Medical Errors Trip up Consumers Trying to Refinance

Today, the WSJ reports that consumer’s medical bills, even disputed ones, are hurting their credit scores. One example is a woman in Texas had two erroneous $11 doctor bills on her credit reports that stopped her from refinancing her home. The bills had been sent to a collection agency. Her credit score dropped from 757 to 680. The lender said she would have to pay an additional $14,000 to get a 5.5% interest rate. A mortgage bank calls medical debt the single biggest roadblock for would-be refinancers. “People have no idea that they still owe small amounts which later end...

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