Anna Maria Andriotis
speaker
3,396 appearances
52 recordings
1 series
first heard Jul 2017
last heard Dec 2022
Anna Maria Andriotis’s voice in public audio — every appearance, attributed to the second.
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Appearances
You can be the most financially responsible person paying all of your debts on time, and then a horrible medical diagnosis or an unexpected visit to the emergency room
leaves you with a bill that you cannot pay.
Should somebody be penalized for that from a credit perspective if they are actually paying their debts on time?
The removal of medical debt will impact
a variety of people and a variety of medical debts.
For example, beginning in July, the three credit reporting firms, the three largest ones, Equifax, Experian, and TransUnion, will remove medical debt that was paid after it was sent to collections.
So
An individual does not pay the medical bills when they are being sent to them by their hospital or doctor.
That medical provider sends the bill to the collection firm.
The collection firm adds it to the credit report.
an item in collections essentially means and declares to all lenders who look at that item that this is a bill that hasn't been paid.
Consumers can then decide or might then be in a situation where they're able to pay that bill, so they send their payments to the collection firm and essentially pay off that debt.
This is what this move is targeted at.
It's targeted at you didn't pay your bills, that's reflected on your credit report,
but you paid your bills now, the account will get removed.
So in general, most negative marks on credit reports...
including medical debt that's in collections, most of them stay on credit reports for up to seven years.
That is certainly a long time in which a negative mark accompanies a consumer, again, for lenders to see as they apply for loans.
new credit or try to refinance.
This is something that will accompany them for a while, and the repercussions of that can be significant.
Showing 341–360 of 3,396 · page 18 of 170
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