The credit repair industry is growing so quickly as more and more people need help to fix their credit because of these crazy economic times.
That means, there’s a ton of potential to start, run, and grow a profitable credit repair business right now.
But before you get too far into it, there are a few things you really need to know in order to stay out of trouble.
So today, I’m gonna look at 3 of the most dangerous lies and misrepresentations out there so you can avoid costly mistakes and instead can focus on building the business of your dreams and changing alotta lives.
So let’s get to it.
Dangerous Credit Repair Business Lie #1:
“Focus first on building your business and making money.”
Jeff Bezos, the richest man on the planet, famously credits his incredible success to “Always putting the customer first”...
And he’s right.
If you focus only on building your business and making money, you may have some success, but it’ll be nothing compared to how huge your business could grow if you focus on changing lives.
I know this is true because it’s exactly what happened with Credit Repair Cloud.
When I stressed over every penny and focused on chasing the money, we were stuck. The company didn’t grow. But then when I realized all the lives that could change if I really focused on helping people, we started to have huge growth, month after month.
The same will be true for your business. The potential you have to grow beyond what you can imagine will only ever be realized IF you focus on your client’s and changing their lives.
The revenue will always follow because dollars follow value.
Add value to your clients and community, and the money will follow.
Dangerous Credit Repair Business Lie #2:
“Sometimes you need to bend the rules to get credit repair results.”
The credit repair industry is regulated at both a state and federal level. So in other words, the Federal Government has rules you need to follow and each individual state has its own set of rules as well.
At a federal level, the Credit Repair Organization Act is the law of the land. Under CROA, it says you cannot lie or advise others to lie about their credit history, you cannot alter identities, misrepresent services or charge people before the work is complete.
CROA also mandates specific requirements your contract must adhere to such as the payment amount, description of services, an estimate of how long the service takes as well as two identical notices of cancellation.
On a state level, every state is different.
Some states have no requirements while others are pretty strict. Some of the things you want to make sure you know about for the states you have clients living in are:
- Does the state require a bond?
- Does the state require specific disclosures in your contract?
- Does the state require CSO registration?
- Does the state require a minimum refund period?
- Does the state require a specific term or limit on what you can charge.
To learn more about the specific compliance regulations you need to follow, you can check them out at creditrepaircloud.com/all-states.
The third and final dangerous lie out there is:
Dangerous Credit Repair Business Lie #3 “I can stretch the truth as needed to get leads.”
What does that mean exactly?
I think we’ve all seen examples of this at one time or another. It may be an ad or video that says, “Guaranteed 100+ point increase in 30 days or less”... or “We’ll get all your negative items deleted in 30 days or less - now matter what they are!”
Aside from the obvious reason it’s best not to mislead your potential new clients, there’s also danger involved in making claims that can’t be backed up by consistent results.
Regulators are known to go after credit repair organizations that make deceptive statements, false promises or imply they can do more than they truly can.
It’s VERY important that you make sure your website, sales script, social media, marketing materials and advertisements are free of any kind of misleading or deceptive information.
The FTC and other consumer watchdogs who judge your content, judge it based on the overall “net impression” of whatever you’re saying.
This means they look at what the content says or shows from the viewpoint of the audience you are trying to reach. If your content is part of the consumers decision to buy from you and it’s not transparent and truthful, you could run into dangerous problems.
Also be cautious about offering resources, results, or content that generally seems too good to be true.
- The following should be off-limits to every Credit Hero:
- Credit sweeps
- New identities
- Overnight results
- Guaranteed credit scores
...and all the other scams and gimmicks out there promise anything not taught through Credit Repair Cloud’s trainings.
In the end, the TRUTH is, there has never been a better time to start, run, and grow a profitable credit repair business. AND there’s NO reason to bend or break the rules, or do anything that would put you or your business in jeopardy.
So if you wanna know more about compliance, regulations, disputing, how to start and grow a credit repair business AND you wanna learn from myself and other experts in the credit repair industry, then I invite you to join the upcoming Credit Hero Challenge where we’ll walk you by the hand as you launch your credit repair business in just a couple of weeks even if you HAVE no experience in credit repair or as an entrepreneur.
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