How Do Medical Bills Affect Your Credit?
Medical bills are a major source of financial stress for many American families. But how do medical bills affect your credit score? Knowing the answer may help you make informed decisions and keep your finances in order.
Your credit score is a three-digit number that lenders use to assess how likely you are to repay debt. It’s based on multiple factors including payment history, amount of debt, length of credit history and type of credit used. Medical bills can be factored into your overall credit score if they are sent to collections or remain unpaid for an extended period of time. If a medical bill goes into collection, it will remain on your record for seven years and can significantly damage your credit score.
It’s important to stay on top of medical bills as soon as possible by making regular payments.
The Law Offices of Omar Zambrano has helped thousands of people and businesses in the past to get out of debt and start over.
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