ultimate-guide-to-solving-your-medical-bill-problems-63098 bankrate.com/finance/credit/will-unpaid-medical-bills-hurt-credit.aspx letstalkcost.com/problems/er-overuse Brought to you by: SAFCapital www.saf-capital.com

How medical debt affects your credit

shared by safcapital on Oct 26
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One of the best ways you can utilize money is by paying off medical debt you’ve accumulated recently or over the years, which can adversely affect your credit score.

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Economy
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