Empowering People
& Revitalizing the Community

The Game of Positive Credit Building

Posted on 3/9/2018 by Ray Lamboy in LAEDA News
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Camden, NJ - February 26, 2018- The Women’s Business Academy (WBA), now in its second year, teaches enterprising students about the essentials of how to grow a business in all of its different facets. Included in this is credit management, addressing it in both a personal and professional sense. At one of the most acclaimed classes, Stephanie Bittner of Clarifi shared her insights, knowledge, and expertise on what credit means to entrepreneurs, how to grow it by playing the game wisely, and more.

It is vital for entrepreneurs to keep a positive high credit score because that determines the health of the business – but some entrepreneurs fall into the trap of damaging their personal credit while attempting to save their business credit.

During the presentation, the WBA students learned about the different types of credit and the spectrum used to classify each and every consumer. One of the most relevant take-aways for the LAEDA entrepreneurs was when Ms. Bittner explained some vital points in utilizing credit cards and how it can either build good credit or develop bad credit depending on how it is used and cared for. House payments, car loans and student loans are just some examples of building good credit if paid on time, whereas, closing accounts often and not paying bills on time build bad credit. As the discussion went on, it was determined that credit debt is much more than what meets the eye; Ms. Bittner revealed that bad credit isn’t just an economic reality, but can also be linked higher rates of divorce, stress, depression, health problems, and domestic violence.

“Credit is like a game -- if you don’t know how to play it right, then your life will be expensive,” Bittner concluded.

Another one of the student-entrepreneurs, Miguel Gomez, posed a valuable question:  “Should you deal with the original debtor, or a third party when paying your bill?” The esteemed Clarifi representative explained that when the original owner sells it to the third party, then the ability to negotiate with the original is nullified because it has been sold already.

The class came to a closure when Stephanie Bittner went over essential pieces of playing the game of credit correctly. “The biggest piece of the game is your payment history; you have to build a pattern,” Stephanie Bittner highlighted.

At the end of the class, Stephanie Bittner left the entrepreneurs with a essential piece of advice:  to pull their credit score at least twice a year by going onto www.annualcreditreport.com or by calling 1- 877-322-8228. She reminded them that pulling their credit score is not free. She also explained how to correct inaccuracies and how everyone is entitled to one free credit report from each bureau (Equifax, Experian, and Transunion) every twelve months.

Have any questions or concerns? If you’d like to contact Stephanie Bittner and CLARIFI, then visit the following website: https://clarifi.org.

LAEDA offers the Entrepreneurial Development Training Program/Women’s Business Academy, a nine-week course, three times per year on a wide range of areas of general business practices. We welcome you to join our community of successful entrepreneurs. The program is free, but you must qualify. Visit our website at www.laeda.com or call (856) 338-1177 to learn more.