Debt Collection Agency, Rapid Recovery Solution, Comments On The New VantageScore Credit Model

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Following an article about how the VantageScore credit model is being revamped, Rapid Recovery Solution releases a statement.

On March 17, 2013, debt collection agency Rapid Recovery Solution releases a statement following a Business Insider article by Mandi Woodruff regarding the news of the VantageScore credit model being changed, and how it will affect consumers.

According to the Business Insider article, a completely new version of the VantageScore model was launched by a joint effort of the three major credit agencies Experian, TransUnion, and Equifax. The article goes on to mention that there are four things consumers should know about the revamped VantageScore:

  •     Debt collection accounts that have been paid off won’t count against you.
  •     Millions of consumers who didn’t qualify for credit scores before will now have a chance to do so.
  •     It now has the same scoring scale as the FICO model.
  •     If a customer’s credit score is impacted by natural disaster, it won’t count against them.

The article goes on to mention that “The VantageScore would essentially wipe the slate clean once collections are paid off, which could be a boon for consumers who are working to rebuild their credit history after a rough patch.”

John Monderine, CEO of the leading debt collection agency Rapid Recovery Solution, commented on the new VantageScore model. “VantageScore choosing to update their model is a big step in the right direction. Keeping negative scores off of a consumer’s credit score once the debt is paid off is a great way to make it so they can still use credit to purchase things. A lot of consumers who pay off a debt have learned their lesson, and this new model helps them get back into using their credit. Things like natural disasters can ruin credit, and the consumer is powerless to do anything. VantageScore helps victims of natural disasters maintain their credit score.”

Founded in 2006, Rapid Recovery Solution, Inc. is headquartered at the highest point of beautiful Long Island. Rapid Recovery Collection Agency is committed to recovering your funds. We believe that every debtor has the ability to pay if motivated correctly. We DO NOT alienate the debtors; we attempt to align with them and offer a number of ways to resolve not only your debt but also all their debts.

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