Daniel Rosen 0:00
Hey, Credit Heroes! In the last episode, I sat down with Corey Gray, who is our resident expert and authority on credit repair here at Credit Repair Cloud. And between the two of us, we answered every single question that every new credit repair business owner wanted to know. We talked about disputes, running your business, dealing with bankruptcies, getting clients getting paid, you name it, we talked about it, if you are in the credit repair business, or you're just getting started. And if you have burning, burning questions, well then listen up because you are going to love the second half of my QA session with Corey Gray.
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.
How do you feel?
Corey Gray 1:15
I feel great.
Daniel Rosen 1:16
Ready to answer some more questions?
Corey Gray 1:18
I'm typically not the video type person, but you know, it's coming pretty naturally at this point.
Daniel Rosen 1:24
I think we need to do this often.
That would be really cool. Okay, so another cool name, Kofi... Oh, how do you say this... Kofi Amankwa. That's a cool name! Okay. He asks, "Is it beneficial to use FICO to pull credit reports for your customers who are looking to become homeowners instead of the other credit monitoring services, like identity IQ, Privacy Guard etc. I noticed the credit monitoring services use the Vantage Scores where most mortgage lenders go off of FICO 2, 4 and 5. I guess for the basis of accuracy, I'm curious to see what the difference looks like if it even matters and what the results are?"
Corey Gray 1:26
Let's do it!
Sure. So this is a good question, Kofi. So first of all, let me just say that there are a million different credit monitoring services to choose from. And they all... A lot of them have their own scoring models. And their scoring models is basically a bunch of mathematical calculations that they use to create the score. It's algorithms. FICO is the most widely used and that's what a lot of lenders use, but there's so much confusion. I could talk about this subject for like, a few hours, but so Kofi is asking if it's beneficial to use FICO to pull credit reports. Well, you can use... The only place that you can pull your FICO score from is myfico.com. And myfico.com is not going to be the same exact scoring model as what your lenders use, because there's Version 2, 3, 4, mortgage, insurance, there's all different types of FICO scores. And the Bureau's like to keep it this way they like to make it as confusing as possible. So like FICO, for example, it's on a scale from 300 to 850. Right? 300 is the worst 850 is the best. If you're on Vantage, just by memory, I think it's 450 to 990, if I'm not mistaken. And so really, the different scoring models really just don't really matter. Because you're really looking, you're really looking at your score, just to kind of give you a general idea of your score is good. It sucks if it's great, because at the end of the day, when a lender pulls your credit report and your score, that's the score that they use, they could care less about all these different monitoring services, all these different scoring models. They're going to look at the model that they're pulling from, and there's a bunch of different models just for mortgage in itself. So some mortgage brokers might use version two, or version three or version four. So keeping track of it on a day to day basis, I really don't feel like is, it's really beneficial to the client, you can go to my FICO and I think it's like 30 or $40 a month to keep up with your FICO scores, I would just use whatever scoring model you're using. And then when it's time to go ahead and apply for that mortgage or apply for that auto loan or apply for the business loan or whatever it is that you're trying to get. Just make sure that your balances are as low as possible that you have as little negative information as possible. And that you know, you have the documents to support your income. So, I hope that answered your question. Okay. It's a little it gets a little bit with scores.
Daniel Rosen 4:48
I want to add more to that. If it says a credit repair client you're talking about. You're going to want them in the credit monitoring service that imports into Credit Repair Cloud, okay, because That's going to make it one click easy. And otherwise you're working manually, and it's going to be really, really super hard. So which system doesn't matter, All that matters is you get them into one service. Okay, that imports into Credit Repair Cloud, and then whatever their score is, that's your baseline during the credit repair. As a credit repair specialist, your job isn't to raise scores, your job is to remove as many negative items as possible. Okay?
Corey Gray 5:32
Remove the negative, add the positive.
