ERA Credit Services

Author: Dale Guiducci

Credit Repair Laws – Know the Rules

Credit Repair Laws – Know the Rules

In most cases, our articles about credit repair are focused on either consumers that are looking for a credit repair company or individuals that are looking to start a credit repair business. This article is directed toward both. Consumers should know some basic credit repair laws when searching for the best credit repair company. And, prospective credit repair business owners certainly need to be aware of credit repair laws before they decide to start a credit repair company or to determine what type of credit repair business model is best for them.

The Fair Credit Reporting Act

The Fair Credit Reporting Act, or FCRA, is a consumer protection law governing what is reported on consumer credit reports and the privacy of that information. It also ensures the accuracy of the information listed on credit reports by creditors and how inaccurate and outdated information can be corrected. The FCRA was passed in 1970 yet most consumers do not know their rights under this law. There are many aspects of this law but for most consumers, there are two main components of the Fair Credit Reporting Act that benefit them most often.

Right to Your Credit Report Once a Year

Consumers have the right to receive a free credit report from each of the 3 main credit bureaus, or credit reporting agencies (Experian, Equifax, and Transunion) once a year. However, the credit bureaus do not need to provide a credit score. They can charge a fee if the consumer also requests a credit score.

To get a free credit report annually from each of the 3 credit bureaus go to www.AnnualCredit Report.com. Here consumers will be able to see and download a copy of any or all 3 credit reports. However, consumers should be careful as this website will charge for items such as a credit score.

Due to COVID-19, the credit bureaus are allowing consumers to view their credit reports online for free on a weekly basis through April 2021.

Right to Challenge or Dispute Inaccurate Items

The other most used component of the FCRA is the right to challenge or dispute inaccurate or outdated items on a credit report. If a consumer concludes that the information listed on their credit report is not correct, they have the right to ask that this information be verified by the creditor.

Each of the credit reporting agencies or credit bureaus gives consumers a way to do this online. However, consumers need to be aware that there are only a few reasons that the credit bureaus consider legitimate for information to be disputed. If not listed correctly the dispute will be dismissed.

Even though the credit bureaus by law must allow consumers this right they don’t have to make it easy. That is why, in most cases, it is advisable for consumers to enlist the help of a reputable credit restoration company to assist them in the process. Otherwise, consumers can spend the time to learn how to do this themselves. Some can and will do this. It’s similar to changing the oil on a car. Some will buy the tools and learn how to do it themselves. Others will go to Jiffy Lube.

The Credit Repair Organizations Act

The Credit Repair Organizations Act, or CROA, is a set of laws governing credit restoration or credit repair companies. There are several aspects of CROA that individuals wanting to start a credit repair business must know. But there are 2 key components that must be addressed. And, that most individuals that desire to be in the credit repair business will find it difficult to satisfy.

Charging Upfront Fees for Credit Repair Services

The Credit Repair Organizations Act makes it illegal for a credit repair company to charge upfront fees to provide credit repair services before the services are provided. However, a credit repair company can charge a nominal account set up fee. The purpose of this law is to prevent unscrupulous credit repair companies from charging large fees and not providing services at all which has happened in this industry. The details of ‘when services are rendered’ are difficult to interpret. But for individuals starting a credit repair business, this will affect their cash flow for a period of time. They will not be able to get paid right away. This can prevent well-intended people from starting a credit repair business.

Surety Bonds to Provide Credit Repair Services

The other key component that affects individuals that want to start a credit repair business is the requirement of a surety bond. Surety bonds are also known as a credit service organization bond or credit repair company bond. Surety bonds are like insurance policies with the consumer as beneficiary. If the credit repair company does not provide services after collecting fees from the consumer, the consumer can be reimbursed. Surety bonds basically ensure that the credit repair company will do what it says it will do.

The requirement for a surety bond and the amount of the surety bond is dictated by each state. Some states do not require them while others require different amounts up to $100,000. Surety bonds are purchased through private companies and fees range greatly. If a credit repair company has a surety bond in a particular state, they may conduct business only in that state. To do business in other states they must meet the requirements of those states.

Exemptions from the Credit Restoration Organizations Act

Written into CROA are exemptions for specific types of organizations or entities. If an entity that provides credit repair services is a bank, credit union, attorney, or 501(c)3 organization, they are exempt from CROA. This means they do not need to have a surety bond and can legally conduct business in any state if they fulfill other requirements in those states.

Understanding Credit Repair Laws

Understanding a few basics of credit repair law is helpful for consumers. But it is imperative for anyone that wants to start a credit repair business to understand these laws completely. Unfortunately, people spend a significant amount of time and money getting a credit repair business set up only to learn about these laws after the fact. Many either abandon their efforts and money or decide to continue and provide illegal credit repair services. This opens them up to a great deal of liability.

Provide Credit Repair Services Legally in All 50 States

For perspective credit repair business owners that want to provide services legally in all 50 states, there is a solution. There is a business model that is set up with all the infrastructure provided and all credit repair laws satisfied. And it costs less than $300 to get started. This is the business model we got started with back in 2012. If you’d like to know more visit Credit Repair Business Opportunity. Watch a 30-minute video. If you like what you see you can then book a phone appointment with me, Dale Guiducci, to learn more and get your questions answered. Ultimately our goal is to see if our business model is the right fit for you.

Credit Repair Business Training

It often occurs to me how much different this business of credit repair is than what people perceive it to be before they get into it. As an example, we get calls frequently from people that want to start a credit repair business. And, of course, they want credit repair business training. But they believe the training they need is in how to dispute and remove negative items from credit reports. Do they need to know that? Yes, and No.

