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August 2014 Archives

FICO to give less weight to delinquent medical bills

One of the issues we have written about on this blog is medical debt and the way the medical industry handles late payments. In fact, the medical industry is well-known for its lack of patience with patients who don’t pay, and sends late bills off to collections quicker than perhaps any other industry. This can cause problems, of course, for patients who did not pay because the bill was in dispute or because they are working out payments from their insurance company. Unfortunately, up until now, credit scoring has not taken these factors into account.

Be informed about bankruptcy alternatives before filing

Bankruptcy is a big decision for a debtor to make, and most debtors don’t take that decision lightly. When an individual gets to the point in their financial life that they are ready to look into bankruptcy, it is important that they understand the options for handling their debt. Whether one is considering Chapter 7 or Chapter 13 bankruptcy, a filing can result in a credit setback lasting for a number of years. Though this shouldn’t be a deterrent to filing for those for whom a filing makes sense overall, it should considered.