Daniel Rosen 5:34
Exactly! And attack errors first, and then go after the low hanging fruit first. And as things come off, of course, the score is going to go up, but you don't want to focus on the scores. You just want that credit monitoring account to be the baseline, and you start attacking those things. So you can, like you said, remove the bad, put on the good and then you'll know when all the issues are resolved. On the report and when that client is ready to go, have the mortgage broker run the report for their mortgage. Yeah.
Corey Gray 6:08
Daniel Rosen 6:09
I think that helps. Okay, let's go on to the next question. And this gets to questions from Gar blah, page. Okay, the first question is, what is the best additional service to add to your credit repair business to keep the happy and paying for a long time?
Corey Gray 6:28
Well, really, for me, it was just making sure that I did slow steady progress. I've mentioned this a bunch of times in Facebook, you know, a lot of people are saying, you know, just feed everything all at once and you get it done much quicker. And there's other people that say, you know, do it in four cycles, and that's all you need. Really, my clients were preempted with, hey, this is a long term process. It doesn't happen because so many people are different. I would love to be able to To show quicker progress and get a client done faster, instead of saying that they'll be done faster and then not being able to perform. So, you know, I told every single client coming in that it was a six to 12, sometimes 18 month process, we're going to dispute a couple of items every cycle. And it's really all about persistence and pressure. And over time, we're going to remove negative information and add positive information and do everything we can. Other than that, I really didn't offer any other services. I know a lot of other people are doing, you know, insurance or notary or financial planning. Some of them are offering business credit or tax prep, but garba really, in my experience, I really didn't offer any other add on services to keep them enrolled longer or keep them a client longer and monetize them more. It was really just straight credit repair. I mean, that was pretty much it.
Daniel Rosen 8:02
But there is like a, there are some secret ways to make extra money. You know, if you sign up as an affiliate for credit monitoring, which if you're using Credit Repair Cloud, you can see the companies that offer it by clicking on my company, my company, credit monitoring providers. And then in there, you'll see you can just click to become their affiliate. And then you're making a commission every month on that credit monitoring. And there are a lot of people in our community who actually make a lot of money at this. Jose Rodriguez has talked about how his mortgage payment and his car payment every month are paid for by the credit monitoring because it's recurring revenue. Many people keep it long after the credit repair is done. And it just keeps growing and growing and growing. So it gets bigger every month because you'll get more people signed up to it for it. So that's the thing that you can do, and and certainly business credit, okay, there's another part to this question, how can you tie personal and business coaching business into credit repair services? And for me, I know that seems like two separate things. But I think it's a natural fit. I mean, any type of people business, where you're learning things about your clients, it's a win win. Okay, so if you're a personal coach and you know your clients have credit issues, you can help them with that. And likewise, many of your credit repair clients might need personal and business coaching. So I think it fits. I mean, you'd be surprised how many different kinds of businesses offer credit repair mortgage brokers, like I said earlier, they could be your affiliates, but many mortgage brokers also do credit repair. realtors use it because it helps them sell more houses, tax people use it to make more from their existing client base, especially after tax time. I had an Uber driver a couple weeks ago who had a credit repair business. That was a fun ride. We and I'll tell you, some really awesome And businesses he would never think of like we have a whole lot of customers of Credit Repair Cloud, who have hair weave shops.
Corey Gray 10:09
Hear weave shops?
Daniel Rosen 10:11
Yeah. Because I guess you're there getting your hair weave, you talk hours sitting there. And I think you just tell your whole life story. And so they have credit repair businesses and other businesses on the side. So anytime you're you're sitting there with your customers and learning their pain points, you can discover all kinds of other businesses to help them with. Oh, another cool name. This is from Lowe's, Lowe's. Can you discuss or teach about business credit? Is it the same? How can the software be used for this? And what is the process for business credit disputes? So yeah, I want to answer this part because we get asked this a lot. You can't use Credit Repair Cloud for business credit. It's just for consumer credit, but for knowledge about business credit and business credit actually is a whole other business. Is that you can offer your clients. If you have credit repair clients and they run businesses, or they want to start a business. There's a lot of information you can get on business credit. I know you know about it, Cory. But I also want to recommend, you might want to reach out to Ty Crandall He also spoke at the last credit repair Expo. He's like the king of business credit. He has all kinds of resources on his site, which is called credit suite.com. And Ty is awesome. I'm hoping he comes to the next credit repair Expo but he has all sorts of resources about business credit as well as services that you can offer your credit repair clients for a taffy additional revenue in your credit repair business. And the next part of the question is how do you build business credit? I want to ask you, Cory, because I know you know this stuff.
