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Like I said, medical debt needs to be reported and show on a credit report, it should not be reflected in a FICO until it has aged in collections past a certain point--although if it gets to the point of judgement (which is seldom unless the person has made no attempt to pay it off) it needs to be reflected in the FICO.
Lenders MUST be able to make informed decisions. If you are a bank and someone applies for a loan with you, do you think it's fair that you dont know about the medical debt that the person is carrying when determining their debt to income ratios or having any idea that they might decalre BK in six months after their paycheck begins to get garnished?
If banks can't make informed lending decisions, they are going to make a lot of bad loans, and the rest of us end up holding the bag.
HMM, do you work for a bank, you sure sound like you do....
Truth is, in a lot of cases medical debt has NO reflection on your ability to handle a financial obligation that you choose willingly to take on. Usually medical debt, unlike most other debt, is not some sort of financial risk that you chose to take on. So ignoring medical debt on a person's profile, unlike that of a credit card or a car loan, does not necessarily mean that the bank is going to give a bad loan.
Again, I ask you, if you had an "expensive" illness and no means to pay for it, what would you do?
The "health care" industry is, at best, non-competitive and exists to take advantage of the helpless, the vulnerable, and the gullible by using that uniquely non-competitive market to suck every last drop of $blood$ they can possibly get away with. It is beyond outrageous and it is good to see more people waking up to that fact that there is no industry that is more corrupt and that major changes are needed.
It's actually a very competitive market if people would take the time to educate themselves. Instead they follow like blind sheeple. Doctors are not demi-Gods and they ARE to be questioned. Good ones will tell you to get a second opinion.
HMM, do you work for a bank, you sure sound like you do....
Truth is, in a lot of cases medical debt has NO reflection on your ability to handle a financial obligation that you choose willingly to take on. Usually medical debt, unlike most other debt, is not some sort of financial risk that you chose to take on. So ignoring medical debt on a person's profile, unlike that of a credit card or a car loan, does not necessarily mean that the bank is going to give a bad loan.
Again, I ask you, if you had an "expensive" illness and no means to pay for it, what would you do?
No. I don't work for a bank. I have insurance and lots of it--and I GIVE UP OTHER THINGS IN MY LIFE TO CARRY THAT INSURANCE--IT's A MATTER OF PRIORITIES. I have savings. I'd need my medical bills to be over $2 million before it would be a problem. The likelihood of that happening? Slim to none.
Think about it this way. If a bank ignored medical debt, then it became a judgement and the persons wages were garnished, and then they couldn't pay the loan, would that be prudent lending? NO. What if they declared bankruptcy. You can't pick and choose which debts to wipe out, so your bank loans are also wiped. Is that prudent lending? NO.
Why is it my business? Because for every default on a loan, it makes it harder and more expensive for the rest of us to get credit. Think about the big picture before posting again.
Again, I ask you, if you had an "expensive" illness and no means to pay for it, what would you do?
I'd wait until I recovered - then I'd file bankruptcy.
But bankruptcy is an all or nothing deal. If you file - you file on EVERYTHING. So the bank that gave you a car loan, without knowing of the medical debt, also gets screwed.
I'd wait until I recovered - then I'd file bankruptcy.
But bankruptcy is an all or nothing deal. If you file - you file on EVERYTHING. So the bank that gave you a car loan, without knowing of the medical debt, also gets screwed.
There is no one right answer to this dilemna.
You can generally "reaffirm" things like home and auto loans, so you don't lose the collateral and the bank still gets paid.
Why is it my business? Because for every default on a loan, it makes it harder and more expensive for the rest of us to get credit. Think about the big picture before posting again.
That's why we need health care reform. I think it's disgusting that we're the only industrialized nation on earth with this kind of issue.......the real answer is that we shouldn't have to be forced to have medical debt to begin with unless it's an optional cosmetic procedure that one chooses and for that I obviously wouldn't consider it any different from other debt.
I support such a bill. I would also like to see one on DMV checks for jobs that do not require the use of a company vehicle.Another area where employers are getting out of hand.If I am not driving a company vehicle what business of it is yours ?
You can generally "reaffirm" things like home and auto loans, so you don't lose the collateral and the bank still gets paid.
Not always. In a chapter seven it depends on teh amount of equity in the secured property. Creditors can (and do) force the sale of homes and sometimes even cars in a chapter 7 when there is significant equity. I used to be a BK paralegal, I've seen it happen.
You also aren't addressing other things like credit cards, which will be wiped with the medical debt. You can't "reaffirm" unsecured debt. You can't pick and choose.
I support such a bill. I would also like to see one on DMV checks for jobs that do not require the use of a company vehicle.Another area where employers are getting out of hand.If I am not driving a company vehicle what business of it is yours ?
Well, if you have to drive on company time, even if using your own vehicle, your employer is still on the hook for your actions.
So I agree that if you've got a desk job where you never drive for company business using your car or theirs, there is no reason to run a DMV. But if you need to drive on company business regardless of whose vehicle you are operating, an employer is well within their rights to make sure you are a safe operator.
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