Coaching Helps Miami Small Business Owners Improve Credit & Stand Up to the Recession

Coaching Helps Miami Small Business Owners Improve Credit & Stand Up to the Recession

 

Hopefully, the economy really is picking up. Economic pundits have been going back on forth on whether there was indeed a pulse in our economic recovery. South Florida sure hopes so. The fallout from the recession has left many business owners with blemishes on their credit profiles, and ACCION USA has done our very best to respond. While ACCION USA has always provided credit tips and education throughout our loan process, we wanted to formalize these services and make them individualized. In February, we launched a 'Credit Coaching Services' pilot in Miami.  A Credit Coaching session is a chance for a business owner (or future business owner!) to sit down one-on-one with an ACCION USA credit expert to work on solving their specific credit issues and developing strategies for improving their credit profile. ACCION USA Credit Coach Benjamin Himmelfarb walks a client through his credit report The truth of the matter is that our current credit reporting system is flawed.  For the uninitiated, credit bureau reports can be really hard to read and understand.   The laws about consumer rights are complex, and credit companies and collections agencies often take advantage of that fact to break the rules.  Alarmingly, almost 50% of credit bureau reports contain errors! That's why many clients have found it very useful to review their Equifax, Experian, or Transunion report with a credit expert at ACCION USA. ACCION USA staff worked with one woman who has owned a family restaurant for 20 years.  She had some financial difficulties a few years back and had a legal judgment filed against her by a credit card company.  When we reviewed her report, we found that even though the account was closed by the court, the credit card company was still reporting that she was paying late!  This was really affecting her credit score and history, but a few phone calls and dispute letters later we were able to make sure the company reported the account as closed.  She's hoping to obtain business financing soon. Of the folks who participate in a Credit Coaching session, some want to solve credit issues before they apply for business financing.  Some have experienced identity fraud and want to clear their name.  Some want to figure out how the best way to pay down debt.  But everybody leaves with the tools they need. Remember, there is no such thing as a quick fix for credit problems, but knowledge is power! If you know a business owner in need of coaching, or would like to sign up for a Credit Coaching session yourself, please contact Benjamin Himmelfarb at: bhimmelfarb@accionusa.org.

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