If you own a credit repair business, a credit repair sales script is one of the most valuable tools you can utilize. This is especially true if you have other people making sales for your business. But even if you conduct all the sales yourself, having a strategic and well-thought-out credit repair script will increase sales and profits.
The other factor that will dramatically affect your closing ratio of course is where and how you obtain leads. The more targeted and qualified the leads, the higher the closing ratio. Here are some other posts related to the topic of finding good quality credit repair leads:
However, once you determine your best source of leads, you’ll want to develop a credit repair sales script that will give you the best chance of turning that lead into a credit repair client. A good sales script is strategic. It should follow a logical pattern that accomplishes several goals leading to your prospect asking you how to become a client. If written and used correctly you shouldn’t have to “close” sales. Sales should close themselves.
I developed a credit repair sales script for our business many years ago. This script has been used by hundreds of our credit repair agency owners around the country and has led to thousands of sales. Of course, I learned this script and use it myself although I don’t look at it much anymore. However, I still find it useful to read through it every so often to make sure I am not unknowingly cutting corners. Each facet of the script is in there for a reason. The primary reason for any credit repair sales script is to obtain credit repair customers.
I developed a habit of having a notepad on my desk at all times for the purpose of taking notes during a sales call. Being able to refer back to information the prospect has given me, shows them I am listening to them. It also allows me to target our solution to that person’s specific needs.
Use the Prospects Name
Dales Carnegie once said, “A person’s name is to him or her is the sweetest and most important sound in any language.” Even though you’ll have a similar conversation with hundreds, maybe even thousands of people, using a person’s name individualizes this conversation. Using a person’s name is so important the Business Section of the Washington Post highlighted this topic.
Gain Control of the Conversation
Someone that is interested in improving their credit score may have many questions for you. They may also be a bit skeptical of credit repair companies so they might want to take control of the conversation and start asking you questions. If you give over control of the conversation to your prospect it will most likely take you out of the sequence in your credit repair sales script. The conversation will be choppy and you’ll find yourself jumping around from topic to topic. Don’t let this happen.
If a prospect starts asking you questions right away such as, “How much does your service cost?”, take back control by asking them a question. A question I have used for this purpose is, “I’ll definitely share that with you but let me ask you, what makes you feel that you need help with your credit score?” When you ask this type of question it changes the dynamic of the conversation. First, they have to think about something other than the questions they have for you. And second, it subconsciously reminds them that they need help, that they need you. It puts you back in the driver’s seat.
Determine Need (Is there a need and what is it?)
Even if they don’t start with asking you questions, you want to ask them why they are calling you or why they feel they need credit repair. Get them talking about their credit score and what’s on their credit reports. I have personally had over 2,500 conversations with credit repair prospects in my 9 years in the business. And I can count on one hand the number of times the prospect didn’t know what’s on their credit report.
We don’t pull credit upfront. We only pull credit once the prospect becomes a client. People know that they have derogatory accounts even if they haven’t ever seen their credit report. They remember the credit card they never paid or the repossession. If they didn’t return the cable box or didn’t pay their Verizon bill, they remember. We don’t need specific dates, account numbers, and balances. We only need to determine if they have the types of derogatory accounts on their credit report that can potentially be removed through the credit repair process.
They may not know their exact credit score but with rare exceptions, they know a range. It might be in the 500’s or the low 600’s. Or they might tell you that it used to be in the 700’s but for some unknown reason, it dropped to 650. That’s all we need to know at this point. We just determined need. And, of course, you want to jot down notes about what they tell you so you can refer back to what they said a little later.
Gain Credibility and Trust
Once you have determined that they need your help now you dig in a little deeper. After they have told you the types of derogatory items they have and what they think their credit score is, ask more questions. Find out when these charge-offs, medicals bills, etc. occurred. They may say that it was last year. Or they may tell you it was several years ago.
