The short story is that through a stupid misunderstanding on my part, a medical bill has ended up in a collection agency. I just found out about this Friday evening, and the collection agency and my hospital billing agency are closed for the weekend so I'm hoping to get some advice from you all.
1. When I checked my credit report, there doesn't seem to be any new collections listed. Does this mean that the collection agency hasn't reported to a credit bureau yet? Looks like they mailed the letter to me 6 days ago- I just got it yesterday.
2. If they haven't reported to a credit bureau, is there a chance that if I pay in full on Monday, they would not report to a credit bureau?
3. Is there any possible way I could just pay the hospital for the amount I owe and avoid dealing with a collection agency?
This was a complete oversight on my part- I could have easily paid the bill if I had realized I was supposed to. Literally have never had a late payment on a credit card and pay my credit cards in full each month (just use credit cards to get those travel points). My current credit score is 805, so I can imagine that this showing up on my credit report is going to really hit me hard. Kicking myself!!!
Thank you for your time!
The CRAs have a new and published policy, resulting from a settlement agreement in a civil action brought by the offices of the AG of multiple states, that they (the CRAs) will not include any reported collection based on medical debt in credit reports they issue until the debt has reached at least 180 days delinquent.
They will additionally remove any paid medical collection if it is shown that the debt was ultimately paid by insurance.
It is possible that the debt collector has reported, but unless the DOFD is at least 180 days prior, the CRA will block it from your credit report.
What is the initial date of delinquency on the medical debt?
It is also possible that the collection agency may not report right away so you may have a good chance of getting it resolved before a negative impact.