Who We Are: Q&A with Todd Rice
Meet Todd! Todd is the CEO of New Credit America, a licensed consumer finance company dedicated to restoring your financial health. We sat down with Todd to learn more about the history of New Credit America and the impact of the life-changing services we offer.
Q: Let’s start with some background. When did you found New Credit America? Why?
Todd: For the last 20 years, the team here has been working at mostly traditional financial institutions. And during that time, we’ve realized there is a great consumer need not being met by these “main street” financial services companies. Millions of Americans aren’t getting the financial help they need to get out of debt and repair their financial health. So, in 2014 we formed New Credit America to serve as the consumer’s primary advocate to accelerate the restoration of their credit profile
Q: What did you hope to accomplish when you started on day one? How has that evolved?
Todd: We set out to make a true and meaningful impact on people’s lives.
What started as just an idea is now a national program helping consumers pay off millions of dollars in debt in a way that saves them money and gets them back on their feet faster.
Q: How do you help people who are struggling to get out debt and regain control of their finances?
Todd: There is no ‘one-size-fits-all’ approach. At New Credit America, there are no computers making the decisions for the consumer. It’s real people, all the time. We make human connections. We create customized plans for each person we work with. Our debt relief specialists take the extra time to truly get to know each customer, and look at their individual situation to create a personalized plan just for them—no matter how severe or unique the situation may be.
Q: Any success stories come to mind?
Todd: Every client interaction we have is its own success story. But, there are a few specific stories that come to mind. There was a client who couldn’t pass a rental screening because of her credit history and debt. We helped her pay off that debt so she could move her family into a quality home. Another woman was going to be unable to get financial aid that would allow her daughter to be the family’s first college graduate. We helped her pay off her last creditor, and her daughter is in school and doing great! Another man almost lost his job with the Department of Defense because his unpaid debts were hindering his ability to pass a background check. He got those debts paid off and is happily still employed.
Everyone has their own story. That’s why we’re in this business—to make sure those stories have a happy ending. Everyone deserves a second chance, and we’re the company who wants to help you get that chance. We want to advocate for those who feel like they have no voice, or feel like they are out of options!
Q: What advice would you give to someone who is knee-deep in debt trying to find a way out?
Todd: I would say the first thing to do is acknowledge the situation, but don’t freak out! There are solutions, and you don’t have to do it all on your own. There is absolutely no shame in asking for help. Right now there are so many resources and organizations offering a wide variety of services out there (including here at New Credit America) that can help you navigate and take control of your financial situation.
Q: There are so many competing financial education resources today. It’s hard to know which ones can really help. What resources do you recommend for someone who is trying to manage debt, spending and overall finances?
Todd: Thanks to technology, we have several favorites over here that can give you a clear picture of your financial health in just one click. I always tell people to start with Credit Karma. They help you keep track of your credit score, and notify you of any significant changes.
AnnualCreditReport.com is another resource I encourage everyone to take advantage of. They will provide you with a free copy of your credit report every 12 months from each of the major credit bureaus (TransUnion, Equifax, Experian).
I also love Mint. They help you manage your money, stick to a budget and pay your bills—all for free.
Q: New Credit America is headquartered in Portland, OR. What do you love most about the Portland community?
Todd: Two things. Portland is a diverse community that fosters new ideas and innovation. Also, Portland is a large community of people who share our same New Credit America values, as well as our mission of assisting consumers in restoring their financial health. Because Portland is such a caring community, each employee we bring in truly shares our vision and values.