This will help you in two ways. The first is that it will help you determine if a creditor will be more or less likely to respond back to the credit bureaus in the dispute process. The older the account the less likely, of course. But by continuing to ask questions you are also gaining credibility. Although it may seem counterintuitive, you gain more credibility by asking versus telling. You also give the prospect the feeling that you care about their situation and have a solution for them. And if they have called, or will call other credit repair companies, you will stand out because it’s likely those other companies won’t personalize the conversation like you did.
Educate the Prospect
Once you have gathered information about the types of accounts, the age of those accounts, and their approximate credit score, now you can start telling them about what you can do for them. What we have incorporated into our script is education about the credit repair process and how it works. The fact that the credit repair process is spelled out by federal law. This statement alone gives the prospect some comfort about credit repair and may overcome some skepticism.
We explain that once they become a client, we will look at their credit reports, analyze them, and draft dispute letters. Then we walk them through what the credit bureaus must do, what the creditors could do, and how long it will take for the first round of dispute letters to yield results. We then share what happens if derogatory items do not get removed on the first round of letters.
This takes just a short amount of time but gives a prospect a tremendous amount of comfort that you know what you’re doing and that you’ve done it a thousand times before. It also distinguishes you from other credit repair companies who tell them nothing about the credit repair process.
Other Services to Help Them Build Their Credit Score
If all you do is credit repair, the removal of derogatory items, the explanation of your service is complete. However, we offer several other ways to help increase a client’s credit scores with our business model. We also provide them with free online credit monitoring, identity protection, a credit education tool in their client portal, and much more. We explain these services and tools at this point.
If the only service you provide is credit repair, you should consider offering other services. You can decide what those services should be and become an affiliate with companies that offer them. Or you can look at our business model and perhaps become an independent agency owner. Our credit repair business opportunity offers a lot of advantages over being a solopreneur and doing everything yourself.
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Give Tips for Free
Something that will build value for yourself and gain credibility is to look for opportunities to give some free advice. An example of that is to ask them about credit cards. Do they have them, what are the limits on those cards, and what are the balances? If the balances are high in relation to the limits, you can advise them to pay down those balances, increasing their credit score. Most people are completely unaware of this.
Now that you have gathered information and explained your solution, tie that solution into their specific situation and types of derogatory items. The goal here is to make sure they don’t get off the phone believing that by contracting with you, they will have a 750-credit score in 90 days. Unless, of course, they already have a 725. In most cases, they do not. Why is managing your client’s expectations important? Because you do not want upset clients and bad reviews. Upset clients are not fun to deal with. And bad reviews will kill your business.
This is where your experience and credit repair training will benefit you. Address each of the derogatory accounts they told you about. Be honest with them and tell them the probability that each of those items has of being removed from their credit report and how quickly in your opinion. Of course, we cannot guarantee anything. But we can, based on our experience, share what we have seen in the past.
For example, a charged-off credit card account from 6 years ago is more likely to be removed than a recently charged-off account. Medical bills have a higher probability of being removed while an unpaid federal tax lien has little to no chance of being removed. By telling your prospect this type of information you are managing their expectations and further gaining credibility.
Do You Have Any Questions?
At strategic points throughout your conversation, you want to pause and ask your prospect if they have any questions. As you’re explaining your solution, which takes a bit of time, you want to keep them engaged. Asking them if they have questions will do that.
At the end of your explanation of services and solution, you certainly want to ask them if they have any questions. The most important question is, “how much does your service cost?” If they ask you this question, it shows a high degree of interest.
They may also ask you how long it will take and how many points will their credit score increase? Be reasonable when you answer these questions. Do not oversell and underdeliver. Remember, bad reviews will kill you.
By devising a credit repair sales script that covers these important steps you will be building value for your service but also for you. At the end of the day, your prospect is buying you. If you can handle yourself like a professional when speaking to prospects. you’ll have a good closing ratio. Further, you won’t need sales and closing tactics. Your prospects will be asking you how to get started.
Last Points on a Credit Repair Sales Script
If you have a script for you and/or your sales staff, learn it verbatim. But then put it away and use your own words. Speak conversationally. Don’t worry about doing things in order. It should flow naturally like you’ve done it a thousand times.