Drafting Dispute Letters is Clerical Work

If you’re going to be the only one that runs and operates within your business, then yes, you do need to know how to draft dispute letters. However, the function of analyzing credit reports and drafting dispute letters is clerical work. A credit repair business owner shouldn’t expect to be paid a six-figure income for drafting dispute letters and other admin work. Someone else should handle this for their clients while they perform the function that creates the most value. And, that is building a business.

Soloprenuer vs. Entrepreneur

When someone starts a business and they are the only one in the business, they are not an entrepreneur. They are a solopreneur. They do everything and are responsible for everything. If something gets done they have to do it. Marketing, sales, admin work, customer service falls upon them. You do own your business. But your business also owns you. It’s not a sustainable business model. It’s not a smart move given the time, energy, and money required to start a credit repair business.

Instead, you should strive to be an entrepreneur where you are promoting, building, and directing your business. You handle the most important functions which are marketing and sales. You are the face of your business to your prospective clients and people that can refer business to you.

If you’re thinking about starting a credit repair business and are looking for credit repair business training, we can provide both. You can be in business tomorrow with a complete credit repair business infrastructure and credit repair business training. But we are not going to teach you how to draft dispute letters. Instead, we’re going to provide you with a staff of highly trained and supervised people that will do that for you. Instead, we’re going to teach you how to operate a successful credit repair business.

It’s not just credit repair training. It’s credit repair business training.

We teach our Agents how to be efficient and effective at getting clients, referrals for clients and overall, building a large business if that’s what they so desire.

We have a flexible online training program that will fit anyone’s schedule. In addition, our Agents receive one on one coaching from Dale Guiducci. Dale has developed a credit repair business that generates over $1 million in annual revenue. We teach people absolutely, unequivocally everything they need to know with regard to building a successful business in the credit restoration industry.

Don’t sign up for an expensive seminar that will teach you how to analyze credit reports and draft dispute letters. With our company you’ll have a staff that does that for you. Learn how to be a business owner, an entrepreneur in the credit repair industry. Learn how to leverage your time while you build your new credit repair business.

Be in Business For Yourself, But Not By Yourself

The key to success in the credit repair industry is the business model. If you do it all alone you simply won’t have the time and resources to generate the clients and deliver the service. With our business model it’s turn key for you. It allows you concentrate on the revenue producing tasks and let the clerical work be done by a  staff of trained people. If this makes sense to you click below and learn more.

Learn About a Business Model That Will Provide You With
Everything You Need to Get Started as an Entrepreneur in the Credit Repair Industry.

You Can Do Business in All 50 States Without Surety Bonds

And, You’ll Be Trained on How to Grow a Successful Credit Repair Business

CREDIT REPAIR BUSINESS OPPORTUNITY

This article was originally published on April 16, 2016. It was updated (6/24/20) to provide our readers with the latest and most accurate content.

Credit Repair Business Training
Credit Repair Business Software

Credit Repair Business Software

I found something interesting when researching keyword phrases that people search for on the internet relating to the credit repair business. The term, ‘credit repair business software’, is the 5th most popular searched for term. Yet terms like ‘credit repair business law’, ‘state regulations for credit repair business’, ‘credit repair state laws’, come up with no search volume. Meaning virtually no one is searching for information about the laws governing the business they are considering starting. Yet there is a frenzy over what credit repair business software to use.

On the one hand, I’m not surprised. People call us every week after starting a credit repair business or attempting to. They have suddenly realized one of two challenges or both. Either they discovered that they need to obtain a surety bond to have a credit repair business in their state and weren’t told that by the credit repair business software company. Or, they realized that having credit repair business software now means they must conduct every aspect of their business by themselves which requires far more time and far more money than they had counted on.

Credit Repair Business Software May Not Be You’re Best Move

I am going to share with you why contracting with a credit repair business software company is, in most cases, the worst move you can make when starting a credit repair business. If you disagree after reading this, you can then visit an article I wrote on The Best Credit Repair Software.

You’re likely perplexed at this point because everything you’ve read and researched on the internet says you need credit repair business software to start a credit repair business. Then I come along and tell you just the opposite. I understand so let me share why I’m saying that.

Solopreneur vs Entrepreneur

If you are considering credit repair business software that means you will be doing the marketing for your business to get clients. You will be doing the selling of your services to those clients. You will have to find a professional way to pull their credit. By the way, most credit repair business software companies will have you tell your clients to open an account with another company like Identity IQ. Your clients will pay an added fee for this. Then give you their username and password so you can look at their credit report. Not very smooth and professional.

You’ll use your software to analyze that credit report and draft and send dispute letters to the credit bureaus. Then you’ll need to keep your client informed and be the customer service person for every client in your business. There’s more to it than that actually. I call a person that does this a Solopreneur. Not an Entrepreneur. You have a business, true. But you’re doing everything. What happens if you have another job or business? What happens when you want to take time off or get sick. Who’s taking care of your existing clients, doing the marketing, making sales, etc.?

What Are You Good At and Have Time For?

What I just shared with you is the number one reason why people fail in the credit repair business. There is a major factor in how much time you have to do all this. But there is also something else. Are you good at all this? Do you have the skillset for marketing, sales, admin, customer service, and more? I know that I don’t. Which is why I went in a different direction. More on that below.

Here’s something else. Let’s say you are good at all those skills. What are you offering to the market? Credit repair, right? Well, so do thousands of other people. What makes you different than those thousands of other solopreneurs and the big companies you’ll find on page one of Google? That’s right. You’re just another credit repair company. I have a solution for that as well that you’ll learn more about below.

