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4 Bumps

Credit score?

So I had a really good score a couple months back and out of no where i get a bill of almost $4000. Turns out insurance didnt cover everything form when my youngest was born. This was 9 months ago. I really dont have the money to pay it all now. When this bill hit my credit it went down to to like 580. When it was in the 700's. Do any of you know if I set up a payment plan it wont lookas bad in my credit?

Answer Question
 
Anonymous

Asked by Anonymous at 12:09 PM on Mar. 24, 2011 in Money & Work

Answers (10)
  • It definitely won't look as bad as if you didn't pay it! Good luck!
    lovingmy4babies

    Answer by lovingmy4babies at 12:56 PM on Mar. 24, 2011

  • I agree with Lovingmy4babies.. I would talk to your ins and see what you can do
    mommato2boys79

    Answer by mommato2boys79 at 2:23 PM on Mar. 24, 2011

  • The only reason it would be on your credit report is if you never paid it and it was then sent to collections. These people just want to get paid even if its in payments. Tell them what you can afford and try to work with them.
    vjoaquin

    Answer by vjoaquin at 9:23 PM on Mar. 24, 2011

  • First call is to the insurance company. They can get it removed from your report once you agree to making payments. You might have to talk to several supervisors but I know from personal experience they do have the ability to remove it. You just have to be determined to get what you want and you have to do it remaining calm and nice. Good Luck
    meooma

    Answer by meooma at 8:56 AM on Mar. 25, 2011

  • Showing you are paying it off should reflect positively on your credit.
    elizabr

    Answer by elizabr at 8:56 AM on Mar. 25, 2011

  • IF you had an HMO insurance at the time of your delivery then the doctor was paid in full. Call the doctors office and ask please.
    MMXI

    Answer by MMXI at 8:58 AM on Mar. 25, 2011

  • Did you deliver at a hospital? If so,call their billing department and see if you can set up a payment plan with them. Depending on your income, sometimes you may even be able to have your bill reduced. I know people that have done that before.... but whatever you do, don't just not pay it. Pay whatever you can when you can! Has the bill gone into collections and thats why is has effected your credit score? If so, call the collection agency and see what kind of payment options you have. Once your debt is settled, then you can you can fight to get it off of your credit report.
    Namaste17

    Answer by Namaste17 at 9:00 AM on Mar. 25, 2011

  • DO NOT PAY A DIME UNTIL you get it in writing that your good payments WILL BE reported to all three credit bureaus. I mean it. You have the right to negotiate your own credit reporting and don't make a single payment until you have an agreement in writing. DO NOT EVEN say "I will pay you when you send me a contract"... the "I WILL PAY YOU" is all that they will record and then they'll turn around and say that you agreed to pay but didn't. Yes - I've been there. Tell them "I cannot confirm nor deny this debt without a contractual obligation from your company to report any good payments on this account to the credit bureaus". These collection companies are underhanded, it's up to you to hold them to a standard. Even making a $2 payment or saying "I want to pay you but don't have the money right now" is considered "claiming ownership"... Be *very* careful with your communications and how you deal with them.
    ShelbyShareAlot

    Answer by ShelbyShareAlot at 9:04 AM on Mar. 25, 2011

  • We all want to do the right thing - and it's SO unfortunate that we have to stoop to playing their game JUST to protect ourselves. If you can afford to pay the debt and wait for your score to recover, then by all means, do so.... but if you can't wait for that score to recover, then you have to play the game. Many times just paying off a debt, especially an old one, will dip your score - so you have to be careful. The collection agency is gonna want to split it into 3 or 4 payments and ask you to make one substantial one right now - DON'T (unless you can afford to and wait for your score to recover). GET EVERYTHING IN WRITING BEFORE BEFORE BEFORE you claim ownership of anything EVER. It takes 7-10 years for something to fall off - UNLESS you claim ownership. Claiming ownership and then saying you can't pay it WILL start that 7 years over again, even if the debt is 6.5 years old. It could follow you forever.
    ShelbyShareAlot

    Answer by ShelbyShareAlot at 9:10 AM on Mar. 25, 2011

  • Thank you Shelby! I will be calling them Monday to see what kind of payment plan I can work out. I do want them to report that I make payments
    Anonymous

    Comment by Anonymous (original poster) at 3:17 PM on Mar. 26, 2011

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