FORUM PROFILE

Veteran’s Medical Debt

Viewing 3 posts - 1 through 3 (of 3 total)
  • Author
    Posts
  • #343501
    Annmichele
    Participant

    I recently listened to your webinar on FCRA/FACT Act. I made note that we do not need to consider Veteran’s medical debt as part of our credit decision. So if we pull a credit bureau on our applicant and see medical collections are we just suppose to ask them if they are a Veteran? How do we know they are a Veteran? I know you mentioned that the credit bureaus have a data base that they check but I didn’t know if the banks had access to it too.
    Thank you!
    Ann Michele

    #343541

    Per the Veteran’s administration requirements they should be keeping a list on their website. But as part of the application process doesn’t your application ask them? If not as part of normal due diligence it would probably be a good idea to ask anyone with medical debt if they are or have been a member of the armed services. Since the CFPB is considering the removal of all medical debt in credit decision you may want to watch the proposed rule as well.

    NOTICE: This email message, including any attachments, is intended only for the addressee, and may contain confidential and privileged information either as protected work product or confidential client information. Any unauthorized review, use, disclosure or distribution is prohibited. If you are not the intended recipient, do not read, copy, retain, or disseminate this message or any attachment, and please contact the sender by reply e-mail or at 888.760.5646 and destroy all copies of the original message and attachments. Neither the transmission of this message or any attachment, nor any error in transmission or misdelivery shall constitute waiver of any applicable legal privilege.

    #343660
    debtnirvana
    Participant

    Hi Ann Michele, thank you for your question. When it comes to considering veteran’s medical debt in credit decisions, you’re correct that you’re not required to include it. If you encounter medical collections on a credit report, the appropriate course of action would be to ask the applicant if they are a veteran. However, verifying veteran status can be done through various means, including asking for documentation such as a DD Form 214 or a Veteran Health Identification Card. While credit bureaus do have databases to verify veteran status, banks typically don’t have direct access to this information. It’s essential to ensure compliance with FCRA/FACT Act guidelines while handling such inquiries. Hope this helps clarify!

    • This reply was modified 4 months, 1 week ago by debtnirvana.
Viewing 3 posts - 1 through 3 (of 3 total)
  • You must be logged in to reply to this topic.