What if debt collection actually helped rebuild your credit instead of destroying it? In this episode of The Debt Hotline, Hannah sits down with Gwyneth Borden, founder and CEO of Remynt, to explore how fintech is transforming debt resolution and how you can turn your debt payoff journey into a credit-building opportunity.Gwyneth brings over 15 years of experience disrupting traditional industries and explains how Remynt partners directly with creditors to create a consumer-first debt resolution process. Instead of fear-based collection tactics, she reveals how you can start rebuilding credit with payments as low as $10 per month while resolving your debt—something traditional debt collectors never offer.Enter Solo's In-DEBT-ENDence Day Giveaway this July for a chance to win $4,700 to help pay off your debt: https://www.solosuit.com/giveawaySued for debt? Visit https://www.solosuit.com/?utm=podcast to resolve it.In this episode, you'll learn:Why traditional debt collection is broken and what consumer-first alternatives look likeHow Remynt partners with creditors to create win-win debt resolution experiencesPractical strategies for rebuilding credit while paying off debt (including the 30% utilization rule)Why paying off collections doesn't always improve your credit score and what to do insteadHow credit builder products can boost your score by 10-70 points without taking on new debtThe difference between FICO and VantageScore models and why your score varies by lenderHannah and Gwyneth tackle real listener questions, including advice for someone dealing with joint credit cards after divorce, a laid-off worker trying to rebuild credit after COVID, and someone whose credit score wasn’t boosted even after paying off collections.Key insights from Gwyneth Borden:Debt collection doesn't have to be fear and shame-based; there's a better way that actually helps consumersCredit utilization below 30% (ideally 10%) is the most impactful factor for improving your scoreMissing even partial payments still counts as late, so communicate with creditors before you fall behindNewer credit scoring models don't penalize paid-in-full collections, but older models still doMortgage lenders may require you to pay old debts even after they've fallen off your credit reportThe conversation also reveals why creditors often sue right when you start paying other debts (they see you have money), how wage garnishment can take up to 25% of your income, and why the "snowball method" of debt payoff often works better psychologically than the "avalanche method."For tools to rebuild credit while resolving debt, visit Remynt at https://getremynt.comTo submit a question to The Debt Hotline, you can:Call 801-613-8181 and leave a voicemailFill out this form: https://forms.gle/28gd4XFsq6ybN4Qu8Send an email to [email protected]

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