Tag Archives: Medical Debt

Medical Debt and Your Credit Score
Prior to September 2017, there was a lot of confusion on how unpaid medical bills (or, medical debt) affect your credit score. Medical debt is different than debt like mortgages, credit cards, and car payments. Why? Because medical debt is usually unpredictable. The CFPB (Consumer Financial Protection Bureau) had set forth new guidelines for medical debts and how they can (and cannot) be reported to the three...
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National Consumer Assistance Plan – BIG News for your Credit Report
There are new reasons to take a close look at your credit report - The National Consumer Assistance Plan. In 2015, all three Credit Reporting Agencies (Equifax, Experian, and TransUnion) agreed to create and enforce this updated set of regulations called the National Consumer Assistance Plan. You can kind of think of it as a booster shot for the Fair Credit Reporting Act. The Fair...
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Good Credit Score News for People with Medical Collections
Last Summer, FICO (the company that creates the software used to calculate credit scores), released a new update to its scoring system called FICO 9. The goal of FICO 9 was to reduce the effect past due medical debt has on a person’s credit score, especially if they have an otherwise clean credit history. Why is this a big deal? Consider these...
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