Research Credit Repair Law in Your State First

Looking for credit repair business software should not be the first item on the agenda. You need to understand that credit repair business software companies like Credit Repair Cloud want to sell you their software. They don’t teach you how to get your business legally set up in your state. You’re on your own. We just had a woman join our company that had spent about $1,000 with Credit Repair Cloud only to discover that she couldn’t legally conduct business in her home state of Georgia.

The first thing you should do when contemplating starting a credit repair business is to research the laws in your state pertaining to being a credit repair business owner. There is a federal law called the Credit Restoration Organizations Act, true. But each state has its own set of laws regulating the credit repair business. And, you had better understand those laws or you will open yourself up for some significant liability.

Surety Bonds

Most states require you to have a surety bond to protect consumers in the event you don’t complete the services yet keep their money. Basically, it covers damages to consumers by mismanaged and underhanded credit repair companies. But this only allows you to do business in that state. What about the surrounding states or states across the country? It is very impractical and expensive to obtain surety bonds in many different states and certainly the entire country.

How Are You Going to Get Credit Reports?

If you get a surety bond if required by your state, you are not done yet. Not by a long shot. You still need to figure out how to pull credit or use the choppy method suggested by your credit repair business software company. The reason why pulling credit for your clients is an issue is that credit is pulled through credit report brokers. These are smaller companies contracted with the credit bureaus to provide businesses like mortgage companies, car dealerships, retailers, etc. with credit reports. In effect, these credit report brokers represent and have contracts with the credit bureaus. And, guess what? The credit bureaus don’t like credit repair companies and direct their brokers to not work provide them with credit reports. Why? Because we make them do a ton of work (follow through on disputes) from which they generate zero revenue. The credit bureaus are in business to make money. We credit repair business owners cost them money. We are a huge expense and headache for them.

Getting Set Up to Take Credit and Debit Cards

But that’s not all. How are you going to take credit and debit cards? You’ll need a merchant services company to facilitate that. But first, you’ll need a merchant account at a bank. To get the merchant account you may need a business license. They will pull your credit, ask for employment history, bank statements, and more. Then, if you get the account opened, they will either help you facilitate taking credit and debit cards or pass you on to a third merchant services provider.

It’s not over. According to SquaredUp.com, “Whether you end up working with the bank or, more likely, a third-party acquiring partner, you’re going to end up with a “bundled” solution. This means that your payment processing, hardware, and software may be sold as one big package but are actually all from different companies. Sure, it may work in theory, but products made by different companies don’t always work together seamlessly. It’s highly likely that you’ll need additional support to get all the systems working together. You have to pay for that out of pocket. Plus, keeping all those systems working together over the long haul can mean lots of expensive maintenance.”

If you get through all of this, bless you. But I will wager that you won’t. And, here’s why. Merchant Services companies don’t want to do business with credit repair companies either! Why? Because credit repair clients always, 100% of the time, cancel their accounts. And, quite often they’ll request a chargeback, so they get ALL their money back. That’s right. They call their bank or credit card company and tell them they never asked for the service or didn’t get the service they expected. They are the client of the bank or credit card company and their wish is granted. Merchant Services companies hate this. And, by the way, merchant services cost you a lot of money as a business owner.

Now Go Build a Website or Pay Someone To Do It

Ok, so now let’s say you have your credit repair business software. You’ve got your surety bond in your state. Doing business in other states is not a priority for you. You don’t mind asking your clients to open an account with some company and give you their login credentials to look at their credit report. You somehow can take credit and debit cards. But what about a website? Social media accounts on Facebook, Instagram, YouTube, Tik-Tok, and more.

Going through what I’m telling you about will take months and cost you thousands of dollars. And, then you’ll be doing all the work. Your business will own you instead of the other way around. Is that what you’re looking for? If so, visit The Best Credit Repair Software. I truly wish you the best of luck.

A Better Credit Repair Business Solution

However, if you want a better solution that will put you in business tomorrow then do what I did. Work with a company that has the entire infrastructure already set up. Websites, pulling of credit, merchant services, and a customer service staff that does the dispute letters for you and takes care of your client after the sale. You still need to do sales and marketing. That’s on you. But think of the time you’ll have available to do it. And, get this. You’ll be able to do business in all 50 states immediately without any surety bonds! You can be in the credit repair business immediately and it costs less than $300 to get started.

I know it sounds too good to be true. Especially if you’ve already gone pretty far down the path with a credit repair business software company. This is the business I have owned and operate full time for the past 8 years. So, I have put a credit repair business video together for you to watch. It’s 30 minutes long. It gives you all the details. If you like what you see after watching the video, then just below the video is a tab. Click it and you’ll be directed to my calendar. Pick a day and time that works for you and we’ll get on the phone and talk. No selling on my part. I’m just here as a resource to answer your questions and see if our credit repair business model is a good fit for you. Please note that you must watch the 30-minute video first. I am not going to do a presentation for you. That’s what the video is for. I am going to have a business conversation with you and answer your questions. I do look forward to talking with you.

Watch Our 30 Minute Credit Repair Business Video

How Important is Your Credit Score in Retirement?

This article is re-posted with permission from LifeStyleOver50.com

You may be years away from retirement but if you’re 50 or over, now is a good time to think about your credit score. In this article, we’ll talk about why you need a high credit score as you get older and in retirement. And, we’ll discuss ways you can improve that score now. How important is your credit score? At any age, it’s very important. In retirement, it’s even more so.

