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7 Tips For Running a Successful Credit Repair Business

7 Tips For Running a Successful Credit Repair Business

Running a successful credit repair business is challenging at best with all the regulations and eyes upon your business. Following these seven tips can help you succeed as a trusted authority in credit repair.

Maintain Confidentiality
Trust is paramount to an exceptional client experience. People come to you with very personal and sensitive problems. Keep all conversations and correspondence private and secure.

Believe In YourABility To Help People
Regardless of the size of your company, you must put your best efforts to deliver superior service and understand that you are making a difference in the life of the people you touch.

Concentrate On Your Client’s Needs
Your customers should be confident that you are looking out for their best interest and are receiving the best service available.

Network, Network, Network
Always be networking with local financial business groups and businesses that deal with loans and financing. Get involved in online groups that cater to the clientele you are seeking to help.

Build a Respectable and Authoritative Online Presence
With the majority of people looking for credit repair searching the internet, it is important to establish a credible reputation and first-page website ranking in your local area first before seeking national exposure. »»Learn More

Deliver More Than What Is Expected
Deliver more than what your client is expecting. Don’t hold back even if it may exceed your fee structure. Add value where you can and deliver a premium customer experience.

 

Teach Your Clients About the 8 Types of Companies That Look at Credit Reports

Teach Your Clients About the 8 Types of Companies That Look at Credit Reports

A lender will pull an applicant’s credit report for virtually any loan application. However, even if you are not applying for loan certain companies will look at your credit report before approving you for services.

MoneyTalk News lists 8 types of companies that will look at your credit report of your clients and leads.

1. Credit card companies

Credit card companies will run a full credit report when applying for a credit card (Consumer Financial Protection Bureau CFPB).

Potential credit card companies can also have recourse to decide whether if your client is a good enough risk to offer prescreened credit card. Thus the deluge of offers in the mailbox. This is allowed under the Fair Credit Reporting Act (FCRA)

2. Insurance companies

According to the CFPB, Insurance companies are allowed by the FCRA to provide credit reports in conjunction with offering insurance to or seeing premiums for your clients.

Although prescreening is allowed by federal law, the customer seeking insurance can opt-out of the process.

3. Employers

Requesting a credit report by a potential employer is not uncommon in association with a background check. The employer must get a potential employee’s written permission before they can pull a credit report.

4. Telecommunication companies

Companies that handle phones, television, internet and the like may draw a credit report ignorer to determine your clients’ bill payment history and make a determination of the likelihood that they will pay their bill in a timely fashion.

5. Public utilities

In order to secure gas, water or electric service, a person could be asked to provide a credit report to determine if their bill payment history is in line with what the utility companies deem and responsible.

6. Government agencies and courts

Government assistance is a service that is constantly being jammed by unscrupulous people. These agencies, when people apply for assistance could be subjected to a check of their credit in order to prove they qualify.

Also, as permitted by the FCRA, credit reporting agencies can be required to release the credit history of a person in regards to child support and enforcement.

7. Landlords

Landlords or apartment management companies often require a credit check for potential renters to qualify them for lease. This provides a good barometer of their timely and late payments.

8.Nursing homes and assisted living facilities

You can be sure, that when applying for assisted living that you will be subjected to a credit background check. Assisted living facilities treat applications just like applying for an apartment. 

While these are the main 8 types of companies that can look at your credit if we have missed any let us know on our Facebook page.

Grow Your Credit Repair Business with 1 Simple Action.

Grow Your Credit Repair Business with 1 Simple Action.

In this article you will learn how doing this one simple action can help you grow your credit repair business exponentially.

What is at issue here is your business is so good that you are being overwhelmed with files that you can’t keep up with and clients may be getting frustrated which leads to your frustration.

You might think that hiring additional staff will help eliminate the back log and remove the stress and frustration. However, I will dispel this as you read through this article.

Hiring a staff to process your influx of credit repair files can be expensive and time consuming.

First.
You will be adding to your payroll whenever it is a salaried position or hourly. This will add significant cost to your business.  At $15 per hour that is an additional $31,200, not to mention the additional business taxes you will have to pay. This can take months and years to show a positive ROI.

In addition to the taxes, there may be medical benefits to be added to your expense line. The average cost of a basic employee package is $18.80 per hour. So a $15 an hour employee can become a $30 per hour+ employee.

Bureau of Labor Statistics December 2018

This may or may not be part of your employee package, but important to note, none the less.

Second.
Training. You will need to consider how much time you will have to spend training your new hire. How much hand holding until they are able to fly solo a process the credit disputes on their own? This will take important time away from your responsibilities, especially if you are a small credit repair company.

Third.
As fickle as people are in this day and age about employment, what happen after your new hire is trained and they decide one day that credit repair is “not their thing”? If you are fortunate they will give a two week notice but it is not beyond the scope of imagination that they simply don’t show up to work one day.

You have spent hours of your time and money to train someone that has moved on, then the process starts all over.

Among the major occupations, workers in management, professional, and related occupations had the highest median tenure (5.0 years) in January 2018. Within this group, employees with jobs in management occupations (6.4 years), in architecture and engineering occupations (5.7 years), in legal occupations  (5.1 years), and in education, training, and library occupations (5.1 years) had the longest tenure. Workers in service occupations, who are generally younger than persons employed in management, professional, and related occupations, had the lowest median tenure (2.9 years). Among employees working in service occupations, food service workers had the lowest median tenure, at 1.9 years. Bureau of Labor Statistics 9/20/18


There are a couple things you can do to protect yourself from higher business costs and employee turnover in your credit repair business.

