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July 2014 Archives

Protect credit from damage from medical bills

Medical bills are a reality of life for many people in Ohio, but if they are paid on time, they may not become a recurring problem. However, a medical bill that goes into collections may wreak havoc on a credit score. A study by the Consumer Financial Protection Bureau found that medical bills tend to hurt a consumer's credit reports more than they should. The study suggests that those whose credit scores were negatively affected by unpaid medical bills paid other financial obligations in a way that was comparable to those whose credit ratings were 10 points higher. Thus, the CFPB determined that a person's failure to pay a medical bill on time did not equate to an increased likelihood of missing other payments.

How small debts add up to low credit scores

Ohio residents may be interested to learn about how small debts can lead to big drops in their credit scores. Although many people believe that a debt under $100 may not affect a credit score very much, if it gets reported, it could actually end up lowering one's overall credit score regardless of how small it is. One mortgage lender commented that she noticed firsthand how a $65 medical bill lowered a man's credit score by 50 points.

Examining the effect of medical debt on a person's credit rating

Ohio residents may be interested in how medical debt affects a person's credit rating. One study examined the effect that this debt has on people who may otherwise be good credit risks.

How to deal with nursing home debt in Ohio

When children can no longer provide adequate care for aging parents, they may decide to put them in a nursing home where they can be cared for by professionals around the clock. However, what happens if a parent passes and the nursing home sends the debt to a collection agency? What are the rules for children paying nursing home debt for their parents?

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