A good credit score can open doors to financial opportunities and freedom, making it a crucial aspect of your financial health. Unfortunately, collections debt from 3rd party collection agencies like Frost Arnett can do serious damage to your credit score. Don’t worry, Cambio is here to help. In this article, we’ll discuss Frost-Arnett, a debt collection agency that focuses on healthcare providers, and how recent credit reporting changes have made it easier than ever to remove this hurtful collection account from your credit report.
The Frost Arnett Debt Collection Process
The Frost Arnett Company is third-party debt collector, primarily for healthcare providers. Their primary role is to collect unpaid medical bills on behalf of medical providers. Unfortunately, having a debt with Frost-Arnett can negatively impact your credit score. Just one collection can decrease your credit score by as much as 100 points. That’s why it is essential to address the situation and work towards a resolution.
2023 Changes Making It Easier to Remove Medical Collections
Fortunately, recent changes in 2023 have made it easier to remove medical collections from your credit report. Credit bureaus have altered their policies, resulting in two significant changes that can benefit individuals dealing with medical debt:
First, starting in the summer of 2022, the major credit bureaus no longer report medical bills under $500. If you find a medical bill under this amount on your credit report, you have the right to dispute it. First, obtain a copy of your credit report from all three credit bureaus (Equifax, Experian, and TransUnion) and review them for any inaccuracies. If you find an error, submit a dispute to the credit bureau, providing all necessary documentation to support your claim. The credit bureaus will then investigate your dispute. If they find inaccuracies, they will remove the erroneous information from your report. Use this free collection dispute template to get started.
Then, in April of 2023, another policy change went into effect: All PAID medical collections will no longer impact your credit credit score. While it’s still a good idea to perform a pay-to-delete when settling a medical debt, this new policy ensures that paid collections will no longer haunt your credit report. To perform a pay-to-delete, negotiate with the collection agency (such as Frost-Arnett) before paying off the debt. Request that they remove the negative item from your credit report in exchange for your payment. Make sure to get this agreement in writing to protect yourself. Watch our Pay to Delete Video Guide and download this free template to make sure the account is removed from your report.
Collection agencies often use phone calls and mails to remind you of your overdue payments. In some cases, debt collection agencies may take legal action against debtors who refuse to pay what they are obligated.
Knowing Your Rights with Debt Collectors
When dealing with debt collectors like Frost-Arnett, it’s essential to know your rights. The Fair Debt Collection Practices Act (FDCPA) protects consumers from abusive, deceptive, and unfair debt collection practices. Here are some tips to help you deal with debt collectors:
Know your rights: Familiarize yourself with the FDCPA to understand what debt collectors can and cannot do.
Communicate in writing: Keep a paper trail of all communication with debt collectors, and request that they communicate with you in writing.
Request validation of the debt: If you’re unsure whether the debt is legitimate, ask the debt collector to provide proof of the debt. Download this free debt validation request template and guide to get started.
Don’t be afraid to negotiate: You have the right to negotiate payment terms, and debt collectors may be willing to settle for less than the full amount owed.
Report violations: If a debt collector violates your rights under the FDCPA, report them to the Consumer Financial Protection Bureau (CFPB).
How Cambio Can Help You Resolve Frost Arnett Debt
Cambio is a mobile app designed to help users improve their credit scores. Cambio members can resolve hurtful accounts and use the app for better financial management. By partnering with Cambio, you can effectively tackle your Frost-Arnett debt and work towards a healthier financial future. Here are some benefits of using Cambio to manage and pay off your debts:
Personalized debt resolution strategies: Cambio offers tailored solutions to address your specific financial situation, taking into account your debt amount, income, and other factors.
Negotiation support: Cambio can assist you in negotiating with Frost-Arnett to settle your debt for a lower amount or agree on a pay-to-delete arrangement.
Payment tracking and reminders: The app helps you stay on top of your debt payments by providing reminders and tracking your progress.
Financial education resources: Cambio offers a wealth of resources to help you better understand your financial situation and make informed decisions about your debt management.
Cambio users have reported significant improvements in their credit scores and overall financial health after using the app to address their Frost Arnett collection account. With Cambio, it is possible to successfully resolve your debt and pave the way towards a brighter financial future.
Tips for Maintaining a healthy Credit Score After Resolving Frost Arnett Collections
Once you’ve resolved your Frost-Arnett debt, it’s essential to maintain a healthy credit score by adopting responsible financial habits. Here are some tips to help you maintain a positive credit history:
Monitor your credit report and score: Regularly review your credit report for inaccuracies and stay informed about your credit score. You can access your credit report for free once a year from each of the three major credit bureaus.
Pay your bills on time: Your payment history is the most significant factor affecting your credit score. Make sure to pay all of your bills on time to build a positive payment history.
Keep your credit utilization low: Credit utilization is the ratio of your credit card balances to your credit limits. Aim to keep this ratio below 30% to avoid negatively impacting your credit score.
Diversify your credit mix: Having a mix of different types of credit, such as credit cards and installment loans, can improve your credit score. However, be cautious not to take on more debt than you can manage.
Limit hard inquiries: Each time you apply for new credit, a hard inquiry is recorded on your credit report. Too many hard inquiries in a short period can lower your credit score. Be strategic when applying for new credit and space out your applications.
Final thoughts
Addressing your collections debt from Frost Arnett Company and improving your credit score is crucial for your financial well-being. By taking advantage of the recent policy changes, knowing your rights, and partnering with Cambio, you can resolve your debt and work towards a better financial future. Don’t let debt hold you back any longer. Take control of your finances and start your journey to a healthier credit score today. Download the Cambio app and begin your path to financial freedom.
