Comments on: How does a medical bill judgment affect my credit score? http://www.newstrailer.net/finance/how-does-a-medical-bill-judgment-affect-my-credit-score We Trail The Business News and Report Tue, 22 May 2012 05:07:09 +0000 http://wordpress.org/?v=2.2.1 By: Nicki W http://www.newstrailer.net/finance/how-does-a-medical-bill-judgment-affect-my-credit-score#comment-12534 Nicki W Tue, 27 Apr 2010 10:14:55 +0000 http://www.newstrailer.net/finance/how-does-a-medical-bill-judgment-affect-my-credit-score#comment-12534 You can expect a hit of up to 100 points. Why not settle it out using a 3rd party arbitrator before they add interest, attorney fees, and court costs? I did something similar using with great success though medical bills and judgments are hit and miss. Good luck. You can expect a hit of up to 100 points. Why not settle it out using a 3rd party arbitrator before they add interest, attorney fees, and court costs? I did something similar using with great success though medical bills and judgments are hit and miss. Good luck.

]]> By: echo http://www.newstrailer.net/finance/how-does-a-medical-bill-judgment-affect-my-credit-score#comment-12533 echo Sat, 24 Apr 2010 14:07:37 +0000 http://www.newstrailer.net/finance/how-does-a-medical-bill-judgment-affect-my-credit-score#comment-12533 I agree with Spifiman's answer I agree with Spifiman’s answer

]]> By: SPIFIMAN1 http://www.newstrailer.net/finance/how-does-a-medical-bill-judgment-affect-my-credit-score#comment-12532 SPIFIMAN1 Fri, 23 Apr 2010 22:59:08 +0000 http://www.newstrailer.net/finance/how-does-a-medical-bill-judgment-affect-my-credit-score#comment-12532 The dollar amount makes no difference. Judgments show up in the public records section of your report and depending on what your score is made up of now they can cause your score to drop anywhere from 100 to 150 points at first. Once they get the judgment they can attach bank accounts, garnish wages (if your State allows it) and file liens on any other property you may own like cars, boats, land and homes. This will stay on your credit for 7-years or until the statute of limitations runs out whichever is longer weather you pay it or not making it very hard to get any other types of loans without making massive down payments, paying huge fees and State maximum interest rates. The dollar amount makes no difference. Judgments show up in the public records section of your report and depending on what your score is made up of now they can cause your score to drop anywhere from 100 to 150 points at first.

Once they get the judgment they can attach bank accounts, garnish wages (if your State allows it) and file liens on any other property you may own like cars, boats, land and homes.

This will stay on your credit for 7-years or until the statute of limitations runs out whichever is longer weather you pay it or not making it very hard to get any other types of loans without making massive down payments, paying huge fees and State maximum interest rates.

]]> By: Erica B http://www.newstrailer.net/finance/how-does-a-medical-bill-judgment-affect-my-credit-score#comment-12531 Erica B Thu, 22 Apr 2010 08:40:37 +0000 http://www.newstrailer.net/finance/how-does-a-medical-bill-judgment-affect-my-credit-score#comment-12531 It only affects your credit score if it goes to collections. If you lose the court case, then the court will demand that you pay the medical institution. It also gives the institution the power to garnish your wages in case you do not pay. But all in all, it will not affect your credit unless you do not pay. Hope this helps. It only affects your credit score if it goes to collections. If you lose the court case, then the court will demand that you pay the medical institution. It also gives the institution the power to garnish your wages in case you do not pay. But all in all, it will not affect your credit unless you do not pay.

Hope this helps.

]]> By: Mookie http://www.newstrailer.net/finance/how-does-a-medical-bill-judgment-affect-my-credit-score#comment-12530 Mookie Wed, 21 Apr 2010 20:50:12 +0000 http://www.newstrailer.net/finance/how-does-a-medical-bill-judgment-affect-my-credit-score#comment-12530 Once a judgment is slapped on your credit report, your FICO score plummets. There isn't an exact way to determine "how" bad it plummets, but for sure, it does. Depending on where you live, judgments can stay on your credit report anywhere from 7-20 years. The longer the judgment, the more your score depletes, the more the debt attached to the judgment, the more it affects your score. Always try to avoid this result, then garnishments, and asset freezing can lead. You feel at a lost when your debt is controlling your living to this extent. I would contact them, and try to resolve it, and attend your court date, if given one. I wish you the best, been there done it, friend! Once a judgment is slapped on your credit report, your FICO score plummets. There isn’t an exact way to determine “how” bad it plummets, but for sure, it does. Depending on where you live, judgments can stay on your credit report anywhere from 7-20 years. The longer the judgment, the more your score depletes, the more the debt attached to the judgment, the more it affects your score. Always try to avoid this result, then garnishments, and asset freezing can lead. You feel at a lost when your debt is controlling your living to this extent. I would contact them, and try to resolve it, and attend your court date, if given one. I wish you the best, been there done it, friend!

]]> By: equal_opposites http://www.newstrailer.net/finance/how-does-a-medical-bill-judgment-affect-my-credit-score#comment-12529 equal_opposites Mon, 19 Apr 2010 16:00:49 +0000 http://www.newstrailer.net/finance/how-does-a-medical-bill-judgment-affect-my-credit-score#comment-12529 I don't know how much it will decrease by, but ANY judgement counts against your credit score. And I highly doubt that the dollar amount matters. What is important is whether you are on time with your payments. The number of 30-, 60-, and 90-days-late show up, regardless of who the creditor is. You cannot just decide not to pay a medical bill. You owe the money and if you don't pay it, you're a bad credit risk. Period. I don’t know how much it will decrease by, but ANY judgement counts against your credit score. And I highly doubt that the dollar amount matters. What is important is whether you are on time with your payments. The number of 30-, 60-, and 90-days-late show up, regardless of who the creditor is. You cannot just decide not to pay a medical bill. You owe the money and if you don’t pay it, you’re a bad credit risk. Period.

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