The last version FICO® Score 9 launched to evaluate the FICO Score. It contains the details of unpaid medical collection accounts which impact on the Consumer FICO Credit Score. The medical collection accounts are those, which have not been paid on time. Every organization gives you maximum time to pay the bills. But all goes in vain when you are unable to pay them on time. For example, if you don’t pay any bill within the time period of 90 to 180 days, your account is decided to sell to the debt collection bureau which they convert into a medical collection account.
The unpaid medical collection account leaves a negative impact on the FICO Credit Score. It does not mean that your medical collection account has no resolution.
First of all, you should know about the three major consumer credit bureaus, these are Equifax, Experian, and TransUnion. This is the great option you can deal with to sort out your problem. The major bureaus contain the information of every credit report. Oftentimes, every user going through the problem of the unpaid medical bill can contact these bureaus to correct the information.
If the medical collections account is generated with inaccurate information, it will stick to your credit reports up to seven years and 180 days from the day account moves to collection account. However, your other on-time payments cover up the bad impacts over the time but it is necessary to remove.
Steps To Remove The Medical Collections From Your Credit Report
1) Gather The Details Of Credit Report And Cross-Check The Mistakes
As the Medical Collection Account is listed to the three Finance Bureaus, you can concern with them to cross check if there is any mistake or inaccuracy in paying the bills. These reports you can also gather by yourself to find the mistakes and accurate them. Billing and coding mistakes are commonly available in any credit report.
2) Acknowledge The Debt Information
Ask the debt collector about the medical collection account to get the proof of the debt. Following the rules of FDCPA, a consumer can get information in writing within the 5 days of initial communication. The information should be related to the:
- Amount of debt
- Credit and debtor name
- The validity of the debt
- A statement upon the consumers’ written request
If the debt collector is unable to validate the debts, it could remove the medical collection account from your credit reports easily.
3) Dispute To Remove the Inaccurate Information
After gathering the whole information, file a dispute with the credit agencies against the inaccurate information. The dispute should be filed individually to each credit agency. Nowadays, you can file the dispute using any a method either online or offline with the:
- Copy of Medical Bill
- Details of inaccurate items in credit reports
- Reasons for having inaccurate information in a credit report
A medical collection account can affect your credit report differently than other types of accounts. Results show on your FICO Credit Score. So, it is necessary to remove the medical collections as soon as possible. Follow these instructions and be ready to pay off the debts for further good impact.
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