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BuoyFi proudly supports legislation that would ensure positive medical debt payments are reflected in credit scores, providing an opportunity to give consumers credit for the progress they are making to eliminate their medical debt.

SCOTTSDALE, Ariz., Oct. 11, 2024 /PRNewswire-PRWeb/ -- , a consumer financial wellness platform designed to help patients rise above medical debt, proudly supports the introduction of the Reporting Medical Debt Payments as Positive Consumer Credit Information Act of 2024 by Reps. Don Bacon (R-NE) and Marie Gluesenkamp Perez (D-WA). This bipartisan legislation would ensure that positive medical debt payments are reflected in credit scores, providing an opportunity to give consumers credit for the progress they are making to eliminate their medical debt.

Steve Wright, President of BuoyFi, commented:

"Positive credit reporting has the potential to make a meaningful difference for patients seeking to not only resolve their medical debt but also to strengthen their financial future. The Reporting Medical Debt Payments as Positive Consumer Credit Information Act of 2024 provides consumers with a way to improve their credit profile through on-time payments. We've seen the power of leveraging positive payment data in other sectors, like housing, and we believe the same is possible for medical debt.

At BuoyFi, we aim to help people manage their medical debt in a way that fits their financial situation. Combined with the benefits of positive reporting, BuoyFi's tools can support consumers on their path to long-term financial wellness. We encourage lawmakers to support and champion the passage of this legislation to help the many Americans actively working to reduce their debt burden, improve their credit profiles, and achieve financial wellness."

About BuoyFi

Available free of charge both online and as a smartphone app, BuoyFi's Calculator tool helps patients to resolve medical debt by generating affordable repayment guidelines based on validated income and medical account balances. To date, BuoyFi's proprietary algorithm has helped consumers to save an average of over 75% on medical bills, with payments never exceeding 3% of verified income.

Media Contact

Christiane Freese-Jones, BuoyFi, 1 (903) 892-7400 3002, [email protected], 

SOURCE BuoyFi