There is a lot of information out there on laws regarding credit that you can use to protect yourself. Such things as the Fair Credit Reporting Act (FCRA) or the Fair Debt Collection Practices Act, known as an FDCPA. FDCPA has to do with you, the consumer, and the creditors, while the FCRA is between the consumers and the credit bureaus. Would it surprise you to know that only about 1% of the country knows about and uses this information? Our guests on today’s episode are credit experts Robert Childs and John Roberts. Robert founded a credit repair company in 1990 and by 2012 he grew his business from just two employees to over 560 employees. In January 2012, Robert sold his company to a large bank for a seven-digit figure. Robert’s credit repair company processed over 5,000 new clients per month with revenues that reached 65 million dollars in annual sales. John has worked in the credit restoration industry since 2015 and has helped thousands of consumers with credit issues along the way. He has demonstrated excellence in the credit industry as Director of Business Development and he has also served as Chief Operations Officer for companies and both the credit restoration and debt settlement industries. Together, we have the cofounders of The Debt and Credit Guys. Stay tuned for some very insightful bits of advice from two experts in the credit arena, the do’s and the don’t’s of improving your credit score, dealing with collection agencies, and so much more!
Key Points From This Episode:
- Robert and John share more about where they come from and what they are doing now.
- What is a FICO score: A three-digit negative or credit score.
- The difference between a FICO score and a VantageScore.
- Why a FICO score is important.
- Ways to improve your FICO score: Four ways to boost your credit quickly.
- How closing a credit card can damage your credit score.
- Other ways to add negative items on your credit score that impact your credit.
- How to legally remove negative items from your credit report.
- How to deal with collection agencies: FDCPA and how to respond.
- Three important things to ask if you are being called about debt.
- The best and worst times to settle a collection amount.
- Other ways to improve your credit scores.
- One tool they use in real estate investing that they could not do without: Credit!
- The importance of doing research in the real estate business.
Links Mentioned in Today’s Episode:
John Roberts Telephone — 949-371-8899
The Debt and Credit Guys Podcast