Medical bills credit rating

Question:

Hello, My question is that this time last year my credit score was 740 after
coming out of bankruptcy in 2002. I have worked hard to correct and build my
credit. However, I became ill last year and gained many medical bills I could
not pay and my credit card was maxed at 3500. I stopped paying on my card and
now I am over 180 days, I gained an "R9" on my credit report and all my medical
bills are now appearing on my credit file. I am much better now and able to
return to work, however, my credit is ruined and for a long time I understand.
My family says I need to do a settlement with the credit card company so the R9
will be removed in 7-10 years and interest will not continue. Is this right?
Also, the medical bills come to a total of 1200, and if I pay them off will they
be removed as soon as I pay them or how long does it stick? What is best, pay
them all or leave it? I was told that the damage is done, and the end result is
the same, if I pay it, it still stays for many years, if I dont pay it, it still
stays for the same amount of time. Is this right? I do not have money to waste,
and I want to build my credit back up given that I need to be able to get a loan
for a place to live since I now will be going through a divorce as well. Also, I
have fallen behind on my mortgage when my ARM changed, so yet another hit on my
credit. How can I speed up getting my credit score back up? I am at a 500 right
now.

Answer:
Well, as it is you are nearly a ruined bruin. You might be able to file bankruptcy again and shoot yourself in the other foot, you might be able to pay them all off and waste your money as others seem to have told you since it will stay on your credit for the full time allowed by law unless you waste a great deal of time and money trying to get it all off your credit report. Whether you do it yourself or hire some credit repair organization to do it for you statistics show that the results are about the same. So it would seem that no matter what you do it is going to take a huge amount of time, money and effort to get yourself back up to the 700 level and beyond.

Obviously you are likely to get sued multiple times and that will tank your score even more on top of leaving you even less money to work with.

So why not do it my way and get paid handsomely for doing it? My way is much more likely to succeed and may do it even more quickly than other methods.

My way teaches you how to legally turn the table on the debt collectors and make them do your credit repair for you and pay you instead.

Of course I can go into a long detailed explanation here but if you want to learn how to do it you will have to commit yourself to a program of study and research so you might as well get started now rather than later. You will be glad you did. I'll even teach you how to get paid for doing your homework. You will find out how to do that for free by following the links below.

Bill Bauer
405-684-9297
405-227-9423

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Before you go, stop and think about this. Its all about fighting poverty. Although we may go through our daily routines without realinzed it, the number of homeless people is growing rapidly. While many of the homeless have drug or alchol problems many are simply people who are homeless because of mortgage foreclosures and other financially related problems. I have armed you with a great deal of information about how to deal with debt collectors who can easily beat you out of your hard earned cash and make you the next victim of poverty. Help fight poverty (yours) by keeping your cash in your pocket. Creditwrench teaches you how to do exactly that.

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This post is part of Blog Action Day 08 - Poverty