23 May 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 PODCAST@HermannLondon.com
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.
16:36 Does autopay take the money out immediately or does it still take 7-10 days to show as paid?
18:00 What are some problems that can occur when you lose your debit card that you use for auto-pay?
18:35 Is there a algorithm for credit scores that can be explained simply?
19:50 A mortgage report is the most scrutinized credit report there is. Medical bills, student loans, public records, repos, foreclosures are all considered in a mortgage report.
23:00 Can paying a third party collector hurt your credit score?
23:30 Ben was personally contacted by a collector he didn’t owe so he experimented with the collector
26:03 Why are there billions of dollars of double paid medical bills?
26:50 Why is it important not to give a collector your personal information and why don’t they have it already?
27:50 What is the fair debt collection practices act?
28:27 Debt collectors don’t like to accept verbal disputes
30:00 What does it mean to violate HIPAA rights
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?
39:24 What brand of credit card gets a higher credit score? How does Capital One keep credit scores low?
41:55 Are payday loans bad for a credit score?
43:07 Are rewards cards like Marriott Rewards and Southwest Airlines Rewards bad for a credit score?
44:10 What would happen if everyone paid off their credit cards on time?
45:25 How often should someone check their credit report? What is annualcreditreport.com?
47:00 Does checking your score too much hurt you?
47:20 What happened during the Equifax breach? What an indemnity agreement?
48:12 Is credit monitoring a racket? What is IdentityIQ.com?
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 Ben@FreedomCreditSolutions.US
58:06 Who lives under Ben’s roof?
58:14 When is Ben at his best
58:45 What is Ben’s favorite blog or podcast?
59:12 What is Ben’s guilty pleasure?
59:40 Who is Ben’s mentor and how has he thanked them?