Continue to operate the way you have been operating.
But we know that this is like climbing a mud covered hill on a rainy day.

OR

Outsource Your Dispute Process


The benefits of outsourcing are numerous.

Consider all the added expense to your business when hiring an employee, dispute outsourcing is a fraction of that cost.

Plus, outsourcing will allow you more time to work on your credit repair business instead of working in your credit repair business. When you get comfortable with your new dispute outsourcing association you will likely find that your level of frustration will decrease dramatically. No more sense of overwhelm and panic.

But you do have to be careful who choose to partner with to process your credit dispute letters.

Most credit outsourcing providers have a one size fits all solution. You can find yourself paying for services that you don’t need or want. This can be frustrating.

You may buy into a white label program thinking that your dispute letters will be processed for you,. Typically they are a platform where templates and a white label back office is provided for you, but you still have to do the work.

Your best solution is to find a credit repair outsourcing company that:

1. Writes and process the dispute letter for you

2. Provides varying levels of support so you pay for only what you need

3. Has a proven track record of success and satisfied credit repair companies, and more importantly that the clients of the credit repair companies are satisfied.

You can spend countless hours looking at all the credit repair outsourcing companies, signing up, logging in, taking time to try and learn the back office interface or you can contact The Dispute Center.

The Dispute Center has been providing credit repair companies with outstanding dispute process for over a decade. They actually write and process the dispute letters, offer multiple options and levels of support and dispute processing and have a long list of satisfied clients.

If you are tired of the frustration and overwhelm of processing credit dispute letters and all the other process that go with it, can’t afford to hire additional staff, contact The Dispute Center or call (616) 541-2322.

Our 3-Pronged Credit Strategy

Our 3-Pronged Credit Strategy

We follow a Comprehensive 3-Pronged Credit Strategy to Help Our Mutual Clients Reach Their Credit Goals.

Our credit strategy has helped thousands of clients reach their credit goals and obtain the financing and credit they were seeking. It is vital that the client participates, it allows us to complete their program faster, and helps us to maximize their results and credit scores.

Client Participation to Maximize our Credit Strategy:

  1. Client communicates consistently.
  2. Client forwards responses received in a timely manner. We achieve better results and complete the program faster if the client forwards the responses they receive. The responses provide vital information for us to formulate our custom responses and it provides vital status updates, such as a deletion/correction notices from a reporting company.
  3. Client stays the course and avoids any additional new derogatory actions, such as, new late payments, new collection accounts, increasing balances with open credit cards, or submits numerous new credit applications.
  4. Client has funds available or access to funds to pay/settle any accounts that are deemed verified or validated, and a balance is owed.
  5. Client adds positive credit, if necessary, and when appropriate, to boost their credit score beyond any increase already achieved.

Step 1: We verify the accuracy of the accounts the client believes are inaccurate and want the accounts to be verified or validated. We verify and validate the accounts with the credit bureaus and the companies that report the accounts. This will delete or correct the accounts found to be inaccurate and erroneous.

Step 2: Any derogatory accounts that remain and carry a balance should be paid or settled to better the client’s credit standing. We will provide guidance and coaching to help the client negotiate a reduced pay-off. Once that account is paid, we ensure the account is reporting accurately.

It is important for the client to properly pay/settle an account to protect themselves against future collection activity and to ensure the account is reported properly once it has been paid. In addition to other concerns, it is vital that the client obtain the written agreement of the terms and payment amount before any payment is made. We will also provide guidance for a pay for delete agreement, but those arrangements are not always available.

Step 3: We recommend credit-building strategies and accounts to help increase the client’s credit score. In most cases, this is needed due to the lack of positive credit. Removal of negative credit can cause a credit score to decrease if there is not sufficient positive credit to replace it. Keep in mind, there is a proper time for the client to add positive credit. If the client has open derogatory accounts with a balance owed, we strongly recommend the client resolve these accounts prior to adding new positive credit; the addition of positive credit can increase the collection and/or legal activity.

When the client’s program is complete, their credit file and credit scores will be in their absolute best possible status; provided, they have not contributed to any new or additional derogatory reporting.

Call today to find out more info and pricing. Don’t forget to ask about our business credit building and business funding outsourcing.

Timing is Essential When Building New Credit

Timing is Essential When Building New Credit

When Building New Credit Timing Plays a Critical Role

Prematurely building new credit or attempting to obtain multiple positive accounts at once can be detrimental. It can potentially increase previously agreed upon collections and/or result in legal activity against your client. It is important to personally communicate this to every client.

Once these steps are completed successfully, your client’s credit should be in much better shape than it was previously. We continue to guide your clients with successful credit strategies and encourage them to maintain their positive reporting efforts. If the client is able to keep payments current and utilization rates low, they will be on their way to credit success.

The best part is of all of this time-proven strategy in building new credit is that through all of these steps, we do the heavy lifting for you. By outsourcing the bulk of these time- and cost-heavy aspects of your business, you get extra time to focus on community outreach and customer acquisition. We’ll handle the rest. We pride ourselves in transparency, so every step we take is available for your review in our excellent back office portal.

We always help you help them in building new credit. Contact us now to experience The Dispute Center difference that will allow you to stand leagues above your competition. Give us a call at (616) 541-2322.