Most medical debt will no longer be used to determine your credit score.
I have great news to share about medical debt and credit scores. The top three credit reporting agencies just announced that nearly 70% of medical collection debt accounts will be removed from consumer credit reports starting in July 2022. If medical debt was compromising your otherwise good credit, taking medical debt out of consumer credit reports means you could see a dramatic increase to your credit score.
This is crucial because your credit score determines your ability to get a home mortgage. Your credit score also affects the interest rate you’ll receive on that mortgage loan. The better your credit score, the better your rate.
If you have any questions about interest rates or real estate in general, call or email me. I would love to help you.
