How the new FICO model can effect you

Got Medical Debt? Your scores could rise with the new FICO model.

Did you know the Fair Isaac Corp., developer of the FICO credit score, announced the debut of a new score version that will no longer penalize consumers who have medical debt-collection issues in their credit files?
This means if you have any paid or settled medical debt in collections it will not effect your credit score.  FiCO Score 9 will also weigh unpaid medical debt in collections less, to ensure a lower impact on your score.

How can this effect you?

  • If you are a consumer with a great credit record except for paid or settled medical bills in collections – you would see a dramatic score increase under this new model.
  • Medical bills account for more than half of all non-credit related collection actions reported to consumer credit reporting agencies and Fair Isaac estimates that the new model will increase scores by a median 25 points

The changes are expected to increase the number of people approved for loans, especially those shut out of the credit market due to medical debt sent to collection agencies.

According to credit reporting agency Experian, more than 64 million consumers in the U.S. have medical debt collections on their reports.

Unfortunately, consumers often do not know they have a medical debt that has gone into collections until after it has been reported to a credit bureau.

Among those who did know they had medical debts, some said the amount of the bill was in dispute or that they were not liable for paying it because it was supposed to be covered by insurance.

What you should know about medical debt…

1. All it takes is a $50.00 co pay or a small balance to slip thru the cracks and lower your score 30-70 points. Always check your bills from DOCTORS and HOSPITALS.

2. If you are married and your spouse has medical debt in collection, most states will add this to the YOUR credit… so be aware.

3. If a collection account is over 6-9 months old most insurance agencies will not pay the medical collection.

4. Even if you are making payments, you may find your account turned over to collections with no advance warning. Talk to your doctors office about how to ensure this doesn’t happen.

5. Even if you never received a billing statement, a medical bill that is unpaid could be sent to a collection agency. There is no federal law that protects you from this type of situation

IF YOU HAVE MEDICAL DEBT, I CAN HELP!

– Within 35 days, I will attempt to get these collection accounts deleted.  Once they are deleted, they will not show up on your credit report.

– If debts are over 4 years old, I have a significant opportunity to get them deleted.  

– If accounts are not deleted, I will try to settle and have them deleted at the same time.  Once an account is paid it typically takes 7-15 days to be removed from your credit report.

– If you have medical debt and are looking to purchase a car, home, boat or plan on getting a student loan – by removing this debt I will raise your scores between 20-60 points. 

Have questions about medical debt or the new FICO model, give me a call at (800) 822-7120 or email me at kaperik@gmail.com, and let’s talk. 

Sincerely,

Erik Kaplan

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THD Credit, Helping One Client at a Time.

 

In the month of May I was able to get 75 clients credit scores over 720! When they called me, they had 640-660 credit scores and needed to get over 720 in order to qualify for a jumbo home loan.

I was also able to get 49 clients over a 640. When we started working together their scores ranged from 480-600 and they needed to be over 640 to qualify for an FHA or VA home loan.  

I accomplished this by deleting negative, obsolete, inaccurate and collection items on their credit reports. This is all done legally by using their credit rights by Federal Law, i.e., FCRA, FDCPA. 

NEED HELP WITH YOUR CREDIT SCORE?  CONTACT ME TODAY!

Debt Settlement

May 2014 Success stories

I was able to settle $5,800,000 in credit card debt this past month. THD Credit averages around 30-35% on the dollar.

One client came to me with 4 credit cards totaling $87,000.  I was able to settle all of them for a total of $27,840!

My client was able to split the payments on each card into 4 equal payments.

Do you get harassing phone calls?  THD Credit can stop these repetitious calls and get many medical collection accounts deleted from your credit report.   

REQUEST A FREE CONSULTATION TODAY!

Hey it’s Erik,

I would be happy to look at your credit report and let you know how I can help improve your, or your clients credit scores. I offer a 100% money back guarantee, so if I don’t raise your FICO scores in the time frame quoted – you don’t pay!

Sincerely,

Erik Kaplan

THD Credit Consulting
NYC Office: (646) 673-8445
L.A. Office: (310) 804-9353
Toll Free: (800) 822-7120
info@thdcreditconsulting.com
www.thdcreditconsulting.com

We are here to help you!!

About THD Credit

We have been in business for over 8+ years and our clients include, Wells Fargo, Prime Lending, Chase Home Loans, Bank of America, Ameriprise Financial, PNC Bank, Prospect Mortgage, Chase Home loans, First Equity Home Mortgage, Omini Home Loans & Law offices of Mansfield & Bronstein PA… the list goes on.

