Ouch! Don't Let That Injury Bruise Your Credit Score

Injuries happen for a variety of reasons, and an injury can have a huge impact on your personal finances.

Over time, you may face unpaid time off work, on top of hefty medical bills, and this financial situation can damage your credit score. A lower credit score will make it more difficult to borrow money, and you’ll pay a higher interest rate on any new loans.

If you don’t keep an eye on your credit rating, your personal finances can suffer. In fact, a bad credit rating can follow you down any avenue you wish to take in later life.

Here are some tips to help you recover financially after an injury.

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Health Insurance?

Medical bills can put your credit rating at risk.

You should seek medical treatment the moment you’re injured, so that you can recover quickly. At the same time, however, a friend of family member should help you contact your insurance agent and file any available insurance claims.

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From your first hospital visit, you need to contact your insurance agent, so you understand your coverage, including the hospitals and doctors who should be providing care.

These initial steps will help you maximize the benefits available under your insurance policies, and minimize out-of-pocket medical expenses.

The rules for calculating credit scores has recently changed. Find out more here.

Legal Options

If you suspect that your injuries were caused by someone else’s negligence, you may call Richard Vadnal or some other attorney contact. This is important, because your insurance policy may not cover all of your medical costs, and you’ll have to pay your policy’s deductible amount.

Speak with an attorney, who can suggest a reasonable course of action.

Recordkeeping

Get into the habit of keeping copies of every bill you receive that relates to your injury, and carefully track whether or not each bill is paid for by your insurance coverage. If the process starts to feel overwhelming, get help from a friend or family member.

If you need to dispute an unpaid bill with your insurance company, you’ll need an organized set of files.

Take action to monitor your credit report, correct errors, and improve your credit score. Know Your Business Credit Score.

Financial Recovery

In spite of your best efforts, an injury may impact your credit rating.

Don’t dwell on this issue- you can take steps to get back on track financially.

Something as simple as ensuring you pay bills on time can help to get you back on sound footing. Equally, taking out a credit card and never missing a payment could start to boost you back up.

Once you get the medical bills paid, you can use the available funds to pay down other debt, fund a savings account, and improve your credit score. Get an Equifax Small Business Credit Report Today!