Precision Credit Group Trains Consumers In Legal Rights After New FICO Announcement

(Newswire.net — October 2, 2014) Irvine, California — Southern California — Precision Credit Group will be letting consumers, whose credit score will skyrocket sooner rather than later, know their legal rights after FICO announced that they would be looking differently at medical debt and debt alike.

FICO recently issued a statement letting consumers know that its new ratings would provide “a more nuanced way to assess consumer collection information” and would “help lenders because they result in greater precision,” according to CNBC. 

Is the new process pro consumer or pro vendor?

Ryan Keip, of Precision Credit Group isn’t taking any chances. “We train consumers to use the law in your favor,” he said. “The foundational rules set up by the The Fair Credit Reporting Act includes rules such as if an item cannot be proved, it has to be removed within 30 days. This is designed to speed up the process for individuals and prevent errors on your report.”

Keip, and others, use the rules of law to not simply teach consumers, but get old, outdated and erroneous marks removed from reports.

Will FICO’s rules change to work against consumers, as well?

Consumers often get loans that they shouldn’t and while credit scores help limit an increase a persons’ credit, the balancing act between debt and the ability to repay is a dynamic one.

Precision Credit Group, a well-respected credit counseling firm; and is well versed in the science and art of credit scores. Keip reflected on three distinctions, “Your financial situation, repayment and the time frame in which you need to reach your results will impact the speed of how rapidly you can increase score.” Precision Credit Group’s training and education will be worth your time provided one doesn’t over extend themselves and develops the habit for prompt repayment.

 

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For more information: http://yourcleancreditreport.com/pricing/