Medical debt can be financially crippling for families. An estimated 42 million Americans have unpaid medical bills reflected on their credit reports. And those bills matter: a single medical bill in collections can drastically decrease FICO scores. One estimate shows an unpaid bill of $100 or more can knock a credit score of 780 down by over 100 points!
Our team of Personal Advisors sees the same practice over and over again: healthcare consumers are put into collections quickly and without knowing. The result? The stress of dealing with a collection agency, lower credit scores, and less financial freedom for everything else consumers buy – higher mortgage, car payments, etc.
But there’s help and hope with HooPayz! We’ve put together a step-by-step guide to help you (1) stay out of collections and/or (2) handle your medical debt if you’re already seeing the negative impact on your credit report.