If you are looking to buy a house, car or other large purchase, chances are you will need a loan. In order to get that loan, financial institutions will look at your credit score to gauge whether or not you are a good candidate based on your history of repaying debt.

Many people in Florida have considerable anxiety about this process because they are struggling with unmanageable debt that affects their credit score. However, there is some relief for people who are carrying medical debt.

Earlier this year, it was reported that FICO, the top provider of credit scores, is changing the way medical debt affects a person’s credit score.

The new method is called FICO 9 and it reflects the fact that medical debt is different from other types of debt. Health care costs in the U.S. can be extremely high and the average person who takes on this debt will have difficulty paying it off. This, according to FICO, is not as strong of an indication that a person is as financially risky as previously believed.

Medical debt can accumulate no matter how financially responsible and stable a person is. One illness or injury can result in huge hospital bills that are simply unavoidable. This does not necessarily mean that a person is a financial risk when it comes to loan consideration.

As such, consumers may find that their credit score can be improved by as much as 25 points thanks to FICO 9. It is important to note that the adjustment will be less dramatic for people who are also carrying other types of delinquent debt.

This new system is expected to provide at least some relief for the 43 million people who are buried under unpaid medical debt and improve their chances for securing loans.

If you are currently struggling with medical debt, however, you may need more help addressing your financial situation. Thankfully, there are options that can allow you to repay or discharge numerous types of debt that can help you get back on your feet. Discussing these options with an attorney can be a good way to learn more about your options and take the steps necessary to pursue them.

Source: Houston Chronicle, “New credit scoring system could help those with medical debt,” Jenny Deam, July 27, 2015