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LEARN HOW TO START, RUN, OR GROW YOUR CREDIT REPAIR BUSINESS

[Credit Repair] How to Stay Out of Trouble and in Compliance in 2021

By: Daniel Rosen March 30, 2021

“How do I stay compliant?”

“How can I make sure I do credit repair the right way?” 

Staying in compliance with your credit repair business should be a top priority, if for no other reason than it’ll save you tons of money, and stress over time.  

So what do you need to know and do to remain compliant in 2021? 

Let’s start by going over some of the basics.  By understanding and implementing these, you’ll enjoy peace of mind and can focus on what really matters – changing a ton of lives and making a great living in the process. 

 


3 Credit Repair Compliance Basics

  • Transparency

Your clients need transparency. They should know exactly what you’re doing since you’re sending everything in their name and they are paying you. 

If you use Credit Repair Cloud software, they can see their progress reports in the portal, which will give them insight into where you’re taking action. 

Allow them to see everything you’re doing ( the content of the letters you're sending)!

Some credit repair business owners think that they’re giving away trade secrets when they show their clients how they make progress and how their credit score is increasing. 

This is not true!

Anyone could do the work of credit repair, just like anyone can cut their own hair or do their own taxes, but most won’t. 

People pay you to be the expert and to help them get the result. Most people have ZERO desire to learn all of this on their own. 

As you go, you’ll also teach your clients how to better handle their finances and their credit so they can maintain their great credit long after your work is done.

Remember, you’re building a business and a reputation. Your transparency will create referrals and grow your business much more quickly than pretending you're the only one who knows how to do credit repair.

  • Set Realistic Expectations

Let’s talk about expectations and honesty in advertising your credit repair business. If you’re dishonest with your advertising or just straight lying to your clients there are major legal consequences. 

 

Things you should never say to leads or clients:

We can delete anything – The truth is, you can’t! There are items which cannot be deleted. You won’t know until you’ve relentlessly attempted to do so.   

We can delete accurate information – You should not say you can delete accurate information. If the item is questionable, dispute it. If it is verified as accurate with all entities, you will likely not be able to delete it. If you are persistent, you never know… it could fall off but probably not.

We will get you XXX credit score – Credit scores constantly fluctuate and there are many types of credit scores. You should never guarantee to reach a specific credit score!   

We guarantee you will be approved for a loan – You are a credit repair pro, not a loan company. You do not know what guidelines their lender has for approval. Approvals are usually based on many factors outside just the credit report. Never guarantee a consumer will be approved for any loan!

We can clean up your credit fast – Consumers didn’t get into problems overnight and the issues will not be resolved overnight. This process takes time, persistence, and pressure, and even in the most ideal circumstances 6-12 months to complete credit repair. Set realistic expectations. 

We use loopholes – It’s not true! Loopholes are shady! As Credit Heroes, we use consumer protection laws such as the FCRA to audit the credit bureaus. If the bureaus can’t verify the information, it must be deleted. This is not a loophole, it’s knowledge and persistence.

Finally, stay away from using absolutes - To protect yourself and your company, try to not use absolutes. Absolutes are words that give the impression that something is definite or guaranteed. 

A few examples of words to remove from your scripts or marketing materials are:  

Definitely  –  Certain  –  Convinced  –  Positive  –  Absolutely

 

  • Local Regulations

In order to be compliant on a local level, state level, and federal level - depending on where your clients live - you may need specific licenses, bonds, or potentially register as a credit service organization. 

To learn more about state-specific regulations, visit www.creditrepaircloud.com/all-states

Remember, running a business the right way means going above and beyond what is required legally, being transparent, and always remaining truthful. 

Not only is it the right thing to do, but it also leads to better clients with realistic expectations and a lot more lives changed which means a lot more revenue! If you’re just dabbling in the credit repair industry and would like me to hold you by the hand as you launch your very own credit repair business in just a couple of weeks - I wanna invite you to join our upcoming Credit Hero Challenge! We start in just a few days, so go to creditherochallenge.com today!

 

Be sure to subscribe on your favorite platform below!

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Topics: Podcast

Transcript

0:00  

Recently, there's been a whole lot of talk about the credit repair industry, both in our community and all over the world, really. And out of all the chatter, a few questions keep popping up again and again and again, like, how do I stay compliant? How do I stay out of trouble? How do I do credit repair the right way? And sometimes, all these questions can feel so scary that instead of trying to do everything right, you end up doing nothing at all. So that's exactly why I wanted to make this episode. Because there are just too many people who need your help for you to stay stuck in fear or in doubt. So today, I'm going to take all the mystery, all the intimidation, and fear away from compliance so that you can feel confident to make this year your best year to run and operate your profitable credit repair business! So stick around! 

