Medical Debt and Your Credit Report

FACT:  Two-thirds of all personal bankruptcies are due to medical bills.

FACT:  115 million Americans under 65 report issues with medical bills, have skipped medical care due to cost, or have been uninsured or underinsured.

FACT:  As a result, more Americans are seeing their credit rating suffer because of medical debt.

The “big three” credit rating agencies (Equifax, Experian and TransUnion) are making some positive changes as to the way medical debt affects your credit score. Changes include what is reported, when it is reported, and when it is removed from your record.

But you need to be viligent and proactive.  Check your credit report often, keep good records of your medical visits, and seek out help if you need it.  Many larger healthcare institutions have financial assistance programs.

Shades of Pink Foundation is here to help if you need assistance paying household expenses as a result of a breast cancer diagnosis.  The application must be completed by a health care professional. The social worker where you are receiving treatment is a good resource.  You can get more information on how to apply by going to our website: www.shadesofpinkfoundation.org

*Source:  https://blogs.oncolink.org/2022/03/breaking-news-medical-debt-and-your-credit-report/