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Medical debt on your credit report...
#14366337
05/12/22 10:17 PM
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Joined: Sep 2005
Posts: 28,255
Brian Spagnola
OP
TFF Guru
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OP
TFF Guru
Joined: Sep 2005
Posts: 28,255 |
This is going to improve a LOT of peoples scores. On a daily basis I see people that might have 4-5 medical bills for less than 20 bucks.
The three nationwide credit reporting agencies - Equifax, Experian and TransUnion - have agreed to three important changes to reporting medical collection accounts.
• Paid medical collection debt will no longer be included on consumer credit reports, as of July 1, 2022. • The time period before unpaid medical collection debt will appear on a consumer’s report will be increased from six months to one year, also effective July 1, 2022. This change gives consumers more time to work with insurance and/or healthcare providers to address medical collection debt before it appears on credit reports. • Medical debt collection accounts under at least $500 will no longer be included on consumer credit reports. This goes into effect the first half of 2023.
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Re: Medical debt on your credit report...
[Re: Brian Spagnola]
#14366339
05/12/22 10:20 PM
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Joined: Jan 2018
Posts: 4,942
Notaguide
TFF Team Angler
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TFF Team Angler
Joined: Jan 2018
Posts: 4,942 |
The best part about this is it will hurt the standalone ER’s that “accepts” insurance. Their game is up.
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Re: Medical debt on your credit report...
[Re: Brian Spagnola]
#14366354
05/12/22 10:30 PM
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Joined: Feb 2018
Posts: 15,241
Sawhorse
TFF Guru
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TFF Guru
Joined: Feb 2018
Posts: 15,241 |
Is this something that Brandon has been working on? Come to think of it…where is Brandon?
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Re: Medical debt on your credit report...
[Re: Sawhorse]
#14366394
05/12/22 11:24 PM
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Joined: Feb 2012
Posts: 7,689
Caymas Cx 21
TFF Celebrity
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TFF Celebrity
Joined: Feb 2012
Posts: 7,689 |
Is this something that Brandon has been working on? Come to think of it…where is Brandon? He’s already asleep for the evening.
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Re: Medical debt on your credit report...
[Re: Brian Spagnola]
#14366399
05/12/22 11:27 PM
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Joined: Jul 2008
Posts: 7,661
bradnitro175
TFF Celebrity
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TFF Celebrity
Joined: Jul 2008
Posts: 7,661 |
I got a big one the other day started not to pay it but my credit is just now decent.
BIG FAT BASS LIVES MATTER
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Re: Medical debt on your credit report...
[Re: bradnitro175]
#14366455
05/13/22 12:22 AM
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Joined: Jun 2020
Posts: 11,134
grandbassslayer
TFF Guru
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TFF Guru
Joined: Jun 2020
Posts: 11,134 |
I got a big one the other day started not to pay it but my credit is just now decent. Why would you not pay it?
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Re: Medical debt on your credit report...
[Re: Brian Spagnola]
#14366457
05/13/22 12:23 AM
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Joined: Jun 2020
Posts: 11,134
grandbassslayer
TFF Guru
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TFF Guru
Joined: Jun 2020
Posts: 11,134 |
This is going to improve a LOT of peoples scores. On a daily basis I see people that might have 4-5 medical bills for less than 20 bucks.
The three nationwide credit reporting agencies - Equifax, Experian and TransUnion - have agreed to three important changes to reporting medical collection accounts.
• Paid medical collection debt will no longer be included on consumer credit reports, as of July 1, 2022. • The time period before unpaid medical collection debt will appear on a consumer’s report will be increased from six months to one year, also effective July 1, 2022. This change gives consumers more time to work with insurance and/or healthcare providers to address medical collection debt before it appears on credit reports. • Medical debt collection accounts under at least $500 will no longer be included on consumer credit reports. This goes into effect the first half of 2023. So this will give the appearance of a higher credit score which allow them to go deeper in debt on automobiles?
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Re: Medical debt on your credit report...
[Re: Brian Spagnola]
#14366458
05/13/22 12:24 AM
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Joined: Sep 2003
Posts: 5,520
Bruce's
TFF Celebrity
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TFF Celebrity
Joined: Sep 2003
Posts: 5,520 |
We just payed a good size bill. No fishing for me for awhile, Geez. Insurance is not what it used to be
Bruce's Sprinkler Repair 817-798-7246 52 years experience State Licensed Irrigation LI0017483
Fishing Texas lakes one at a time
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Re: Medical debt on your credit report...