Corey Gray 11:48
Yeah, so yeah, Ty's definitely the guy to go to for business credit. I'm a little rusty on it, but I do know the basics. So I mean, you know, your commercial business credit card. completely different than personal credit. There's no consumer federal laws that regulate the Business Credit Services bureaus that are out there and there's three that are primarily out there. There's Equifax, there's Experian, commercial, and there's Dun and Bradstreet, which they also called DMV. DMV has a thing, which they call the credit builder. And basically, if you pay them, they will ask you to submit all of your different credit references, but they're pretty specific. They're not going to allow any credit cards, any rent or mortgages. And, you know, it's really a process of setting up your DMV file. Now once you do, it's not like your typical credit profile where you have this regular credit score with DMV, for example, it's called the paydex score that's on a scale from zero to 100 instead of 300 to 850 or 500 to 990, like the different scoring models out there. And it's based on a lot of different things. It's based mainly on how quickly you pay your bills. It's really not based on how many different bills you have. And there's a process that you go through, you can't just come in and start applying and getting approved for credit, you really need to start out with different vendors that offer either net 30, or net 60 or net 90, where, you know, you apply for an account and they tell you, hey, we'll give you x amount of credit, and then you need to pay it back within 30 days or 60 days or 90 days. But the faster you pay it back, the more it helps your paydex score. So you know there's a bunch of different places that you can start off and Ty is probably the best resource to ask on this but there's a bunch of different ones like quill office supplies, you line, staples Office Depot, they'll they'll get you started and then once you have a few accounts there, then you can start going after the major revolving accounts, you know which are going to be Like, you know, Walmart and Amazon and Sears and those types of stores, and then eventually you can work on getting business financing, which are, you know, large revolving trade lines or business capital, that type of thing. I'm not the best person to ask. But like Daniel said, reach out to ty, I think his emails Ty at credit suite and it's Su, T, not SW,
Daniel Rosen 14:27
Or just go to his site. He has all kinds of free guides. They're very podcast, he's amazing. And he really is the king of business credit. And plus, he has built in things where you can see I think he's got business credit available that you can offer your clients and that becomes a business for you. I'm not certain about that. But he's a cool guy and check out his site.
Corey Gray 14:52
And let me just elaborate just on that just a little bit because in some of this, I actually learned from Ty so you know, you want to Make sure that you use your accounts. If you don't use them, they're going to go dormant. And business credit is different, where if you, it's not about making sure you pay your bills every month, it's how quickly you pay them. So after the order is shipped out, then you can pay it right away. And the faster you pay it, the faster it's going to build your paydex score. And then another little tip here is to make sure that you everything that you have to pay, try to use your business credit for it, whether it's for office supplies, or your utilities or your rent or what however you can pay it, try to use that business card that you have. And then last but not least, is personally guaranteeing those business accounts. So if you if you're applying for an account and they ask you for to personally guarantee that account, usually they're going to ask you for your social. So if you can try to just leave that, that space blank just leave your socialization card, your social security number off of it, because they don't require it, they asked for it, but they don't require it. And then some of those digital online applications will actually ask you to put your social security in there. And if they do, just go ahead and call the company and ask them for a printed application that you can mail in, and then leave your social security number blank, because the last thing you want to do is personally guarantee your business credit for liability. Number one, if the business goes sour, you don't want to be on the line for it. And then number two, you don't want them looking at your personal credit unless you have fabulous personal credit, which most people don't, but if you don't, then you can just leave that blank. So just a couple of quick little tidbits there for you.
