Medical collections affect your FICO scores in the same manner as other collections. However, lenders are more willing to overlook some medical collections in terms of not making you pay them off prior to purchasing or refinancing a home. Conforming lenders will make you pay a Sprint or Verizon collection prior to approving a loan, but they are more liberal when it comes to medical collections, especially since insurance companies are becoming increasingly slower to pay claims and at the same time, doctors/hospitals are sending these accounts to collections much quicker than they had in the past. But, like I said, any collection, medical or not, will affect your FICO scores for years to come. If your medical debt is that extensive, you may want to double check your records to eliminate any accounts that either was or should have been paid by insurance. Start working with a mortgage pro now to help you start cleaning this up now or you may have bigger problems later-some of these things take time to clear up.
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