Medical Collections, Scoring Scrutiny Grows

An estimated 43 million people carry delinquent medical debt on their credit reports and medical bills account for nearly half of all overdue debt on the reports, according to a study released Thursday by the Consumer Financial Protection Bureau. Collection & Credit Risk

By |2014-12-13T13:37:54-06:00December 13th, 2014|FDCPA|Comments Off on Medical Collections, Scoring Scrutiny Grows

Here’s how medical debt hurts your credit report

Since September 2013, debt collection has been the top complaint at the CFPB. Among all debt types, medical debt tops the list. When a debt is past due, a collector may report the account to a credit agency. This would appear as an account in collection, often resulting in a credit score drop. A staggering [...]

By |2017-05-20T11:45:15-05:00December 11th, 2014|FCRA|Comments Off on Here’s how medical debt hurts your credit report

Consumer Advisory: 7 ways to keep medical debt in check

Debt collection is the top complaint we’ve received since September 2013. Out of all debt types, medical collections make up 52 percent of collection accounts on credit reports, far outpacing all other types of debt. Medical collections are so widespread, that an estimated 43 million consumers with an account in collection have medical debt. We [...]

By |2017-05-20T11:45:15-05:00December 11th, 2014|FDCPA|Comments Off on Consumer Advisory: 7 ways to keep medical debt in check

CFPB Medical Debt Hearing Set

The Consumer Financial Protection Bureau will hold a field hearing on medical debt collections at noon, EST on Dec. 11 in Oklahoma City. Collection & Credit Risk

By |2014-12-07T11:23:09-06:00December 7th, 2014|FDCPA|Comments Off on CFPB Medical Debt Hearing Set

Fair Isaac’s New Scoring Model Downplays Medical Debt

Fair Isaac Co. revealed Thursday that its revamped credit score model will not weigh medical debt as heavily as previous versions, a key change given that medical debt accounts for nearly half of all unpaid collections on consumers' credit reports. Collections - Other Consumer

By |2014-08-09T16:58:31-05:00August 9th, 2014|FDCPA|Comments Off on Fair Isaac’s New Scoring Model Downplays Medical Debt

CFPB Study Targets Changes to Credit Scoring for Medical Debt

WASHINGTON -- Consumers with medical bills in collection can see their credit scores hit by as much as 22 points compared to those with other types of debt, according to a study released Tuesday by the Consumer Financial Protection Bureau. Collections - Other Consumer

By |2014-06-15T21:06:38-05:00June 15th, 2014|FDCPA|Comments Off on CFPB Study Targets Changes to Credit Scoring for Medical Debt

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