Daniel Rosen 16:45
But the whole idea about the business credit is that it's not attached to your Social Security. It's its own thing just based on your business and your EIN number?
Corey Gray 16:53
Right. But if you give them your social, you're personally guaranteeing that account.
Daniel Rosen 16:58
So don't give it to them.
Corey Gray 16:59
Don't give it to them.
Daniel Rosen 17:00
Yeah. Okay, next question. What is the correct proof validation? Does the original creditor and collection office have to provide the same level of validation or is one more than the other?
Corey Gray 17:16
Okay, so only third party debt collectors are required to validate debt. Unfortunately, the original creditor really just doesn't have to do it. If you look in the FDCPA it doesn't pertain to original creditors. It is only third party debt collection agencies or collectors.
Daniel Rosen 17:36
Okay, next question from Lowe's Lowe's, after all debts come back verified on round one. What do you do?
Corey Gray 17:44
All right. So I've covered this extensively in the community over the past couple of weeks and wait till this next week comes out.
Daniel Rosen 17:54
This is a good one another from Lowe's Lowe's, after all debts come back verified on Round one, what do you do?
Corey Gray 18:02
Alright, so you definitely don't want to take it personally you you don't want to give up. What you want to do is you want to go ahead and aggressively reinitiate the dispute. So if they say that it's verified, you can come back and say, why is it verified? Show me the method that you verified this account. That's the mo ve letter, or you can demand a reinvestigation or you can send a warning, you can make it very clear that you're not taking no for an answer. You can send off a Notice of Intent to file a lawsuit, or you can start filing complaints with the FTC or the state ag or the BBB or the CFPB and then include copies or screenshots of those complaints and mail them off with your reinvestigation demand. So whatever it is that they say, doesn't matter. It doesn't matter if they say you know, Your polka dot today, you're going to come back and tell them that that is not correct and that you want to pursue this further. I mean, eventually, there's gonna come a point where, you know, you've hit a brick wall, and then you can proceed to the creditors. And what I always looked at it, I always looked at it like, hey, it's a little bit of work every once in a while, if they say no, I say yes. And we just continue along the path. And then if it gets to a point where I hit a brick wall, then we can move on to the creditors, or we can just start right back over at the beginning of the yellow brick road, and start over with round one. And you'll be surprised over time, if you just keep pestering eventually, either squeaky wheel gets the grease and items get removed that way when you wear them down. Yeah, and then you also have the option of you know, if it's a balance on an open account, you can always work to get a paper deletion or even if you don't get a deletion. You know if it's not too close to the statute of limitation You can just settle it. And then once it's settled, they have less of an incentive to verify it and you can dispute it and go through the process again. So it's really all about persistence and pressure, in my opinion.
Daniel Rosen 20:11
Amen. Okay, Lowe's Lowe's asks, Can you really get late payments removed?
Corey Gray 20:18
Yup. Allow us to answer that. Yep. I mean, just like any other item, you know, you dispute them and you do your best to remove them. You could do goodwill interventions, where you ask the creditor very nicely and, you know, in lieu of making future on time payments, give them a really good excuse, give them a tear jerking response, send them to different executives in the company that you're dealing with with a really good excuse, whether the mail was later you were having a baby that day or you've got 10 kids that you know, you know, need a new playground or whatever it is, you just keep persistent and keep applying pressure.
Daniel Rosen 20:59
Exactly, and especially if it's an account the client has had for a long time, and it's still active. But they went through some kind of, like you said, a big life event. We have letters in Credit Repair Cloud, it's called a goodwill deletion letter. And you just fill in the life event you had and why, you know, it caused you to be late, but that you've been a great customer for all these other years. And to give you a break, and very often they'll do it.