Why Is Credit Score Important When We Get Older?

As we get older, typically we finance less. And, we certainly finance less high ticket items. Therefore, we use our credit less which can affect our credit score negatively. As well, especially when we retire, our income isn’t typically as high as when we were working. Therefore, it becomes a bit harder to get credit and the lowest rates when we do finance items because our debt to income ratio isn’t as strong. So, as we age, we want to focus on getting our credit score as high as we can and keeping it there.

How Will a Change in the Economy Affect My Credit?

A lot of people are talking about a downturn in the economy after the 2020 election or even sooner. When we have a recession or even a slow down in our economy credit tightens. It’s harder to get credit because it requires a higher credit score to get decent interest rates. As well, if the value of goods such as real estate decreases, we want to be in a great position to take advantage of lower prices. But in order to do so, we need good credit.

LifeStyleOver50.com

What Should My Credit Score Be as I Get Closer to Retirement?

Before we get into specific numbers that constitute a good credit score, it’s important to understand a few basics about how credit scores are calculated. First, there is a good credit score (670-739), a very good credit score (740-799), and an exceptional credit score (800-850). People have very good and exceptional credit scores when they are very active with their credit and of course, pay everything on time. Very active means that they use credit regularly and have a good mix of credit account types such as a mortgage, credit cards, and a car loan.

As we age, we may pay off a mortgage, decide to rent, use credit cards less and not have a car payment. This will lower your credit score but it’s nothing to panic about as long as your credit score stays in at least the good range. DO NOT incur debt just to raise your credit score. However, do use your credit cards for purchases and pay them off every month. That shows credit activity.

If your credit score is in the good range now, try to get it as high as you can and keep it there. If your credit score is lower than good, below 670, you’ll want to focus on getting it at least above 700 as soon as possible.

How Can I Increase My Credit Score?

The calculation of your credit score is a very complex equation. But generally speaking, a credit score is based on how much good current and past credit you have versus negative or derogatory items you have showing on your credit report.

If you don’t have a good credit history and positive accounts now, your credit score will suffer.

If you have positive current accounts but older derogatory items, your credit score will be lower.

If you have a good past history but no current positive credit accounts, your score will be lower.

So, as much as possible, you want to eliminate negative, derogatory accounts and increase current positive accounts without going into debt to do so.

Eliminate Negative Accounts    

Did you know that the U.S. is the only country on the planet that provides you a way to potentially remove derogatory accounts from your credit profile? The common assumption is that you must live with negative accounts on your credit report for 7 years from the date of the last activity on the account. More accurately creditors can only list a negative item on your account for as long as 7 years. That means you can potentially get negative items removed from your credit reports. There’s no guarantee, but it’s generally worth trying because of the positive impact it can have on your score.

Since 2012 we have represented one of the leading credit restoration companies in the country. We’ve personally helped over 1,000 people increase their credit score by removing inaccurate, obsolete, erroneous and unverified items from their credit report. 

Call us from the East Coast at 727-222-0120
Call us from the West Coast at 619-492-3040

Increase Positive Accounts to Boost Your Credit Score in Retirement

If you don’t use credit cards start using them. If you don’t want to carry balances that’s good. Just pay them off each month. Use them just for gas and groceries. That’s the money you need to spend anyway. But don’t open more than 3 credit card accounts. Very few people need more than 3 credit cards. Having too much credit available can negatively impact your credit as well.

If you currently rent a home or apartment get your rental payments put on your Transunion credit report. We can help you with that for as little as $6.95 per month.

If you need more positive accounts, instead of buying items such as computers, flat screens, etc. on your credit card, open an account with an online retailer like Finger Hut. They have a wide selection of name brand items on their website and they report to all 3 credit reporting agencies monthly. If you don’t want to carry a balance, then just pay it off in 30 to 60 days. It still will report as a positive item.

Learn about other ways to Boost Your Credit Score Fast

Good Credit Practices

Pay your bills on time. A late payment such as a car payment can cost you 60 points in your credit score overnight. If this happens know that your score will eventually climb back higher as you make future on-time payments.

Avoid high balances especially on your credit card accounts. Keep your debt utilization under 30%. That means if you have a credit limit of $5,000 on a credit card as an example, keep your balance under $1,500. If you go higher than 30% it will start to negatively impact your credit score.

DO NOT close old credit card accounts. There is a strong temptation to close old credit card accounts that we don’t use. But if you do that your credit score will suffer. It doesn’t seem logical but that’s the way credit scores are calculated. So, resist the temptation even if you need to pay an annual fee or if it is currently being reported negatively. Closing the account will not remove it from your report.

Have a good online credit monitoring service. To get a truly accurate credit monitoring service you’ll likely have to pay for it. Free services like Credit Kharma, are not necessarily reporting currently nor do they show all 3 of your credit reports. Similarly, if you use a service from one of the 3 credit reporting agencies like Experian, it may not show the other 2 agencies (Equifax and Transunion). Please note that not all creditors report to all 3 agencies. That’s why it’s important to be able to monitor all 3.

Have identity theft monitoring and protection. It’s very important to get notified if someone is trying to access your accounts to purchase something. That is the only way you’ll know if your credit information has been compromised or stolen before you get your statement online or in the mail.

How Important is Your Credit Score in Retirement?
Start a Credit Repair Business for 2020 and Beyond

Start a Credit Repair Business for 2020 and Beyond

2019 has been a year of change if nothing else. Stricter government regulations on the credit repair industry have kept our company busy making sure it and our Independent Agents are compliant in every way. In addition, we have been continually enhancing our product offering to our clients to include non-credit related products and services to help people save money. So, it was time, perhaps a bit earlier than I anticipated, to release a brand-new credit repair business overview video entitled, Start a Credit Repair Business for 2020 and Beyond.

