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Posted in Paying Your Bills
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cinfante

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I have a lot of medical bills on my credit.
Is it best to pay off charged off medical bills? I have heard that if you make a payment on an old charge off, you are just prolonging the amount of time it stays on your credit.

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Will a secured credit card help raise my credit score even if I have medical wheels on it

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Medical Bills

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 If they already hit your credit, DO NOT PAY THEM!  They stay on your credit report from the last day of any payment activity.  If you even call the creditor and give them a penny, they can keep reporting.

First thing, dispute the items with the 3 credit bureaus.  Why?  Because 75% of the companies don't verify them and they drop off your credit report!  Viola!  In the past 3 months, I've gotten 13 medical collection accounts (across 3 bureaus, not 13 individual accounts on each) removed with just 1 letter. You can find a million template letters, but specify that online verification is not acceptable.

From there, you can make arrangements with the creditors for payment plans.  If you can pay it all at once, make an offer of 40% of the balance for a full settlement.  Get anything and everything in writing from them!  Do not give them a credit card.  Get a written offer of a reduced amount for payment in full, and send it back with a cashier's check.  Let me stress- do not use cash, your personal checking account or give them your credit card number.  Then, they can keep charging more to it!

They'll often take payment arrangements for about 60% of the total amount.  But start with dropping off what you can without doing anything but sending a certified letter.

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if they already hit your credit and there in collections just let them drop off they will go away in 3-5 years

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