Panama City bankruptcy attorneys discuss efforts to reduce impact of medical debt on credit scores
Panama City, Florida. — Lewis and Jurnovoy, bankruptcy lawyers in panama, follow news about debt relief and bankruptcies to keep their community informed. Accordingly, they highlight recent initiatives taken by President Biden to minimize the influence of medical debt on credit scores.
Medical debt is the number one cause of personal bankruptcy in the United States, even more so than credit card and car loan debt. According to a fact sheet from the Information Room on whitehouse.gov however, the most recent research indicates that medical debt is not a good predictor of financial health. Up to 22 points, medical debt reduces credit scores by underestimating creditworthiness. “As a result, including medical debt in credit reports and in credit scores and loan underwriting may prevent Americans from accessing financial opportunities while not improving accuracy and predictability. loan programs.
The country’s three largest credit reporting agencies, TransUnion, Equifax and Experian, have all said certain types of medical bills will no longer be recorded on credit reports. Unfortunately, those with medical debts over $500 are not affected by this change. Either way, the Biden-Harris administration is working hard to minimize the impact of medical debt on credit scores so those in need can still access certain debt forgiveness programs and qualify. for future loans, among others.
Lewis & Jurnovoy understands that people who have accumulated significant medical debt cannot afford to wait for medical debt policies to change and may need to file for bankruptcy sooner rather than later. The debt consolidation lawyers at Lewis and Jurnovoy work diligently to identify the best possible financial solutions for every customer who walks through their doors. The company specializes in debt consolidation and bankruptcy assistance and offers free consultations to its clients. For more details on debt relief or filing for bankruptcy in Panama City or nearby communities, call the Lewis and Jurnovoy office at (850) 913-9110 or visit them online anytime at www.LewisandJurnovoy.com.
For more information about Lewis & Jurnovoy, PA – PCB, contact the company here:
Lewis & Jurnovoy, Pennsylvania – PCB
2714 West 15th Street
Panama City, FL 32401