We are very passionate about helping people learn more about their credit, debt and finances. Our services are fully legal (we follow the state and federal laws) and will not deviate from them!  

We can also help educate you or your client on how to maintain good credit.

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See What Clients Are Saying About THD Credit Consulting

See What Clients Are Saying About THD Credit Consulting

Here are some REAL examples of what clients are saying about THD Credit Consulting. 

 

“One of my short sales required I pay back a $1,500 note . I paid (on-time) but that lender reported me late.  THD Credit was was able to remove this for me.”

 

“I had a FICO score in the 500’s and now my score is over 700!  I went from settling debt with credit card companies in 2009 to getting a $20,000 credit card from Chase last year!”

 

“My wife had collections and past due accounts. THD Credit negotiated settlements and we paid off a large amount of debt for a fraction of the balance due.”

 

“Two months ago I had a 670 FICO score. In just two weeks THD Credit had me at 743.”

 

“THD Credit delivered on their goal to get my credit score above a 660.  I started with 575 but with a 142 point increase, I am now at 717.”

 

“I just read my new credit scores and I feel so very grateful to THD Credit.  I may have dropped the ball here or there in this process, but you kept me on track.  I feel thankful for your kind and professional service. Because of you, I will be able to help my daughter and her family buy a home suitable for my precious grandson. Thank you. Thank you. Thank you”

 

“I had two short sales, reporting as foreclosures on my credit report.  THD Credit disputed and fixed this error.”

 

“I tried to negotiate with my collection company and they told me to go take a hike!  THD Credit was able to get this $2,500 medical debt down to $1,000 and got the whole trade line removed, as if it was never on my credit!”

 

THD Credit Consulting has helped clients repair their credit reports by removing inaccurate, misleading, or unverifiable information. We have successfully challenged bankruptcies, charge-offs, tax liens, and judgments. We are committed to improving your credit and will not stop until your scores improve!

 

What can we do for YOU?  Call us and lets get started today.

 

 

 

Look what a few of our clients are saying about THD Credit!

TOGETHER. Helping One Client at a Time.

Lose weight.  Exercise more.  Eat healthier… these decrees are always among the top New Year’s resolutions. As you resolve to make some changes in 2014, do not forget about improving your financial health!

In this first month of 2014,THD Credit was able to get 43 of our clients credit scores over 720! When these clients started with us they had 650-700 credit scores, and needed to get over 720 in order to qualify for a Jumbo Home Loan. 

 

We also helped 55 clients raise their scores to over a 640 in order to qualify for an FHA or VA Home Loan.  These clients came to us with scores between 500-610 and were not borrower-friendly.

 

THD Credit accomplished this by deleting negative, obsolete and inaccurate collection items from credit reports. Always done legally by using their credit rights by Federal Law i.e: FCRA, FDCPA.

 

NEED HELP WITH YOUR CREDIT SCORE?  CONTACT US TODAY!

Debt Settlement  – January 2014 Success stories

We were able to settle over $3,250,000 in credit card debt. In fact, we average around 30-35% on the dollar.

  • One client had 10 credit cards totaling $115,000 and we settled all of them for $34,500. Our client was able to split the payments on each card into 4 equal and affordable payments.

  • Another client had a $505,000 Home Equity Line of Credit that we settled for $130,000. Our client is now able to stay in their home!!!

We are also able to stop all the harassing phone calls and get many of your paid medical collection accounts deleted from your credit report.

 

REQUEST A FREE CONSULTATION TODAY!

About THD Credit

We have been in business for over 8+ years and our clients include: Wells Fargo, Prime Lending, Ameriprise Financial, PNC Bank, Prospect Mortgage, Chase Home loans, First Equity Home Mortgage, Law Offices of Mansfield & Bronstein – to name a few! I would be happy to take a look at your credit report and let you know how I can help you improve your and/or your clients credit scores.

Give me a call at 310-804-9353 or 646-673-8445 or check out my website www.thdcreditconsulting.com and find us on Facebook, Linkedin and Twitter.

 

We are very passionate about helping people learn more about their credit, debt and finances. Our services are fully legal (we follow the state and federal laws) and will not deviate from them!  

 

OUR SERVICE IS 100% GUARANTEE TO INCREASE YOUR CREDIT SCORE OR YOUR MONEY BACK!

See you next month!

 

Sincerely,

 

Erik Kaplan

THD Credit Consulting
L.A. Office: (310) 804-9353
NYC Office: (646) 673-8445
Toll Free: (800) 822-7120

info@thdcreditconsulting.com

www.thdcreditconsulting.com