Unresolved medical debt bills, including bills stuck in insurance red tape that have not even been received by the consumer, are often provided to credit reporting agencies and can negatively impact consumers’ credit scores for years.
Oklahoma City, OK (PRWEB) March 26, 2012
The Oklahoma bankruptcy lawyers at the law firm of Atkins & Markoff hereby alerts the public that a bill is being proposed in Congress that is known as the Medical Debt Responsibility Act. This bill would require credit reporting agencies to eliminate negative medical debt entries on a consumer’s credit report within 45 days of that debt being paid. If such a bill would become law, it would protect consumer credit ratings from substantial harm because of the existence of these debts.
Currently, the law states that even if a medical or any other debt that appears on a consumer’s credit report is paid, the record of that debt remains on that credit report for up to 7 years. According to a report issued by the Commonwealth Fund, approximately 30 million Americans were contacted by collection agencies with regards to medical debt during the year of 2010. In addition, the Commonwealth Fund states that as many as 72 million Americans have at least one entry on their credit report with regards to medical debt.
“Unresolved medical debt bills, including bills stuck in insurance red tape that have not even been received by the consumer, are often provided to credit reporting agencies and can negatively impact consumers’ credit scores for years,” said Senator Dick Durbin (D-IL). "After a sudden illness or medical emergency and the skyrocketing cost of critical treatment, the last thing families should have to deal with is a plummeting credit score. Our legislation will help put a stop to this unfair practice.”
The Oklahoma bankruptcy attorneys at the law firm of Atkins & Markoff advise consumers to review their credit reports as soon as possible, particularly if they have had any medical treatments in recent years that involved a high volume of billing. Those who discover that their credit score is extremely low and who need help recovering are encouraged to contact an experienced professional for a thorough analysis of that person’s overall financial situation.
About Atkins & Markoff
The Oklahoma bankruptcy lawyers at Atkins & Markoff, whose law firm Web site URL can be found at http://www.OklahomaBankruptcyLawCenter.com, is a law firm comprised of Oklahoma bankruptcy attorneys who have been representing consumers since 1999 in bankruptcy-related legal matters that include Chapter 7, Chapter 11 and Chapter 13 bankruptcy cases as well as debt consolidation and credit counseling matters. The firm represents consumers in bankruptcy cases throughout the state of Oklahoma.