If you don’t pay your medical bills and they go to collections, you have one year to resolve the debt before it appears on your credit report. Consolidation loans, or even debt settlement, may be right for you depending on your situation.
Watch the video to learn about Dealing with Medical Collections, then test your knowledge at the end of the lesson.
How long does it take before unpaid medical bills get forwarded to a collector?
A. 30 to 50 days or more past due
B. 60 to 120 days or more past due
C. 130 to 180 days or more past due
D. 365 days or more past due
With the passing of current legislation, you now have one year to resolve medical bills in collections before it appears on your credit report.
A. True
B. False
Which of the following statements is true about debt settlement?
A. Debt settlement may allow you to settle medical collection accounts for less than the full amount owed.
B. Debt settlement remains on your credit report for 10 years and can make it harder to buy a house.
C. Debt settlement allows you to borrow up to 80% of your home’s equity so you can pay off medical bills.
D. Debt settlement consolidates unpaid medical bills and all secured debts so you can pay debt down faster.