Pretty much ANYTHING in collections is a sure bet to get reported to the credit bureaus, and hospitals are typically the most ruthless about doing so. If it shows up as being in collections, look for roughly a 150-point reduction in your FICO score (assuming you don't already have anything else in collections). Get ready to begging to borrow. If you're lucky, your mortgage will only adjust to 15%.
2007-09-28 14:55:56
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answer #1
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answered by what? 6
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It will probably have some effect on your score, but may not be a significant factor in determining if you get the loan or the credit card. Many medical collections are errors, and some lenders see them, and pretty much ignore them. A lender who portfolios their mortgages rather than sells them on the secondary market will have more flexibility in their guidelines.
There should be a contact number or address on the credit report. Sometimes, the reporting agency will help you too, especially if it's an old item. If you're working on a loan now, the lender may be willing to ask the bureau to investigate it and remove it. Medical collections are placed on your credit report pretty easily, but they're harder to get off because the creditor has little interest in correcting it. You need to harass them into fixing it sometimes.
There are so many factors that go into determining the credit score...check out the web sites for TransUnion, Equifax and Experian. In the grand scheme of things, one medical collection is not a big problem.
All of the various characteristics of your credit history will impact your credit score: the type of creditors (finance companies have a negative impact no matter how you use or pay them), the length of time accounts are established, the ratio of balances to limits, number of and recency of inquiries, and the most important of all is timeliness of payments.
Different factors are weighted differently depending on the type of report requested. Your score for a car loan might not be the same as for a mortgage, and the one you get for yourself is not necessarily what I would see as a lender.
2007-09-28 13:57:33
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answer #2
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answered by Debdeb 7
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Having anything go to collection affects your credit score in the negative. It still affects your score after you pay it.
2007-09-29 02:02:34
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answer #3
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answered by Classy Granny 7
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no longer unles you get a pay for delete contract -- and those at the instant are not as undemanding to return by ability of as they use to be. Derogatory products proceed to be on your credit checklist for 7-a million/2 years from the date of first deficiency (default), no rely if paid or no longer. Paying would not strengthen your score. do no longer confuse the 7 3 hundred and sixty 5 days reporting era with the Statute of obstacles (SOL), the time-physique to deliver lawsuit. The are 2 thoroughly countless issues. The reporting era is ruled by ability of the FCRA> The SOL varies from state to state and usually starts off from the date of final actifvity or final value. making a cost can restart the SOL.
2016-10-05 12:23:45
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answer #4
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answered by merkl 4
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Yes. It does not matter who the collection account is with, it is still a collection account. So, it will affect your score.
But, when you are applying for a loan, the lender may not look at them as they would a collection with a utility.
2007-09-28 12:41:53
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answer #5
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answered by Lissa 2
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I've had several over the years that went into collections but never showed up on my credit record. Many doctors and hospitals are afraid to expose those debts to public scrutiny due to HIPPA requirements.
2007-09-28 12:42:55
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answer #6
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answered by Bostonian In MO 7
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Sure does. I just paid one off that's sitting there on my credit showing collections. It's paid, but that still goes against your credit.
2007-09-28 12:41:04
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answer #7
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answered by hollyberries 3
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IT DEPENDS ON WHERE YOU LIVE IM IN NEB. AND THEY DONT AFFECT US HERE........CALL YOUR LOCAL STATE ADVICE OFFICE THEY WILL HELP YOU
2007-09-28 12:46:52
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answer #8
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answered by pcheck57 3
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YES!!!!
2007-09-28 12:45:50
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answer #9
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answered by K.C. 5
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