Major Change in the Industry

Since 2012 when I first started my own credit repair business, I see a major change. It is far more difficult to start a credit repair business on your own now than ever before. It’s not just the government regulations. Although that is an issue. Even if, as a credit repair business owner, you learn the laws and try to abide by them, you may still get contacted by your state and be asked to make changes to your marketing or other practices.

But it’s also the competition. As in other industries, the larger players dominate advertising on and offline. They can afford to charge lower fees and beat the smaller companies that way as well. So, even if you figure out how to get your business up and running, you need to compete with much larger companies for the clients.

Work with Us and Stay Ahead of the Competition

That is why working with us is a great way to go. Collectively we are a major player. Our attorneys stay on top of all state regulations. And, we have done something no other company has done in this industry. We have other services that we give our clients at no extra charge. And, we charge less than any of the major players out there. Therefore, by working with us you stay ahead of the competition.

Start a Credit Repair Business for 2020 and Beyond, my new video, is going to share all the details. It’s 30 minutes long. So, get to a place where you won’t get distracted and take good notes. I love videos because they share 100% of the correct information 100% of the time. And they never forget to tell you something. But once you watch the video, you’ll then be able to book a phone appointment with me. We can get into any questions you may have. And, I’ll share with you my 7 plus years of experience in the industry. You can then make an informed decision if this is the right fit for you. I look forward to talking with you.

How to Sell Credit Repair
to Customer Prospects

Let’s assume you’ve started your credit repair business. You’ve put some of my credit repair marketing tips into practice. Or, some of your own. And now you have customer prospects. What are you going to tell them about your credit repair service that sets you apart from the competition? What’s going to get them to agree to becoming your customer and pay you to provide credit repair? The bottom line is, have you learned how to sell credit repair to customer prospects?

We use a very specific process when having a conversation with credit repair client prospects. This process is responsible for literally tens of thousands of sales of our credit repair services since 2012. We, of course, have revised the process as needed. But it still follows the same basic principles. It is one of the first tools we give a new credit repair Agent so they can learn how to sell credit repair to their customer prospects.

Ask Questions to Gather Information About Your Credit Repair Prospect

Too often salespeople in any business want to jump into telling and selling far too quickly. They’re so focused on closing the sale they forget the most important factor in selling. And, that’s to ask questions. By asking questions you do 2 very important things. You gather information that is useful in the subsequent conversation. And, you build trust and credibility. The more questions you ask, the more you seem like you know what you’re doing. You put people at ease. And, you don’t seem like an aggressive salesperson.

  • How did you hear about us?
  • What’s happening with your credit report (or credit score) that’s creating some challenges for you?
  • What type of derogatory items do you have on your credit report? (Note- we do NOT pull credit for a prospect yet. We do not do this until they start the service. We have found that people know if they have negative items on their credit report, what type of items they are, and roughly how old those items are. That’s all we need to know at this point.)
  • What type of accounts are they?
  • Are these open or closed accounts?
  • How old are these items?
  • Do you know your current credit score?
  • Do you own a home now or are you a renter?
  • What type of positive accounts do you have on your credit report?
  • What’s the primary reason you want to increase your credit score at this point?

Depending on their answers your conversation will go down different paths. But this is the basic information you want to know before you launch into telling and selling.

Educate Your Prospect on Credit Repair Law

This does not mean you start citing chapters from the Fair Credit Reporting Act. It does mean that as you explain what you do, the process you are going to go through to help them. As an example, explain that you’ll be looking at their credit reports and analyzing those reports to determine their derogatory items. You, or someone in your company, will draft dispute letters. The letters will go to the credit bureaus. The credit bureaus will contact the creditors. The creditors have 30 days to reply. If they reply, your item will not be removed, and you’ll have to take the next step. If they don’t reply, the item will be removed.

Whatever you feel your process is, explain it! This is key in learning how to sell credit repair. This provides comfort to the prospect. It also, again, builds trust and credibility. How are they going to be involved in this process? Explain it. Notice as you are explaining this process, you are selling your service.

Stop and Ask a Key Question

What’s the key question? “Do you have any questions about what I just explained to you?” You want them to ask questions at this point. What questions could they ask?

  • How long does it take? (I’ve learned to weave the time frame into my explanation of the service as covered above. This alleviates this question.)
  • Can you get a certain type of item off my credit report?
  • How much does it cost? (Hopefully you’ve not shared this with them yet. Why? Because you do not share prices until you’ve built value for what you do. In fact, you may not be done building value. See the next step.)

If they have no questions, that’s ok. You either proceed (see below). Or, you tell them how much your service costs.

What Else Do You Do Other Than Credit Repair?

This can be a huge factor in your success. If you’re going to have to compete with other companies in your area or on the internet, you have to offer more than removal of derogatory items. If you’re going to rely on word of mouth only, and your prospects aren’t going to call anyone else, maybe not.

We offer an array of credit-related and financial services as part of the credit repair service we offer. So, when we are teaching new Agents how to sell credit repair to customer prospects, this is a key component.

Close the Sale

Once you’re done with explaining other services you offer, or if you do not offer anything else as part of your service, it’s time to close the sale. We ask a very simple and non-threatening questions. “Does this sound like something you’re ready to get started with today?”

