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Released: June 18, 2011
Debts that unsettle the score
Source: Kenneth R. Harney, The Washington Post
Are medical-bill collection accounts buried away inside millions of consumers’ credit files — even bills that were fully paid or settled years ago — functioning as a drag on the housing market? That might sound far-fetched, yet some credit and mortgage-industry experts say negative medical-collection records are playing a little-recognized but significant role in depressing otherwise creditworthy loan applicants’ scores. Lower scores, in turn, are disqualifying borrowers from getting mortgages in today’s toughened underwriting climate or forcing them to pay higher interest rates, fees and down payments.Read Full Article: Debts that unsettle the score
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