When I take my car into the dealer to get serviced, I know they will not only change the oil but also check the vehicle’s fluid levels, the air filters, and provide a few other services that are part of maintaining care of the car.
As a credit repair consultant, people in your community trust you to help them achieve financial success. People are coming to you for credit repair service, but you can do much more than that. Credit repair companies can, and often do, assist clients with loan approval, inquiry removal, and more.
Read on for the five credit repair consultant services that your clients cannot say no to:
1. Perform A Credit Audit (Credit Report Analysis)
A free initial credit report analysis is a great way to show leads how the credit repair process works and win them over as clients. There are a few keys to this process:
- Have the client gain access to their credit report by signing up for a credit monitoring service. The $1 trial gives them access to all 3 bureau reports and scores.
- Import the credit report into Credit Repair Cloud
- Run simple audit with 1 click and create a credit analysis report (a credit audit) that will show your client all about the issues on their report and your plan to improve their credit. It’s the greatest salestool ever. to show the client where you can start to improve their credit right away
Here’s a video that shows how this works: https://youtu.be/A3uDcbp1hNk
Free initial credit report analyses through Simple Audit are great selling points for clients and referrals curious about what a credit repair consultant does. The best part is, you can do this while you are still learning about credit repair because Credit Repair Cloud software does the investigative work for you.
As the credit repair process goes on, you can provide credit report analyses as a part of your recurring monthly credit repair service fee.
2. Common Error Removal
Credit repair consultants are able to help clients improve their credit and give people relief from financial pressure (and stress!) of common mistakes on their reports. Liens, charge offs, bankruptcies, and repossessions can all be taken off a client’s credit report.
Here is a list of common errors a credit repair consultant removes for their clients:
- Late payments
- Charge Offs
Even accurate items can often be removed, if you challenge them and demand proof. In many cases, there is no supporting documentation. "If they can't provide-it--they must remove it" is a fitting adage for this concept. A great credit repair consultant is very adept in challenging these items for their clients.
Some items, like hard inquiries, are much harder to remove, and don’t impact the credit score as much as the other errors, but a credit repair consultant can still get these items removed through dedication and hard work.Hard inquiries result from credit checks, typically completed to approve the client for a loan or for a rental agreement. If the client did not consent to the inquiry, it should not be on the report. If the inquiry is over 2 years old, it should not be on their report.
You can dispute hard inquiries with the bureaus through dispute letters and Credit Repair Cloud has sample letters ready for you to use in our credit repair software. Some credit repair consultants, like First Capital Inquiry Removal, have built entire businesses around removing credit inquiries. (You can read their success story here.)
3. Credit Education
Part and parcel of being a credit repair consultant (rather than a credit dispute expert) is the mandate to give your client credit habit awareness and educate them on how to replace poor credit habits with healthy financial habits.
A great way to provide credit education to the community is by hosting a local radio segment on credit or financial education. Many people in your community are unaware of how credit works. Clients’ credit scores will only get better as they integrate better financial habits into their lives.
- The founders of Second Sunrise Credit Repair in South Carolina host a radio show that educates the local community on how credit works
- You can learn credit tips to share with your clients in this article
- Credit Repair Cloud’s client portal provides many educational tools built into the software, including helpful videos to walk clients through steps of the credit repair process.
4. Loan Approval Assistance
Credit repair consultants like Integrated Loan Services help clients that are looking to purchase a home or become approved for another loan to get their credit ready for the loan approval process.
Zillow provides a free Affordability Calculator where current (and future) clients can see important information like:
- What loan amount can they afford?
- What would their monthly payment be?
- When is their estimated payoff date?
Once a client sees what amount they are likely to be approved for now, they may be more motivated to adhere to their end of the commitment in your credit restoration program so they can increase that loan amount in the near future.
5. Foreclosure removal
Real estate industry website House Logic lists the factors that Fannie Mae, Freddie Mac, and FHA loan application processes take into account. Most major banks also follow these guidelines. One of the factors is foreclosures on a credit report.
Many clients are looking to improve their credit by removing inquiries and focusing on overdue items or other disputed items and completely miss the impact a foreclosure has on their record. Here are the facts:
- FHA guidelines recommend a 3 year waiting period before receiving a new home loan
- Fannie Mae and Freddie Mac suggest a 7 year waiting period unless the person can show extenuating circumstances
- You can work with clients to shorten the length of the waiting period by putting together important information and fact-checking, skills you already have with credit dispute letters
Credit Repair is a Service Industry
Credit repair is the long-term result of a credit repair consultant’s collaborative relationship with credit repair clients. It includes disputing inquiries, disputing negative items, and working with the client to educate them and help them reinforce better credit habits. All of these aspects work together to repair your client’s credit and improve their score.
Whatever services you offer in addition to credit repair, being a credit repair consultant is an important job that requires a client-first mentality. Provide awesome customer service and clients will send their family and friends your way in an endless stream of referrals.
Watch this webinar to learn how to run a successful credit repair business today!