At this point you’ll find out how motivated they are. Do they really want to buy that house or car? If your prospect came as a referral from a real estate agent or mortgage broker, the chances of them saying “yes” are high. The chances are probably not so high if they came from an internet ad or Facebook or Instagram post.

If they say they are not ready, I suggest asking another question to find out why. “Is the reason you’re not getting started due to your budget or do you need to know more about how we can help you increase your credit score? This will typically flush out whether they have the money or not. If not, you can choose to get a future date when they will have the money and follow up.

Learn More About Our Credit Repair Business Model

We offer a very unique credit repair business model. This model can alleviate many of the challenges in starting a credit repair business. Visit Start a Credit Business. There you’ll find a detailed overview video. Once you’ve seen the video, if you’d like to ask questions and learn more, let’s talk. Click the ‘Book a Phone Appointment’ icon and schedule a call with me on a day and time that works for you. Talk to you soon!

I hope you got value from this post. That is my goal.
If you did, you can get notified of new blog posts as I publish them. Just enter your Name & Email Address.
“Please know that I do not distribute my subscriber’s information”. – Dale Guiducci

<img class="blog_post_image" src="https://secureservercdn.net/166.62.107.20/xnm.7ae.myftpupload.com/wp-content/uploads/2019/09/How-to-Sell-Credit-Repair-to-Customer-Prospects-625x415.png" alt="How to Sell Credit Repair
to Customer Prospects" />
Boost Your Credit Score

Boost Your Credit Score

Boost Your Credit Score
by Adding Positive Accounts

Most people don’t realize that there are many ways to boost your credit score.
Removing negative accounts from your credit report will increase your credit score.
And, we can help you with the best credit repair service in the country.

But you also want to ADD AS MANY POSITIVE ACCOUNTS to your 3 credit reports as possible.
The more creditors you have reporting a “paid as agreed” status
to Experian, Equifax, and Transunion each month, the more your credit score will rise.

Choose From a Wide Variety of Ways to
Add Positive Accounts to Your Credit Reports

Credit Builder Loans 

These companies offer a way for you to take out a small loan and pay it back. The money accrues in a savings account that you get back at the end of the term. The company keeps a small fee at the end of that term. This is a very affordable way to start building your credit score.

Self Credit Builder

Self Credit Builder

Build credit history & save money. No credit? Need to build credit?
1- Apply for a Credit Builder account. 2- Pay off your Credit Builder account in the specified time period (12 to 24 months). Your money is deposited into a CD. 3- Each monthly payment builds credit history and adds to your savings 4- Once you’ve paid off your Credit Builder Account, your CD unlocks and the money is yours.

Credit Strong

Credit Strong

Build Credit Even If You Don’t Have a Credit Card. Reports to all 3 credit bureaus.
1- Open an Account

2- Make On-Time Payments

3- Track Your Progress

4- Unlock Your Savings

Get Credit for Your Monthly Rent Payments

Right now your rent payment on your home, condo or apartment doesn’t give you credit on your credit reports. Change that!

Credit My Rent

Credit My Rent

Build credit with payments you already make. Right now your rent payment on your home, condo or apartment doesn’t give you credit on your credit reports. Change that! Get up to 2 years of past rent payments, and all payments in the future, placed onto your Transunion credit report.

Credit Cards are an Important Tool for Building Credit

Choose either a Secured or Unsecured credit card for people with lower credit scores. Or, if you have an excellent credit score, choose from some of the best rewards cards available.

First Progress Secured Credit Card

First Progress Secured Credit Card

If you’ve been turned down for a credit card due to credit score, open a secured credit card account. You put a small amount (minimum $200) on account with Synovus Bank and get a credit card with the same limit. Use your new credit card for items that you need every month like gas and groceries. Then pay the balance off each month. Your on-time payments get reported to each of the 3 major credit bureaus.

A Credit Repair Career –
What Does It Take?

When thinking about possible businesses to start, whether it be a part-time side hustle or a full-time venture, a lot of people think about a credit repair career. And, for good reason. Especially if they get gratification from helping others. A good credit score has become more important than ever before. And, there are millions who have a poor score and don’t understand how to get a good credit score.
I’ve written many blog posts and done over a dozen videos that you can find on my YouTube channel that explain the steps necessary to start a credit repair business. So, I’m not going to cover those details in this post. Instead, I’m going to focus on what it takes after someone has begun their credit repair career.

Know the Probability

I know this sounds very basic, but I talk to people in credit repair all the time that really do not know how federal law works. They simply do not understand credit repair law. It’s one of the first things I teach someone when they join our company. I’m not just talking about the Fair Credit Reporting Act. Someone in credit repair needs to understand the probability that an item can get removed from a credit report based on several different factors. How old is the item? What type of item is it? Who is the creditor? Is it an open or closed account? Is it a charge-off? Has the item been paid or is it still outstanding? All these factors will either increase or decrease the probability that you or any company can get that item removed for the client.

Understand the Credit Repair Market

Another area I see lacking by many that want a credit repair career is that they don’t understand the credit repair market. They believe that everyone that has a sub-600 credit score desires to take the steps and spend the money to get a higher credit score. That is not true at all. The only time most people with a poor credit score are motivated to improve their situation is when they want to use their credit. When they want to buy something like a home, a car, or another major purchase that requires financing. I say this all the time. “People can live their whole lives with a bad credit score.”

The reason that this is important to understand if you want to have a credit repair career, is because of marketing. You could spend a bunch of money and countless hours chasing the wrong people. You need to find people that are emotionally invested in a major purchase. And, have enough money so that your fee for service seems like nothing compared to not being able to make that purchase. Chasing people that have a low score but aren’t ready to buy something that requires them to have a good score is a serious waste of time and money.

