Remynt

We are so excited to participate and introduce more credit unions to our debt recovery solution that drives financial resiliency!

It was so much fun speaking with Glen Sarvady of Best Innovation Group! Glen interviewed me when were just getting started so it’s a nice bookend to speak while launching to consumers. It was also great to share the support of TruStage Ventures as part of our pre-seed round. A big thanks so Elizabeth Coston McCluskey for supporting Remynt and financial inclusion. #founder #fintechfounder #podcast #creditunions #financialinclusion

We're #hiring a new Junior Digital Marketing Coordinator in United States. Apply today or share this post with your network.

We're #hiring a new Social Media & Community Manager in United States. Apply today or share this post with your network.

We're #hiring a new Administrative & Customer Success Assistant in United States. Apply today or share this post with your network.

We are excited to welcome Paul Shephard, Ph.D., to our engineering team under our esteemed CTO, Matthew Vogel! We are thrilled to be building the team that will usher in the era of credit recovery! #fintech #engineering #getremynted

Congratulations to Remynt for being selected as the "Best of Show" winner at Finovate Spring! Following their win, Remynt's founder, Gwyneth Borden, was featured on the Finovate podcast. Listen to the full episode here: https://lnkd.in/e884qVtN #venturecapital #angelinvesting #innovate #podcast #startupcommunity

Data breaches are becoming increasingly common. Financial and healthcare organizations are data-rich targets because they have access to a vast amount of personally identifiable information (PII). Cybercriminals are constantly looking for companies that lack strong data security protocols. Too many organizations make it easy for any employee to access PII, even though having such detailed access to verify an identity is unnecessary. When a credit bureau or debt collector has a data breach, it's particularly traumatizing, as this strikes directly at the feeling of financial vulnerability. For debt collection in particular, there is such fear and shame associated with the process, and the idea that others could know about your circumstance or use your data to commit fraud can be harrowing. With this in mind, Remynt was built to ensure data security. We're working with Skyflow to token PII, having all the sensitive data live in a data vault and only tokenizing that information into our platform, whether for marketing or financial verification purposes. Trust is imperative in financial services, and we must seriously protect consumers' data. https://lnkd.in/gkGaDheC

As delinquencies continue to rise, the New York Fed's latest Quarterly Report on Household Debt and Credit exposes a worrying trend in credit card delinquencies. Many borrowers, particularly younger individuals, are nearing or exceeding their credit limits, with over 15% of Gen Z borrowers already maxed out. This trend of maxed-out borrowers is a cause for concern as it contributes to rising delinquency rates in credit card balances. The correlation between high credit utilization and future delinquencies is strong, with about a third of balances held by maxed-out borrowers going delinquent in the past year. As credit card delinquencies have surpassed pre-pandemic levels, especially driven by maxed-out borrowers, it underscores the importance of monitoring these trends closely. Younger generations and borrowers in low-income areas are particularly vulnerable to being maxed out, highlighting potential cash flow constraints. Financial institutions must be vigilant about these developments to mitigate the risk of further delinquency increases and promote sustainable borrowing practices. As credit card delinquencies continue to rise, the financial well-being of households, especially those with limited incomes and younger generations, is at stake, which is why what we're building at Remynt is vital. As consumers transition toward delinquency, they will need help climbing out of debt, rebuilding, and accessing tools to help them be better stewards of credit moving forward. #CreditCardDelinquencies #MaxedOutBorrowers #FinancialWellBeing #CreditCards #Debt #Delinquencies #GenZ [citation:1]  https://lnkd.in/gYXym4Dp

Social media is popularizing renting someone’s credit history. Companies sell the opportunity for a stranger to add you to their credit tradeline but do not give you access to that credit. It’s not uncommon for parents to add their children’s names to their credit cards to help them earn credit history.  Spouses often add their partners to credit cards as well.  For those with bad or limited credit history, it’s a way to develop a positive credit history since credit scoring favors the length of credit history and its related payment history. While this practice may work perfectly fine between family members, adding strangers to credit accounts can cause significant issues. Associating strangers with your credit history could expose those individuals to increased identity theft and fraud risks. Sellers could be directly aiding fraudsters. It’s also ethically questionable: credit scores are risk models constantly evolving based on the changing credit product landscape.  Practices that artificially inflate credit scores could have a broader impact on the credit ecosystem, impacting legitimate efforts to support family members in building their credit. It’s also not without risk to the buyer. If the person whose credit account you’re associated with increases their utilization too much or misses a payment, the buyer would be affected. And since renting is a short-term proposition, the benefits disappear when the tradeline stops.  Like many purported credit repair solutions, these companies promise a quick, temporary remedy to enhance your credit. However, this approach merely inflates credit scores for a short-term gain that quickly dissipates. Regrettably, millions of Americans invest $4.5B annually in credit repair methods that often leave them in a worse financial position.  This is why what we’re building at Remynt is critical—millions of Americans are falling into delinquencies and charging off. As they seek to recover, they will spend money on predatory products that make them worse off. Remynt provides these consumers a better path to resolving and rebuilding that will have lasting results. #credit #creditscores #FICO #VantageScore https://lnkd.in/gxQir7v8