Cash Hash » Cash Hash » Cash Back » Didn't know about a $60 medical bill - impact on credit?

  #1 ()
: I am 23 years old and am currently looking to get a secured credit card in order to build credit. I have 15k in liquid assets, a good job, no debt, and almost no expenses as I live with my parents. A couple of months ago, I found out that I had a medical bill of $60 that was unpaid for ~six months. What impact will this have on my credit?

When making projections into a credit estimator, it looks like this medical bill means that it will take quite a long time to work up to even an unsecured credit card. I plan on going to business school in a few years and would prefer not to pay for this in cash, i.e., I want to be able to negotiate a student loan rate that allows me to pay for the debt on margin and invest the difference. It would really be a shame if I cannot do so.

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  #2 ()
: Really? Fr $60 you're going to screw up your credit even more? You can't make enough money investing $60 to overcome the damage the collections account is doing/will do.. And it will put you in a position to have your student loan messed up (think an extra 5% in interest rates). Not to mention the fact that the longer you go, the more your fees will be on that ^60.

This is a no brainer.
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  #3 ()
: if that bill is $60 now, what was it before interest was added? Do you know for sure that you owed that medical bill, do you remember it? If not then write a letter to all of the 3 credit bureaus, tell them you don't believe they owe that bill and for them to prove it or remove it from your credit report. Say if they believe it's yours to send you a copy of the bill, what amount the doctor is asking for, if there was interest added, was there a judgment or what, and what amount can you pay them to settle this bill. Then wait for their response.

when the bill comes you pay it. Then write the 3 credit reporting agencies again and show them that you paid (by copy of your check). This should solve the problem but will take a couple of months of time and effort to do that. That should clear your credit report.
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