 

So the big question is this. How can we take our passion for helping people with their credit and turn it into a successful business without taking loans without spending a fortune by bootstrapping it from nothing, so we can help the most people and still become highly profitable? That is the question, and this podcast will give you the answer. My name is Daniel Rosen, and welcome to Credit Repair Business Secrets.

 

Okay, before I dive in, if you are new to my podcast, be sure to click to subscribe, and if you love what you hear, please leave a review or give me a thumbs up. And believe it or not, I read each and every review, and I love to hear from you. Also, if you want to know more about how you can launch your very own credit repair business in just a couple of weeks, go to creditherochallenge.com. Okay, let's talk compliance! Compliance should be an essential part of your business operations because it can save you tons of money and stress. So let's start by going over some of the basic things that you can do to be compliant. So that you can have peace of mind and focus on what really matters, changing a ton of lives and making a great living in the process. So for starters, your clients need transparency. They should know exactly what you're doing since you're sending everything in their name, and they're paying you. If you use Credit Repair Cloud software, your clients can see their progress reports in their portal, which will give them insight into where you are taking action. So allow them to see everything you're doing, including the content of the letters you're sending. This is very important. Some credit repair business owners, they think they're giving away trade secrets when they show their clients how they make progress and how their credit score is increasing. And this is not true. Okay, anyone can do the work of credit repair. All right, just like anyone can cut their own hair, and anyone can do their own taxes. But most people won't. People pay you to be the expert and to help them to get the result. And most people have zero desire to learn all of this on their own. Now, as you go, you'll also teach your clients how to better handle their finances, as well as their credit so that they can maintain their great credit long after your work is done. Remember, you are building a business and a reputation and your transparency is going to create referrals and grow your business much more quickly than pretending like you're the only one who knows how to do credit repair. So next, let's talk about expectations and honesty in advertising your credit repair business. If you are dishonest with your advertising or just straight out lying to your clients, there are going to be major legal consequences. So here are some things that you should never say to leads or clients. We can delete anything. The truth is, you can't. There are going to be items that cannot be deleted. And you won't know until you've relentlessly attempted to do this. We can delete accurate information. You should not say that you've been deleted accurate information. Okay, if the item is questionable - dispute it. If it's verified as accurate with all entities, you will likely not be able to delete it. But if you're persistent, you never know it could fall off. Maybe so maybe not. But you can never promise that we will get you xx x credit score. credit scores constantly fluctuate, and there are many types of credit scores. So you should never guarantee to reach any specific credit score, we guarantee you will be approved for a loan. Look, you are a credit repair Pro, not a loan company. You don't know what guidelines their lender has for approval approvals are usually based on many factors outside just the credit report. So never guarantee that a consumer will be approved for any loan. We clean up your credit fast. Consumers didn't get into problems overnight, and their issues won't be resolved overnight. This process takes time, persistence, and pressure, and even in the most ideal circumstances, six to 12 months to complete credit repair. So be sure to set realistic expectations. We use loopholes is not true. Okay? It's not true loopholes are shady; they sound shady. Don't say this as Credit Heroes, we use consumer protection laws, like the Fair Credit Reporting Act to audit the credit bureaus. If the bureau can't verify the information, then it must be deleted. This is not a loophole. It's knowledge and persistence. And finally, stay away from using absolutes. Okay, to protect yourself and your company. Try to not use absolutes. Absolutes are words that give the impression that something is definite or guaranteed. A few examples of words to remove from your scripts or your marketing material are definitely "certain," "convinced," "positive," and "absolutely." And finally, in order to be compliant on a local level, a state level, and a federal level, depending on where your clients live, you may need specific licenses, bonds, or you may need to potentially register as a credit service organization. To learn more about state-specific regulations, visit creditrepaircloud.com/all-states. And remember, running a business the right way, it means going above and beyond what is required legally. Okay? It means being transparent and always remaining truthful. Not only is it the right thing to do, but it also leads to better clients with realistic expectations. And a whole lot more lives changed, which means a lot more revenue. And if you're just dabbling in the credit repair industry, and you would like me to hold you by the hand as you launch your very own credit repair business in just a couple of weeks, I want to invite you to join our upcoming Credit Hero Challenge. We have another challenge starting in just a few days. So grab your spot right now at creditherochallenge.com. And if you're finding value in the things that I'm sharing on this podcast, click below to subscribe, okay? I don't want you to miss any episodes. And if you're listening on YouTube and feeling kind, drop me a comment, give me a thumbs up because, believe it or not, that stuff really helps me. And I will see you on the next episode. And until then, be a Credit Hero and keep changing lives.

 

Want a fast track to creating an amazing business that helps people, changes lives, and makes you a great living in the process. Then I'd like to invite you to my free online training at creditrepaircloud.com/freetraining. In this free training, you will learn how to get clients willing to pay you even if you're just starting out, how to get easy credit repair results without being an expert, and how to get all the clients you'll ever need without paying for advertising. Again, this training is absolutely free; just visit creditrepaircloud.com/freetraining.

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