It’s Wellness Wednesday and I have noticed that medical debt is one of the leading reasons why many Black people between the ages of 25 and 44 suffer from bad credit scores. According to a recent report by the Commonwealth Fund, more than 30% of Black people have medical debt in collections compared to just 21% of whites. Additionally, more than 70 million Americans are struggling with medical debt, which is a significant financial burden that can negatively impact your credit score and future financial goals.

Medical Debt, is literally the easiest debt to Remove from your Credit Report!

Its easy because…

Creditors can no longer report medical debt under $500 on your credit report. This is a significant victory for consumers, especially for those who have been struggling with medical debt. It means that you can take advantage of this new law to dispute any medical debt under $500 that is still being reported on your credit report.

Here are three reasons why you should start disputing your medical debt in March:

1. Improve Your Credit Score: Disputing medical debt that is under $500 and still being reported on your credit report can help improve your credit score. A higher credit score can help you access better loan terms, credit card offers, and even lower insurance rates.
2. Financial Relief: Disputing medical debt can provide you with financial relief. When you dispute medical debt, it forces the creditor to provide proof of the debt. If the creditor cannot provide proof, the debt can be removed from your credit report, and you no longer have to pay the debt.
3. Protect Your Future: Disputing medical debt is essential to protecting your future financial goals. Medical debt can negatively impact your credit score, making it harder to achieve your goals, such as buying a house, getting a car loan, or starting a business.

Here are the steps you should take to dispute your medical debt:

1. Obtain Your Credit Report: You can obtain a free credit report from each of the three credit bureaus, Equifax, Experian, and TransUnion, at AnnualCreditReport.com. Review your credit report carefully and identify any medical debt that is under $500 and still being reported.
2. Contact the Creditor: Once you have identified the medical debt, contact the creditor and request that they remove the debt from your credit report. Provide them with any proof you have that the debt is under $500. If the creditor refuses to remove the debt, you can move on to the next step.
3. Dispute the Debt with the Credit Bureau: If the creditor refuses to remove the debt, you can dispute it with the credit bureau. You can do this by sending a letter to the credit bureau requesting that they investigate the debt. Be sure to provide them with any proof you have that the debt is under $500.
4. Follow Up: Once you have disputed the debt, follow up with the credit bureau to ensure that the debt has been removed from your credit report. It may take a few weeks for the credit bureau to investigate your dispute and remove the debt.

In conclusion, disputing medical debt under $500 that is still being reported on your credit report is a smart financial move that can improve your credit score, provide financial relief, and protect your future financial goals. Take advantage of this new law and start disputing your medical debt today.

If you have any questions or need further assistance, please do not hesitate to reach out to me. Or would you like to schedule to take a look at your Credit Report to determine if you have medical debt, use this link to schedule a free 15-minute session.