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Hyde Park, Eastgate, Fairfield, Covington: +1-513-723-1600
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Hyde Park, Eastgate, Fairfield,
Covington:
+1-513-723-1600
Portsmouth:
+1-740-300-2022
Call For A No-Pressure, Free Consultation

Full Service Bankruptcy
And Debt-Relief Lawyers

Bankruptcy: Changes coming to credit score evaluation models

| Jan 26, 2020 | Bankruptcy

Many individuals in Ohio and elsewhere may be aware of the impact their credit scores could have on various areas of their life. However, they might not always fully understand how quickly circumstances can change and how any modifications to scoring models could affect their financial prospects. With recent reports suggesting changes to scoring models could be on the way, those who begin to experience bouts with financial hardship may benefit from consulting with a bankruptcy attorney for advice on how best to safeguard their finances.

Recent reports indicate that FICO is reevaluating the current models for determining credit score. Reports indicate the company is considering making changes to the process that could lead to a more seamless borrowing process for creditors. However, reports also indicate that this new model could cause as many as 40 million consumers to see up to a 20 point drop in their credit scores.

While for many, a 20 point drop might not seem like the end of the world, for others, it could disrupt a variety of financial opportunities. In some cases, those who suffer a hit in this area of life could begin to encounter a chain-reaction of monetary ramifications that could continue to build up over time. The resulting challenges that arise from such hardships could leave many consumers desperately seeking ways to safeguard their finances, but they might not always be fully aware of their available options.

Those who wish to better understand the options to help them break free from debt and safeguard their credit scores could benefit from seeking guidance on how to achieve this goal. By consulting with a bankruptcy attorney, a person in Ohio could obtain much needed advice in evaluating his or her financial circumstances and determining the next steps to take. This advice could help place a person in a much better position to protect his or her financial future through the proper channels.

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