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A small business owner on credit repair and financial literacy

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Shortly after he graduated from high school, Shawn Moodie told friends he wanted to own his own business.

The Long Island native was inspired by his uncle, a Jamaican immigrant who worked his way up from entry-level printer at a Brooklyn printing factory to owner of the business.

“I thought it would be glamorous,” Moodie said.

It took years and a few setbacks to get there. Moodie worked for KB Toys for 13 years and later as a regional manager for Mosaic Sales Solutions before joining Bank of America in 2005, where he oversaw branches in the Capital Region. He was laid off when the company downsized in 2013, and after taking a month off to decide his next step, Moodie decided he wanted to use his financial and customer service experience to help people improve their credit.




“I was amazed at the lack of awareness with how the credit system works,” he said.

He became a franchisee at Prime National Credit Repair and started a consulting business, but after the company shut down in 2016 he struck out on his own. Moodie owns Moodie Bluez Consulting, a credit establishment and repair business.

The Times Union talked to Moodie about financial literacy, credit repair and his advice for people considering launching their own business. Answers have been edited for space and clarity.

Q: In one or two sentences, how important is a credit score?


A: It’s basically your financial reputation. It can open up a world of opportunities or prevent you from getting basic things like financing to purchase a home.

Q: How did you rebound after Prime’s closing?

A: It took some soul-searching. When Prime shut down, my first thought was my clients — I’ve got 16 clients in the pipeline right now, and what am I going to do with these people. It forced me to be quick on my feet. I got the email on a Friday evening, and I took all weekend to strategize. I didn’t allow myself to dwell on it. It was more, ‘I have these clients and I want to make sure there’s no interruption in the service they have hired me to do.’ That helped me to get on board, and by Tuesday I had freshened my website and talked to the designer, I had Facebook and I had a plan in place.

Q: What was the hardest part of starting your own business?

A: Understanding where the money is going to come from to get started, because now everything’s on you, and transitioning from the corporate employee mindset to the business owner mindset. As I look back, I think early on parts of me were still in that corporate mode and those rules don’t necessarily apply when you’ve got to go out and kill to eat and generate the business.


Q: You’re passionate about financial literacy. What does that look like to you?

A: It’s empowering people to understand what basic practices and tactics they can use to achieve financial freedom. It starts with information. For example, when I do a credit workshop, I want to make sure people understand the importance of credit and how it affects them, because most of the time people won’t care about something if it’s not going to affect them. Most people know a bad credit score is going to make it more difficult for them to get a mortgage or a car loan, but they may not know it affects other things. Many employers now are doing a credit check during the pre-screening process. If you have a poor credit score, your car insurance premium is going to be higher.

Q: What advice would you offer for others wanting to start a business?

A: Do your research on whatever business you’re looking to get into. Make sure it’s aligned with your passions. A Monday should feel like a Friday. You should have a good center of influence and align yourself with people who you aspire to be like. Another thing is continuous learning and make sure you’re up to date on whatever industry you’re in. Lastly, empathy — you need to really care about your clients.

Source: on 2018-05-25 17:11:15

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