13 Jun Build a legacy: credit matters with matt dillingham
This month, our Build A Legacy series focused on Credit Matters, and why credit is a crucial component of generational wealth and leaving a legacy. In this session, I sat down and talked to Matt Dillingham, COO of A1 Solutions Group. Matt is a former Marine, a graduate from the University of Maryland at College Park with a degree in Family Studies, and COO of A1 Solutions Group. Matt has been spending the last few years coaching and educating people on the game of credit.
Helping people understand and build credit was not something that Matt set out to do. At the age of 27, Matt declared bankruptcy, and immediately got into the credit repair game. While he felt relieved, there was also a feeling of shame and guilt. This led him to wanting to help others.
The game of credit
Matt broke down “The Game of Credit” and taught us the history of credit. We learned that credit has been in existence for 5,000 years, something many people are unaware of. For example, credit reporting originated in 1803 in England. In 1899, the Retail Credit Company was founded and began to compile lists of creditworthy customers. This company was ultimately renamed Equifax, and is the oldest of the three major credit reporting agencies in the United States. To learn the reasons behind this, be sure to watch the replay below.
During the discussion, Matt dropped nugget after nugget of useful advice. The key take away was the importance of starting today. Putting off understanding your credit report can be the difference between securing a legacy for your future generations.
why credit matters
When it comes to building and maintaining a healthy credit profile, “having good credit starts with knowing how to read your credit report”, said Matt.
There are four tiers to your credit report, (1) personal information, (2) hard inquiries, (3) your accounts (credit cards, loans, etc.), and (4) public record (evictions, bankruptcies, and judgments). Of the 4 tiers, you always want to make sure your personal information is the most up-to-date.
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