6 Steps to Selling Credit Repair Sales
- Ask Questions. A strong rapport is a precursor to selling credit repair. And, asking the right questions before you even introduce your services is critical for establishing rapport.
- Understand Objections. Even though a prospect may be very interested in credit repair services, they may still hesitate to sign up right away or move forward.
- Stay Focused on the Goal. Be clear about what you want to achieve with your prospect before you engage them. ...
- Sell Them on Value. You have many opportunities at your disposal to sell more than just basic credit repair services where you pull a credit report and provide ...
- Over-Deliver. Avoid the temptation to over-promise early so that you don’t end up under-delivering — and disappointing — the prospect when it’s time for them to sign up ...
- Follow Up. If you’re not following up with a prospect in a timely manner, you could lose their interest and miss the chance to sell credit repair.
How to start your own credit repair?
Tips for Running a Credit Repair Business Successfully
- Get a copy of your own credit report to study.
- Learn as much as you can about the credit reporting system.
- Understand your role in the process
- Understand what you are selling and take care in what you promise
- Work smart and minimize your time spent working
- Understand how to promote and market a credit repair business
How do you repair credit after a short sale?
- Order a copy of your credit report. More than 80% of credit reports have mistakes, so order copies of your credit report from all three major credit bureaus – Experian, ...
- Be savvy about your existing accounts. ...
- Open a secured line of credit . ...
How do I start a credit repair business?
To improve your scores (even when the negative data is still being listed):
- Pay all credit accounts on time. Although late payments hurt credit scores (especially when there are many, or accounts are seriously delinquent), establishing a perfect payment history from this point ...
- Reduce credit card debt. ...
- Open up a credit card. ...
- Add utility and cell phone accounts to your report. ...
How to market a credit repair business?
- Produce unique, quality content for a human audience.
- Optimize title and header tags for SEO.
- Remember to include internal links and authoritative external links.
- Track your results with tools like Google Analytics.
- Improve site speed with Google Page Speed Insights.
How much should I charge for credit repair?
Credit repair doesn't cost anything if you handle the process yourself. If you hire a credit repair company to assist you, you'll typically pay fees of $19 to $149 per month. There is nothing a credit repair company can do for you that you can't do for yourself.
How profitable is credit repair business?
Learn to repair credit for yourself and others and start your own profitable business from home. Credit Repair Professionals are always in demand and can earn $10,000 to $20,000 per month (or more). Some make millions of dollars a year and truly change lives.
How does credit repair make money?
Credit repair companies charge you a fee in exchange for reviewing your credit report and disputing negative items on your behalf. Many consumers have errors on their credit report that could lead to higher-than-necessary payments on loans or insurance policies, according to the Federal Trade Commission.
How do I start a credit repair company?
Start a Credit Repair Agency by following these 10 steps:Plan your Credit Repair Agency.Form your Credit Repair Agency into a Legal Entity.Register your Credit Repair Agency for Taxes.Open a Business Bank Account & Credit Card.Set up Accounting for your Credit Repair Agency.More items...•
Is it legal to charge for credit repair?
Under the Fair Credit Reporting Act, you have a legal right to dispute credit history errors yourself for free. You don't have to pay a credit repair company to do it for you.
Should my credit repair business be an LLC?
You can start as a sole proprietor which costs nothing — or you can be an LLC or a corporation, which will cost you money. It's all up to you! But if you're just starting, I recommend you save money and get an LLC later when you're making enough money to need tax benefits.
Do credit repair agents make money?
While ZipRecruiter is seeing salaries as high as $79,189 and as low as $19,302, the majority of Credit Repair Agent salaries currently range between $27,221 (25th percentile) to $50,978 (75th percentile) with top earners (90th percentile) making $57,907 annually in California.
How large is the credit repair industry?
Credit Repair Services in the US - Market Size 2003–2028$4.4bnCredit Repair Services in the US Market Size in 20229.5%Credit Repair Services in the US Market Size Growth in 2022-3.2%Credit Repair Services in the US Annualized Market Size Growth 2017–20221 more row
What do credit repair agents do?
Credit repair specialists assist in the preparation of the appropriate letters to the credit bureaus and to debt collection agencies. These letters should be specific to your credit information, not blanket dispute letters that may be ignored by the credit bureaus.
Can you start your own credit bureau?
Consumers invisible to banks thanks to America's enigmatic credit-reporting system have a new tool at their disposal: Experian, one of the big three credit bureaus, is introducing a new program that will allow consumers to simply create their own credit reports from scratch, the Wall Street Journal reports.
Do you need a license to do credit repair in Texas?
Credit Repair Licensing in Texas A credit repair license in the state of Texas is not required; however, there may be county or city laws that would require you to obtain a local tax receipt, local professional license, or permit.
Do I need a license to do credit repair in Florida?
In general, all states require any credit repair business to apply for an occupational license, which is regulated by the Department of Business and Professional Regulation (DBPR) in Florida. You will also be required to get a surety bond with a bonding agency.
How do credit repair companies charge?
