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Can I prevent my medical debt from damaging my credit score?

Any kind of debt, including medical debt, is bad and can lead to long-term financial problems. Some debt situations get so bad that some people in the Tampa area have to consider bankruptcy. In fact, medical debt is the leading cause of bankruptcy filings in the United States. Not all debt is that bad, but almost any debt will negatively affecting your credit score, including medical debt. So is there anything you can do to prevent medical debt from damaging your credit score?

According to an article on Forbes.com, even if you pay off your previous medical debts, it can still take many years for those debts to be removed from your credit report. However, there is new hope for those consumers who want to prevent medical debt from hurting their credit scores.

That’s because one of the most widely used credit score companies, the Fair Isaac Corporation, announced recently that it would implement a new method for calculating its scores. According to the company’s new FICO 9 model, your medical debt that is in collections will no longer weigh as much on your overall credit score as other types of debt. Also, the new model will no longer weigh your accounts that are already completely paid off.

These changes could help give your credit score a boost of as much as 25 points. However, for those consumers who have previously been denied a loan because of a low credit score, it may still be difficult to obtain a loan even after their credit scores have improved due to the new calculations.

This information should not be regarded as legal advice.

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