Medical debt remains on your credit report for 7 years—here's what that means for your credit score.
offers a low introductory balance transfer offer: $0 fee during the first 60 days of account opening and 0% intro APR for the first 15 months from account opening ."Most scoring models minimize the negative impact of medical debt versus other types of debt, but the problem is that you never know which scoring model a lender will use," Nitzsche says. "The best scenario is to keep it from ever reporting to the bureaus in the first place.
If it's too late and you've already overlooked a medical bill, it might go unnoticed depending on how large it was. Latest FICO and VantageScore credit scoring models give less weight to unpaid medical collections than to other types of collection accounts, such as credit card and student loan debt. And the most recent FICO scores also ignore collection accounts that have an original unpaid balance less than $100.
While medical debt remains on your credit report for seven years, the three major credit scoring agencies will remove it from your credit history once paid off by an insurer. Remember that a credit report is an aggregation of your credit history, including detailed information such as your credit accounts, your payment history and your outstanding balances.
"In general, there are more options to prevent and resolve medical debt than other types of debt," Nitzsche says. "This can include financial aid from the service provider in a hardship situation, or settling with the collection agency prior to it negatively impacting your credit."Information about the Chase Slate® Credit Card has been collected independently by CNBC and has not been reviewed or provided by the issuer of the cards prior to publication.
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