How much does credit repair cost? You pay a monthly fee to the credit repair service, typically from $69 to $149, and the process may take several months to a year. You may pay a setup fee to begin, as well.
How do credit repair companies get items removed?
Credit repair organizations work with you by first identifying questionable and inaccurate items on your credit reports and then disputing those items with the credit bureaus. Some disputes are easy to resolve, such as the removal of outdated information.
Can a credit repair company erase poor credit history?
It is important to emphasize that no credit repair agency can legally remove accurate negative information from your credit report, although there are a number of companies that attempt to do that. By law, negative information stays on your credit report for seven years and bankruptcies for 10 years.
Are debt repair companies legitimate?
Credit repair is a legitimate service, and there are plenty of legally operated credit repair companies out there. Unfortunately, there are plenty of fraudulent credit repair companies who scam customers and make promises they can't keep.
What is credit repair business?
A credit repair business is one business that will always earn a profit. Even in the most troubling economy, a credit restoration business will succeed and prosper. Nearly eight out of ten Americans struggle with their finances. This very quickly takes its toll on their credit worthiness. Maintaining good credit is a necessity in our society and during troubling times, people tend to rack up more debt and fall behind. With so many people in need (and that need growing daily), a credit repair business is an ideal home-business. It needs no certification, requires very little investment, is easy to do (if you keep organized and follow the simple rules) and it generates revenue immediately. It’s also the ideal home business with close to zero overhead.
When you meet with a credit repair company, do you explain the process?
When you meet with them, you explain the credit repair process and instruct your new client to fill out the contracts making sure every item indicated is filled out correctly.
What are the three credit bureaus?
Your client's 3 credit reports from all 3 bureaus (Equifax, Experian and TransUnion).
Why is it important to order credit reports?
Ordering credit reports is the most important step, because nearly 80% of all reports contain errors and those errors are most often the reason for a low credit score. Simply removing those errors will usually raise the score immediately. Your primary job as a credit restoration specialist is to help your client by disputing information on their reports that you believe to be inaccurate.
Why do you give credit repair classes?
You may want to consider giving credit repair and debt seminars and classes to help people to help themselves before they are too far in debt. Perhaps you might want to give talks at high schools and colleges about ways to stay out of debt. The students will go home with the information you have given them, and your business card or brochure, and tell their parents, who could end up as your next clients. We have many customers who give seminars. Some of them even buy our software in bulk to resell or give to attendees.
How many people have poor credit?
Starting a credit repair business is easy and your timing couldn’t be any better for this lucrative business opportunity. Over 80 million Americans have poor credit. Most do not understand the credit reporting system and will gladly pay good money for someone to help improve their credit. Why shouldn’t that be you?
What to do if a report comes back and the item you have disputed remains on the report?
If a report comes back and the item you have disputed remains on the report and the bureau states that the item has been verified, you can send a follow-up letter requesting proof and evidence of verification. You can also requesting a copy your client’s signature showing that the indeed entered into the agreement that created the debt.
10. Start a collection and debt portfolios management business
Examples of a successful collection and debt portfolios management business:
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What is credit repair?
At a very basic level, credit repair is about cleaning up your credit report to boost your credit score. Credit repair agencies try to help individuals improve their credit scores by reviewing their credit reports and correcting or removing negative or incorrect information that was bringing down the score.
How to find a good credit repair agency?
Define what you are looking for. Say, "This is what I'm looking to do... Is that realistic, or am I not understanding the process well?" A good credit repair agency should be able to tell you what they can and cannot do for you upfront.
What does a credit repair company look for in a credit report?
Credit repair companies look for accounts incorrectly reported to the credit bureaus as delinquent or late, closed accounts reported as open, accounts that falsely list an authorized user as an account owner, and accounts that don’t actually belong to the individual.
How long does it take for a credit repair company to respond to a dispute?
A dispute is a formal request to verify the accuracy of a piece of information on the credit report. Credit bureaus have 30 days to respond to a dispute and during that time, the items being disputed aren't factored into the individual's credit score. If they're unable to verify the disputed information on the report, they must fix or remove it entirely.
How does the Fair Credit Reporting Act work?
There are. Under the Fair Credit Reporting Act you have the right to clean up your credit report so it is accurate. 1 And then there's something called the Credit Repair Organizations Act, which also regulates the credit repair industry. 2 It gives you the right to authorize somebody to make disputes on your behalf, but the main purpose of that Credit Repair Organizations Act is to set parameters to companies or organizations that offer credit repair services. For example, a credit repair agency can't claim exactly how much their service would improve that score. They also can't alter somebody's identity, or charge advanced fees.
How much does credit repair cost?
As far as the exact costs go, I’ve seen crazy numbers ranging from less than $30 per month up to $100 per month or more. Credit repair agencies may try to sell you all kinds of things, but no matter what, they have to disclose the costs upfront.
Why is it important to know who is checking your credit?
It’s very important that you know who's checking your credit, and when, so you can spearhead anything that might be potentially fraudulent right when you get a notice. I think that's really important for keeping your credit score healthy.
