Medical Debts and Your Credit

Your credit score, for better or for worse, has a significant amount of influence over your financial situation. It informs lenders and other decision-makers about some pertinent elements of your past financial history. Proactive and responsible financial decisions can help you establish a good credit score, but all of that can be washed away by an unexpected medical emergency. Medical bills can easily exceed the benefit limits of many insurance policies, leaving a sick or injured person with thousands of dollars or more in seemingly insurmountable medical debts.

Unfortunately, if your healthcare provider reports an outstanding debt to a credit bureau then you can feel that sting for years, even after you manage to satisfy the debt in full. Contact the Arizona bankruptcy lawyers of the Harmon Law Office, L.L.C., at 480-829-0494 to learn how bankruptcy protection can help you escape an overwhelming medical debt or for help in seeking a retraction in your credit report.

The Medical Debt Relief Act of 2009

There may be hope on the horizon for those persons and families who are encountering ongoing credit difficulties due to medical debts that they have settled or paid. The Medical Debt Relief Act of 2009 has been presented in the United States House of Representatives and is now being reviewed by committee. The proposed legislation would not excuse active medical debts, but it would require the following changes to existing practices:

• Credit bureaus must remove medical debts from an individual’s credit report with 30 days of settlement or payment in full
• Credit bureaus and others may not consider satisfied medical debts as they form an individual’s credit score

Contact Us

Once you have managed to resolve your medical debts, you should not be haunted by their ghosts. Contact the Arizona bankruptcy lawyers of the Harmon Law Office, L.L.C., at 480-829-0494 for the legal help you need.