Many Americans know that a good credit score (usually 715 and above) can open the door to many opportunities including financing a house, a larger portion revolving credit and lower interest rates. But Americans also know that unpaid large medical debts can hinder your credit score. Well, until now.
Pretty soon, those that have a mountain of outstanding medical bills will find themselves with a higher credit score. This is all due to a new scoring model that is set to debut this fall. Introduced by FICO, the top credit score provider in the US, it will put less emphasis on medical debt in collections, thus reducing its effect on consumers’ credit scores. In the new calculation method, the median FICO score for people who only have outstanding medical bills on their report will go up by about 25 points.
John Ulzheimer, an expert at CreditSesame.com said, “This underscores that medical obligations are very different than any other kind of obligations because consumers don’t choose to incur hospital debt – it’s a very different type of risk posed by a consumer when they default on that type of debt”.
The new credit score calculation means that consumers who have large outstanding medical bills that they can’t pay will appear to be less risky to lenders. This, in turn, will allow them to qualify for better rates and deals.
1 2Next page »
Also On Black America Web:
This Week’s Celebrity Instagrams (6/18-6/24)
25 photos Launch gallery
1. Me & the homie @jaleelwhite #RujohnFoundation Happy to be in Jamaica! Good times
1 of 25
2 of 25
3 of 25
4 of 25
5. Good Morning. Early day in Detroit! Making press rounds for @thebossnetwork's Ladies That Lead Tour. Thank you @traycemadre and @colourbynumbr for my glam.
5 of 25
6. POWER the best show on TV @djenvy, Queens we so big out here. #EFFENVODKA #FRIGO
6 of 25
7. They said u lost a step, wasn't explosive as once was, the best days was in the real view, questioned your drive, your leadership, your commitment, you don't have killer instinct, going back home is the worst mistake in your career, he got the coach fired, players traded, won't work between him and Kyrie, Him and Kev won't work, love your teammates to much, there's no way he can deliver a championship in his hometown, etc etc etc.... But guess what THATS NONE OF MY BUSINESS #StriveForGreatness #ThisOneIsForTheLand #PutSomeRespeckOnMyName Hahahaha!!! Yes sir
7 of 25
8. Oooooh weeee this man right here is responsible for at least three of our four babies!! #JOE ❤❤❤🎤 #rnb #king #voicelikebutter #ForPeetesSake
8 of 25
9. Hanging with my @abcnetwork family! @abcunclebuck tonite y'all check us out ! @anthonyanderson @traceeellisross
9 of 25
10. My broski ( @sayeedshahidi ) and I are on Top 5 Live on @go90 at 5 (which is super duper close)! Make sure to tune in :) #UncleBuck #Blackish
10 of 25
11. Lights out💤 #GoodNight
11 of 25
12. Late nights mornings
12 of 25
13. Ran into the lovely talented @siedahgarrett on this brutiful favvuz deh!
13 of 25
14. #halal #love #thedargans #kattwilliamsSHOW #mashallah when that Jennah piece HIT!! @sweetjennahcollection glasses by @baddieglamaccessories LIZ 😍 @dynamiteko top @dazzledmv and jeans @thevision414 and shoes: @louboutinworld
14 of 25
15. Big Hair and Optical Illusions #OceanDrive #MiamiLiving #coverparty
15 of 25
16. MAMA and THE SAVAGES ... ⚓️ #supportyourlocalgirlgang
16 of 25
17. From the bottom of my ❤️, thank you new followers & old! & hello fellow night owls! #grateful #racheltrue #naturalhair #curlyhair #curlygirl #healthyhair
17 of 25
18. I feel so grateful because I met these amazing young minds, visiting from Houston TX, during their college tour stop today at #usc.These students are ALL extraordinary and embody academic excellence so I'm humbled to have shared a few moments with them to applaud and celebrate their bright futures ahead! Thank you @EmergeFellows for inviting me to speak and blessing me with your love and attention this afternoon!
18 of 25
19. Happy Fathers Day Pops. U taught me how to be a man. Lessons of love, hard work & gratefulness. Sorry the fishing didn't stick. LOL. I Love U!
19 of 25
20. Sky Zone and Ice Cream! Best Fathers Day Ever!! Photo credit @mariahcarey
20 of 25
21. Look what finally came in the mail 😎 #mtvmovieawards2016 💥+🌽! #straightouttacompton
21 of 25
22. Claudia Jordan: ....
22 of 25
23. 'Member that time I almost knocked a bajillion dollar camera off the car? Really? Yeah, me neither! #Greenleaf Episode 2 comin atcha!
23 of 25
24. Full of love. #birthday #Cabo
24 of 25
25. Oh hey! Look who just joined Snapchat
25 of 25