A letter I have sent to my Representatives in Washington D.C.
Find Yours Here: http://www.usa.gov/Contact/Elected.shtml
I encourage you to do the same to keep medical debt collectors from scaring your credit score now or in the future.
***** Letter *****
I am sure that you are aware that Medical Debt affects about 73,000,000 consumers in this country. This set of Bills could make it easier for people to qualify for the incredibly low interest rates available today for refinance and home purchases.
Medical Debt is generally not something people sign up for, and is usually thought to be covered by an insurance company until the bill goes to collections.
My business is all about improving the credit scores of my clients as quickly as possible. An increasing number of Collection Companies refuse to remove the derogatory record on receipt of payment or settlement, but advise they will update the record to reflect a new balance of $0. This represents a new “Latest Transaction” and will actually decrease a consumers credit score as a brand new negative.
I feel that progressing this legislation could have a positive impact on our economy by encouraging the pay-down of debt, and making mortgages more easily obtainable.