Is it true that if you don’t pay medical bills your credit cannot be affected?

No, You’re Wrong!!!

Stop listening to whomever you’ve been listening. Not only will your credit be affected, you could end up living on the streets, homeless and stripped of everything. If you’re always ignoring bills and especially go into collection, your credit will definitely be affected. In severe cases, you may even have to file for bankruptcy. The best plan is to work with the medical providers to come up with an installment plan.

Medical Debt and Credit Score

Perhaps someone told you that medical debt wouldn’t reflect on whether or not you were approved for something. When I was a residential property manager, we ignored medical debt and student loan debt on apartment applications.

No. Just the opposite. If you don’t pay medical bills, they eventually show up and reduce your credit rating. More and more medical providers are reporting to credit bureaus. Twenty years ago, most didn’t, but you can plan on it now. However, many medical providers are willing to help you set up a payment plan. But if you just ignore it, your credit will likely suffer.

Plan Your Payments

NOT TRUE. Medical collections affect credit scores negatively just like any other collection. The doctor or hospital most likely won’t report it to credit bureaus, but if the debt is sold to a third-party collection agency, it may be reported. So you are not guaranteed that medical debt won’t ruin your credit. The best advice is to settle it before it is turned over to a collections agency.

Stay Proactive

No, it is not true. Medical collections can significantly impact your credit score. The doctor or hospital most likely won’t report it to credit bureaus, but if the debt is sold to a third-party collection agency, it may be reported. So you are not guaranteed that medical debt won’t ruin your credit. The best advice is to settle it before it is turned over to a collections agency.

The doctor or hospital most likely won’t report it to credit bureaus, but the moment the debt is sold to a third-party collection agency, your credit score will take a hit. So, you are not guaranteed that medical debt won’t ruin your credit. The best advice is to settle it before it is turned over to a collections agency.

If you make arrangements to pay installments, it will keep it from being sent to collections. This will help improve your credit score in the long run.

In conclusion, it’s crucial to address medical bills promptly. Ignoring them can lead to negative impacts on your credit score. Work with medical providers to set up a payment plan, and stay proactive about settling your debts. Your financial health depends on it.