Today I have another guest post, from personal finance blogger Josh Wilson at FamilyFaithFinance.com.
Medical bills can be a nightmare. A night in the emergency room or bad news from a doctor can mean thousands of dollars taken from your bank account or even harm to your credit score. But, since medical bills don’t go straight to your credit score, there are some moves to make within the first 90 days after an emergency occurs.
The Consumer Financial Protection Bureau reports that about half of all collection accounts on credit reports actually come from medical debt. The report also said that a single collection can cause a decent credit score to fall about 100 points. Many patients don’t even realize how quick a medical bill can damage their credit.
Other misconceptions include: Continue reading