topic Re: Medical Collection Help in Rebuilding Your Credit

Medical Collection Help

Anonymous — Sun, 09 Jan 2011 11:50:14 GMT

I was very uneducated before I paid off my medical collection bill of $304 yesterday. I wasn't aware of sending a "Payment for delete" letter so I went ahead and paid it. It was reported on my CR 6mths ago. My score is a 621 and i'm in the process of buying a home and thought I was doing the right thing =(. Please someone tell me it won't hurt my score. I'm reading a lot of mixed messages.

Re: Medical Collection Help

Anonymous — Sun, 09 Jan 2011 17:30:25 GMT

@Anonymous wrote:
I was very uneducated before I paid off my medical collection bill of $304 yesterday. I wasn't aware of sending a "Payment for delete" letter so I went ahead and paid it. It was reported on my CR 6mths ago. My score is a 621 and i'm in the process of buying a home and thought I was doing the right thing =(. Please someone tell me it won't hurt my score. I'm reading a lot of mixed messages.

Paying off collections does not help or hurt your scores.

Under manual review the paid off collection looks much better then a non paid collection to the underwriters.

If the collections were medical you could follow the HIPPA process (do a google search for HIPPA) for possible removal from Credit Reports.

Re: Medical Collection Help

Anonymous — Mon, 10 Jan 2011 02:04:39 GMT

Thank you for your help! I hope my dreams and wishes come true for my family and that I didn't mess up the chance of getting a home for my family and I. As a service man, i'm always trying to do good and I definitly don't want to be penalized for doing right. I'm just scared my score will go down because the mortgage guy was a little concerned about my action and how close my CR score is to being disqualified for my loan. Thank you =)

Re: Medical Collection Help

Anonymous — Mon, 10 Jan 2011 06:08:16 GMT

@Anonymous wrote:
Thank you for your help! I hope my dreams and wishes come true for my family and that I didn't mess up the chance of getting a home for my family and I. As a service man, i'm always trying to do good and I definitly don't want to be penalized for doing right. I'm just scared my score will go down because the mortgage guy was a little concerned about my action and how close my CR score is to being disqualified for my loan. Thank you =)

Hello and welcome.

First I want to thank you for your service to our country.

May I ask where you got your score? I ask because many, many sites will sell you a "credit score" but they are not FICO scores and may be alot higher or lower than an actual FICO score.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: Medical Collection Help

Anonymous — Mon, 10 Jan 2011 10:24:56 GMT

I recieved my score from MyFico.com

Re: Medical Collection Help

Anonymous — Mon, 10 Jan 2011 18:42:55 GMT

@Anonymous wrote:
I recieved my score from MyFico.com

Good. Then you know it's the real thing.

Re: Medical Collection Help

Anonymous — Fri, 14 Jan 2011 23:56:44 GMT

**UPDATE**

Thanks for the insight from both of you. As an update to my post, everything is fine, my family and I should be moving in to our new house mid Feb. I had paid off two credit cards right before paying that collection I was worried about. When everything reported my score went up 15 pts. =)

Cheers and may this year bring many blessings =)

Re: Medical Collection Help

Anonymous — Sat, 15 Jan 2011 00:18:21 GMT

I'm glad it all worked out. Enjoy your new home.

Re: Medical Collection Help

Anonymous — Sat, 15 Jan 2011 02:58:19 GMT

@Anonymous wrote:
**UPDATE**

Thanks for the insight from both of you. As an update to my post, everything is fine, my family and I should be moving in to our new house mid Feb. I had paid off two credit cards right before paying that collection I was worried about. When everything reported my score went up 15 pts. =)

Cheers and may this year bring many blessings =)

Congrats and good luck with your new home hope you and your family enjoy it.