Know Your Competition

It amazes me that people want to be successful in selling their credit repair service, but they have no idea who the competition is in their local area and the national companies. Once you learn who your competitors are then find out what they do and what they charge. Do they pull credit, or do they ask the client to furnish it? Is there policy to dispute all items right away or do they string it out to be able to charge more monthly fee to their clients? Do they provide their clients with any online reporting? You need to know what you’re up against in order to do what comes next.

What Makes You Different?

There are thousands of companies, large and small, in this country that do credit repair. How are you going to be any different? Why should someone trust you? What is going to make them start their credit repair service with you? If you can’t answer these questions with some serious differentiators and with confidence, stop now and find those answers.

How Are You Going to Get Your Clients?

This is also huge to figure out before you invest a lot of time and energy into your credit repair career. There are 2 main ways to attract clients. You can advertise. If you decide to go this way it doesn’t matter how you choose to do it, there’s always going to be a challenge. When someone calls, emails, texts, or comments in response to an ad, you’ll have no trust factor or no credibility. You’ll have about 10 seconds to develop that. Which means you better be good on the phone and have some sales skills. It goes back to what I said about people with a low credit score not necessarily being motivated. They may see your Facebook post at 11 at night and be a little curious. But are they serious? You’ll need to sort through a ton of advertising leads to find sales. Trust me.

The best way in this industry to find qualified leads and have trust and credibility before they even contact you is when you get referrals. Specifically, referrals from real estate agents and brokers, mortgage brokers and loan officers, and other credit-related industry professionals. This is the bread and butter of the industry. You can offer these professionals the opportunity to help them close more business and make a significant amount more money every year. All they need to do is edify you and give you their credit-challenged prospects info. It’s a beautiful thing.

Be Consistent in Your Credit Repair Career

In order to have a successful credit repair career, it’s also important to be consistent. Many people start a credit repair business on a part-time basis. It is easy in that case, to become distracted and not put in consistent hours and consistent effort into building your business. Especially in the beginning, whether or not it’s going as well as you expected, you have to push through the emotions and the fatigue and do the work every day. Given that you have studied and know credit repair law, know the chances of removing items, know the credit repair market, know your competition, can share your differentiators, and have a good marketing plan, you still need to work your tail off. It won’t come easy. And, it will take some time. But a successful credit repair career will only come to those that consistently work on their credit repair business every day.

If you would like to learn how you can have your own credit repair Agency and work with me, visit Credit Repair Business Opportunity to watch a short video and then book a phone appointment. We’ll talk about what you’re trying to accomplish and whether what we do is a good fit for you.

I hope you got value from this post. That is my goal.
If you did, you can get notified of new blog posts as I publish them. Just enter your Name & Email Address.
“Please know that I do not distribute my subscriber’s information”. – Dale Guiducci

<img class="blog_post_image" src="https://secureservercdn.net/166.62.107.20/xnm.7ae.myftpupload.com/wp-content/uploads/2019/09/A-Credit-Repair-Career-What-Does-It-Take-625x415.png" alt="A Credit Repair Career –
What Does It Take?" />
Best Tampa Bay Credit Repair Service

Best Tampa Bay Credit Repair Service

For 5 years in a row, ERA Credit Services has been chosen by our clients as the best Tampa Bay credit repair service. We’re extremely proud of this. And, we’re excited that a decision we made years ago allows us to bring the very best credit repair service to Tampa Bay.

ERA Credit Services is an Independent Agency representing a 501(c)(3) non-profit organization
and does not directly provide credit repair services or accept funds from clients for credit repair services.

What was that decision? Well, you’ve heard the saying, “if you can’t beat ‘em, join ‘em”. In 2012, my wife and business partner, Shirley and I were looking for the very best credit repair company we could find to help our credit challenged clients. We had an accounting business serving small business owners. Some of those clients needed credit repair to help them recover from the recession.

To make a very long search and story short, we contacted many companies and were getting discouraged. None of them seemed to provide the service and customer support we desired for our clients. Until, through a Facebook post, we found out about the very best company in the country. After extensive research on that company we also learned that they had an opportunity for us to represent them and provide the services directly. We decided to join forces with that company and haven’t looked back. In fact, 2 years later we closed our accounting business and have been exclusively in the credit repair business ever since.

So, what makes that company the very best Tampa Bay credit repair service and best credit repair service in the country?

There are 4 key points.

All Derogatory Items are Addressed Immediately

A significant number of companies in the credit repair industry do not address all items for their clients right away. They do just 2 or 3 at a time. The only reason for that is to delay the conclusion of the service and thus charge the client more monthly fees.

We address all items right away, period. Our goal is to provide our clients with the highest credit score possible, as quickly as possible. Not only will that allow them to achieve their goals faster, but it will save them money.

Our Clients Receive Other Services to Help Increase Their Credit Score at No Extra Charge

Credit repair, which is the removal of the derogatory or negative items from a credit report, will increase your credit score. However, there are other ways to increase your credit score. We provide you with credit education, so you know what these ways are. You also receive online credit monitoring so you can follow the progress of your credit repair service. We protect your identity so no one can adversely affect your credit and credit score. And, you receive other services as well. All are provided at no extra charge.

Our Clients Get an Online Account Showing Every Aspect of Their Services

We provide you with a secure, password-protected online account. You’ll be able to see every step and all progress of your credit repair service. As well, this is where you’ll access your other services including credit education, so you’ll know exactly how to have the best credit score possible. If you prefer to use your phone versus a laptop or PC, we provide you with a Free Phone App so you can access all your services including credit restoration through your phone.

