How long will it take to repair my credit after I pay my medical bills?

5 Comments

1. crazyjester9 says:

   July 21, 2009 at 12:51 pm

   You can use WhyChat’s HIPAA letter to force deletion of medical accounts from your credit report.
2. John says:

   July 21, 2009 at 12:51 pm

   If the bills are more than 2 years old, it may actually lower your credit score because you would then show a current "paid collection" account on your report. I would recommend 2 things: 1) a very low cost credit repair program to try to have the negative items removed. 2) I would add a tradeline program to boost your score quickly (60 days or quite possibly less). A friend in California used this and got a 120 point bump from 560 to 680. My friend in California went through http://www.totaldebtsolutionsllc.com and called their toll free# or filled out the free evaluation form to get the ball rolling. Good luck.
3. Reena says:

   July 21, 2009 at 12:51 pm

   If the accounts are already in collection or show up past due on your report it can take up to 7 years before they fall off your report.
   You weren’t making regular payments on it and let the account go into collections. That kind of information doesn’t go away even after you decide to make good and pay the bills off.

   After 7 years they should completely fall off your report and your score will improve again.
4. stan c says:

   July 21, 2009 at 12:51 pm

   Once you pay off all the medical bills, it could take about 12 to 24 months. The best way to boost your credit is to either get a secured credit card with a $500 limit or a small secure loan for 24 months and pay it back in 12. Perhaps you could use the secured of the loan to help pay off those medical bills.
5. alex c says:

   July 21, 2009 at 12:51 pm

   Hi
   I do credit repair for a living for a local mortgage company. Your question is a common one for me. The best way to repair your credit is to cover up the bad with good credit. You need to get 3 open lines of credit and pay on them for 6 month to 1 year and this should boost you up about 100 points. But how you use your new credit affects your scores also. For instance, if you get a new credit card with a $1000 limit. Keep your balance at or below $500. This will make your scores goe up faster. This shows that you are more stable and not strapped for cash. If you open to many lines of credit it will also make your scores go down because you are now beyond your means of living. So keeping 3 lines of credit like a car, student loan, credit card. By mixing it up like that you should be good.

   Another good tip is to contact the creditors directly and asking for a settlement offer. Start by offering 50 cents to the dollar. Most will settle for about 70 cents to the dollar. When you get a deal, pay them if full and ask for a letter of deletion from the credit beauros. Then send that letter along with your receipt to all the beauros and ask them to update your file and if the letter says that they approve the deletion with payment, the item will disappear as if it never happened.