Ep. 41 Credit Repair with Ben Dodd

In this episode, Realtor  Adam Kruse and Realtor Shannon St. Pierre talk to Ben Dodd, the president of Freedom Credit Solutions. Find out if you should close that Old Navy charge card and if autopay is lowering your credit score.   Email questions to [email protected]  Host - Adam Kruse https://hermannlondon.com/realtor/adam-kruse/ Shannon St. Pierre https://hermannlondon.com/realtor/shannon-st-pierre/ Ben Dodd-https://www.freedomcreditsolutions.us/ ITUNES-http://goo.gl/rs1q9X Producer - Joey Vosevich Theme Song by Trastornobeats 0:49 Adam introduces Ben Dodd, president of Freedom Credit Solutions, a credit remediation company 1:21 What does a credit remediation company do? What are trade lines 1:53 What does it mean to be an attorney backed firm? 2:38 What is credit and where did it begin? 3:20 What are the big 3 credit agencies? What do TransUnion, Experian, and Equifax do? 3:35 What is Fair Isaac and Company/FICO? 3:58 What does it mean to be a FICO certified professional? 4:25 Does credit now indicate positive and negative things about your finances? 5:00 How far can your credit drop if you have just one 30 day late payment on your credit card? 5:16 Are people born with zero credit or perfect credit? 5:46 How is a credit score established and how long does it take to establish credit? 6:30 Can you lose a credit score if you don’t use it? 6:50 Is it a good idea to open a credit card for your child? 7:20 Is it a good idea to close a credit card you are not using? What is debt to income ratio? 8:50 Is all credit different?  9:48 Are Old Navy and other retail store cards considered to be credit cards? What is poor utilization of credit? 10:30 What is a bank backed revolving card? 11:02 A credit card can also be considered a cash-management card 12:28 How you pay and when you pay is a factor 12:40 What is trended data? Is it better to pay your credit card before the due date? 14:00 Does seasonal spending affect your credit? 14:25 People who pay their credit card on or after their due date is called a revolver 15:25 Paying online doesn’t mean the money is immediately transferred to the credit card company. It can take 7-10 days for money to transfer to the credit card company. 30:35 Ben filed suit against a collector 31:00 What is the difference between a medical invoice and a collections statement? 33:00 By the time you get a collections notice it is already on your credit score 34:25 How far can a credit score drop because of medical payments? 35:05 What is the credit score range? 35:40 Why don’t the three big credit scores match up? 37:40 What is a credit repair plan of action? 38:46 What is a great credit score? Why is it so hard to get a score in the 800s? 50:23 Should a landlord be reporting when a tenant is late on their rent? 52:05 What is the maximum late rent fee allowable by law in Missouri? 53:10 What is piggybacking and how did people used to pay to get good credit? 53:48 Is a divorce bad for credit? How do divorce attorneys accidentally ruin their client’s credit score? 57:30 314-606-8221 [email protected]