Superior Customer Support in English and Spanish

We have a staff of highly trained Customer Support Agents. These credit professionals are available Monday through Friday from 9 am to 9 pm Eastern time (Adjusted hours during COVID-19 Virus are 9 am to 5:30 pm Eastern). You can ask questions and make changes any time you like. And when you reach your credit score goal, they can cancel your account over the phone.

You will not find a more experienced, dedicated, and effective credit repair company anywhere in the country.

Book a Free, No-Obligation Phone Consultation

Click the icon below to book a time to speak directly with me, Dale Guiducci, or my wife Shirley. We will figure out what your needs are. We will explain how it all works including what it takes to get started. Then you can make an informed decision. If you want to get started, we will start you right then. We need about 20 minutes for the whole process.  We look forward to talking with you.

Find Out More About the Best Tampa Bay Credit Repair Service

If you would like to know more before you book a phone appointment with me, go to ERA Credit Service Credit Repair. Thanks for stopping by!

The Best Credit Repair Software

If you are interested in starting a credit repair business, then you realize there are a lot of items to research. One of the more crucial items is the software you’ll use to generate dispute letters. There are many different options out there which makes it more confusing and time-consuming. So, what is the best credit repair software?

Here’s what I can tell you which I believe is the most important choice factor. I have talked to literally thousands of people over the last 7 years who either want to be in the credit repair business or already are. Those that were in the credit repair business already did the research. There were many to choose from:

Credit-Aid
DisputeSuite
ScoreCEO
TrackStar
TurboDispute
And more

The Best Credit Repair Software

The #1 choice for those that were already in the credit repair business that I talked to is Credit Repair Cloud. A lot of these credit repair business owners had spent a lot of time researching, and also using Credit Repair Cloud, and decided it was the best credit repair software.

But read on…

The most important thing for you to realize is that these established credit repair business owners that were using the best credit dispute software were talking to me because something was wrong with their business. To be more specific, something was wrong with their business model. They were calling me to understand our credit repair business model to overcome the challenges they had. What were those challenges?

Let’s go back to the research you’re doing. You’re coming to realize that to get your business started, in addition to finding the best credit repair software, you also have to:

– Investigate what your state requirements are (surety bonds and/or other).
– Realize that satisfying your state requirement only allows you to do business in your state.
– Investigate the federal Credit Restoration Organizations Act (CROA) to understand how you can charge a client.
– Figure out how to pull credit for your clients (credit report brokers will not work with credit repair companies). Even Credit Repair Cloud refers you to an online credit monitoring service that requires your client to pull their own credit. This is not the most professional approach.
– Figure out how to be able to take credit and debit cards (merchant services companies will not work with credit repair companies).
– Build a website and learn how to drive traffic to that website while competing with large companies on Google such as Lexington Law, CreditRepair.com, Pyramid Credit Repair, and others.
– Develop strategies to compete with companies in and out of your area that have a Better Business Bureau rating and accreditation, National Association of Credit Services Organizations (NACSO) certification, or other designations.
– And more…

But What’s Your Biggest Challenge

BUT HERE IS THE BIGGEST CHALLENGE YOU FACE AND WHY THESE CREDIT REPAIR BUSINESS OWNERS WERE CALLING ME. Despite what ALL these credit dispute software companies tell you, providing credit repair service to a client is very time-consuming. You need to figure out how you’re going to find the time to market your business, sell to those prospects, provide customer support after the sale AND, provide the service. Importing credit reports and generating dispute letters is key. But it’s only part of providing service.

And, by the way, even if you figure this out, you’re still only providing credit repair (the removal of derogatory items) to your clients. Successful credit repair companies today provide far more services like online credit monitoring, identity monitoring, credit education, and online tools for their clients.

If you can afford to hire staff, you may overcome this challenge. But if you’re going it alone you should be prepared that this will require more time than you’re anticipating. If you have a job or other business, you’re going to have to find that time. That is why these people were calling me. They didn’t have the time to do everything. They had to either stop marketing efforts because they didn’t have the time or turn away clients.

The Big Takeaway

So, what’s the biggest take away from this? The best credit repair software is not going to overcome your biggest problems. After 7 years in the business, I can emphatically tell you with conviction and confidence, there is only one business model and opportunity in the country that WILL overcome every challenge you face in starting a credit repair business. And, that’s ours.

Take 21 minutes to watch a detailed overview video about our business model. You’ll learn that:

  • No surety bond is required
  • You’ll immediately be able to do business in all 50 sates
  • We are fully compliant with CROA
  • Credit is pulled for your clients at no charge to you
  • Accept Visa, MasterCard, Discover, American Express, and debit cards at no charge to you
  • You’ll have a professional, customized website provided for you
  • Access to complaint social media marketing materials, phone apps, a sales funnel system and more

And, you’ll learn that you won’t have to worry about analyzing credit reports and drafting dispute letters. That will be provided for you by trained and experienced staff.

A Credit Repair Business Opportunity that Solves All the Problems

There’s more to learn about our business model so visit Credit Repair Business Opportunity to watch that video. Then, if you like what you see and want to talk directly with me, click the icon below the video to ‘Book a Phone Appointment’.

I look forward to talking with you.

I hope you got value from this post. That is my goal.
If you did, you can get notified of new blog posts as I publish them. Just enter your Name & Email Address.
“Please know that I do not distribute my subscriber’s information”. – Dale Guiducci

The Best Credit Repair Software