mind your credit report history - don't ruin your credit over small disputes

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I've seen very high income individual's foolishly let their credit be
blemished because of small disputed amounts. At the end of the day, you have
to choose your battles. I remember one client who contested a $200 medical
bill, and was denied a $1milion dollar loan because of credit having dropped
below the bank's threshold for lending.

-ss

Hidden medical debt trips up homeowners
Well-qualified borrowers with good loan-to-value ratios and steady
employment are increasingly finding it difficult to refinance because of
medical billing mistakes impacting their credit reports and scores,
according to mortgage bankers and real estate agents.

MAKING SENSE OF THE STORY FOR CONSUMERS

* Nearly 14 million Americans have errors on their credit report due
to medical collections, according to the Commonwealth Fund, a non-profit
organization focused on health care research.
* Unnoticed credit errors, such as small, unpaid balances on medical
bills, can make refinancing a mortgage difficult or, in some instances,
impossible. If approved for a refinance, unpaid bills can result in the
borrower paying higher closing costs.
* It is critical that consumers routinely review their credit reports
to ensure the reports are accurate and up-to-date. Consumers are entitled
to one free credit report annually from
<http://www2.realtoractioncenter.com/site/R?i=ZKcF-kYOByW6JhmFs6L0lw..>
https://www.annualcreditreport.com/cra/index.jsp. The report does not
include the credit score; however, the score can be obtained for a small
fee.
* The U.S. House of Representatives passed a bill this fall that could
provide relief for homeowners with medical-debt troubles. The Medical Debt
Relief Act, which is currently in the Senate, would remove settled medical
debt from credit reports after 45 days, instead of the customary seven
years.

-sunil


SUNIL SETHI REAL ESTATE

Sunil Sethi / Broker, President, REALTOR, MBA / SUNIL SETHI REAL ESTATE
38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536
<http://www.sunilsethi.com/> www.sunilsethi.com

CA DRE#: 01173766

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