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How Medical Debt Impacts Your Credit

MoneyTips

The Crushing Impacts Of Medical Financial Obligation

How pervasive is America’s medical debt problem? According to 2017 data from the credit bureau Experian, unsettled medical financial obligation in America topped $127 billion. New information from Customer Reports shows that almost 30% of insured Americans had overdue medical debt turned over to collection agencies in the past 2 years. A 2013 analysis by NerdWallet Health discovered that unsettled medical costs were the top cause of personal bankruptcies, going beyond overdue home mortgages or charge card debts.

Even if you aren’t driven into personal bankruptcy, unsettled medical debt will ultimately show up on your credit report– resulting in a lower credit rating that even more degrades your financial health. The Consumer Reports study discovered that almost one in five Americans has actually suffered a credit report drop associated to unpaid medical expenses. You can examine your credit rating and read your credit report totally free within minutes by

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