[Re: grandbassslayer]
#14366469
05/13/22 12:44 AM
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Joined: Jul 2008
Posts: 7,661
bradnitro175
TFF Celebrity
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TFF Celebrity
Joined: Jul 2008
Posts: 7,661 |
I got a big one the other day started not to pay it but my credit is just now decent. Why would you not pay it? Cuz I'm a cheap mofo
BIG FAT BASS LIVES MATTER
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Re: Medical debt on your credit report...
[Re: Brian Spagnola]
#14366472
05/13/22 12:51 AM
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Joined: Jan 2018
Posts: 310
angleiron
Angler
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Angler
Joined: Jan 2018
Posts: 310 |
On one hand are those who make no effort to pay these bills. Then the medical folks charge outrageous amounts to offset those who don’t pay and then the insurance company and medical folks are trying to screw each other. Hard working folks who pay their bills are the ones who stand to lose.
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Re: Medical debt on your credit report...
[Re: angleiron]
#14366479
05/13/22 01:00 AM
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Joined: Feb 2018
Posts: 15,241
Sawhorse
TFF Guru
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TFF Guru
Joined: Feb 2018
Posts: 15,241 |
On one hand are those who make no effort to pay these bills. Then the medical folks charge outrageous amounts to offset those who don’t pay and then the insurance company and medical folks are trying to screw each other. Hard working folks who pay their bills are the ones who stand to lose. I’m going to defend their decision not to pay during the Brandon presidency. Right now, the Covid scare tactics aren’t gaining a lot of traction. Debt cancellation would certainly buy a lot of votes, including mine. Besides, if he cancels it then nobody pays for it - it’s free! Let’s go Brandon!
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Re: Medical debt on your credit report...
[Re: Brian Spagnola]
#14366504
05/13/22 01:43 AM
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Joined: Apr 2010
Posts: 26,161
patriot07
TFF Guru
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TFF Guru
Joined: Apr 2010
Posts: 26,161 |
This is good news. I am the worst about paying a bill at the office and then getting a bill for $3.51 and forgetting to call and pay it
Life can only be understood backwards; but it must be lived forwards. - Soren Kierkegaard
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Re: Medical debt on your credit report...
[Re: bradnitro175]
#14366512
05/13/22 01:55 AM
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Joined: Jun 2016
Posts: 10,365
Nickbyrd
TFF Guru
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TFF Guru
Joined: Jun 2016
Posts: 10,365 |
I got a big one the other day started not to pay it but my credit is just now decent. Why would you not pay it? Cuz I'm a cheap mofo 🤣🤣🤣🤣🤣 at least your honest
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Re: Medical debt on your credit report...
[Re: Brian Spagnola]
#14366517
05/13/22 01:59 AM
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Joined: Jun 2012
Posts: 20,732
Douglas J
TFF Guru
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TFF Guru
Joined: Jun 2012
Posts: 20,732 |
I have always paid my bills and in my former career you could actually be disciplined for not owning up to your obligations.
Integrity isn't what it once was...
#MFGA
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Re: Medical debt on your credit report...
[Re: grandbassslayer]
#14366522
05/13/22 02:10 AM
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Joined: Dec 2003
Posts: 3,487
meP2too
TFF Team Angler
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TFF Team Angler
Joined: Dec 2003
Posts: 3,487 |
I got a big one the other day started not to pay it but my credit is just now decent. Why would you not pay it? Because stand alone ER centers are scams. They fail to give proper diagnosis, then they fail to provide accurate codes to insurance for their services. Insurance denies the claim shifting the entire bill to the patient. Then the insurance will not work with the patient to get proper codes for procedures. We had two occurrences back in 2018, my daughter went to a ER near the TCU campus for a chest congestion late one night. They prescribed Oxycodone and nothing for her congestion. Thankfully she was a nursing student and the addiction possibility so she did not takin any. They billed insurance $3600 for the facility and $4000 for the doctors services. Incorrect codes resulted in instance denial. I blew a gasket when I received the bill. Reported the center to the Texas Medical Board and to the Texas Insurance Board, then I had attorney friend write a letter to the ER company outlining the diagnosis and total time in the center, and informed them our contact with the State, they replied with another bill removing $1000.00. We issued another letter suggesting a malpractice lawsuit for the prescription, we never heard back from them. That same year my son cut his hand on mission trip outside Austin. They washed his had put liquid skin on the cut and away he went, total time was 20 minutes and where charged 400 dollars for the upfront copay. We received an insurance denial and subsequent bill for $4500.00. We went straight to our attorney for new letters, we eventually paid an additional $150. Never go to the ER boxes, when you go to make sure there are service codes on your paper work.
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