Corey Gray 21:28
Yeah. And just to add on to that... I actually had the unique opportunity of studying Lexington Law for a substantial period of time. And they have this thing called focus tracks, which is really interesting, because it's basically giving you excuses based on your life events. So it could be you know, they ask you a series of questions, you know, why is it that this is inaccurate, and it's either, you know, a medical reason, or maybe you were in the military or maybe it was due to divorce or Maybe it was due to some other life event that caused this. And those life events play into your credit because your credit is your life. I mean, it's everything that you've done financially. So I think if you just continue to be persistent and apply pressure and work every angle possible, you'll be really surprised to see what kind of mountains you can move.
Daniel Rosen 22:22
Yeah, and just keep at it, just like a gnat. You know, gnats that fly around and the bug. Yeah. Okay, here's let's get through the rest of Lowe's. Lowe's has 15 questions. Do you dispute every single account as long as there is anything negative on there at all?
Corey Gray 22:42
I don't know if I really fully understand that. But I would just, I would just systematically dispute up to five items at a time, be persistent, apply pressure and keep going until they're deleted. Doesn't matter how many items there are or what you feel is inaccurate or not. mean, you're just continually applying pressure?
Daniel Rosen 23:02
Yeah. And a lot of people say, Why can I dispute everything all at once? And why do you say five or less? Are we trying to milk the clients for money or all these conspiracy theories? And really, it's just about if you dispute more than five or so items, a handful of items, you run the risk of the credit bureau, flagging your disputes is frivolous, and then you're fighting that too.
Corey Gray 23:27
Yeah, I got tired of that early on. I mean, it happens so frequently, that, you know, five items, if you can delete three items, every cycle, you're in great shape, you know what I mean? There's no need to be, you know, greedy, you're just, you're going to go after a few and sprinkle in a couple of things. I mean, you might just do three collections, one public record and one piece of personal information or maybe three inquiries in one collection and two pieces of public records. Whatever it is, you know, it's much more readable thick and you just don't want to get flagged. And customers tend to really like the fact that they're getting slow, steady progress rather than a couple of deletions and then no progress. So that's the way I always looked at it.
Daniel Rosen 24:15
Absolutely. Now, we're in a little bit of a quandary here. We need to end this soon. But we have so many questions left. We've got someone coming here to CRC you can meet him right Keenan? Okay, I think we're good. Do you want to hear more answers more questions and answers? Is this valuable to you guys? If so, write it down below. And let us know we're going to power through these other questions from Lowe's. Lowe's. Okay, here we go. If a debt is shown twice, because one creditor took over the collection, who do you do dispute to be taken off the report?
Corey Gray 24:48
Yeah, so I answered this earlier. So with I think it was one of Ron's questions. So if there's a creditor and a collection agency reporting the same account, that's actually legit Gotta make credit history because it's showing the original creditor transferred it to the collector. The only thing is, is they can't both show a balance. If both of them are showing a balance, then that's something you can dispute is factually incorrect. Otherwise, you just got to go at it and just be both of them as questionable or whatever the case is.
Daniel Rosen 25:19
Okey doke. Another question here from Los Altos. Can you clarify the debate regarding partial account numbers on credit reports and whether they can remove be removed on that basis? Well, there is no debate. There's no debate on that. The credit reports will always show partial numbers and a whole bunch of x's or asterisks...
Corey Gray 25:39
Daniel Rosen 25:40
Yeah. So no,
Corey Gray 25:42
It's not a reason to delete at all.
Daniel Rosen 25:45
No, no. Okay. What's the best form of marketing IE Facebook, website, affiliate, etc.
Corey Gray 25:52
But in my niche was always with affiliates. I mean, I did every type of marketing under the sun. really creative things. that most of them didn't work out. But what I've been hearing just through the grapevine is really you know, social media, whether it's instagram or facebook, influencer marketing, Kevin Carroll, his presentation at the last Expo, like blew my mind. I actually went online and started looking him up. And so he pays. You know, this comedian, this guy, he's got, I don't know, a few hundred thousand followers, and he pays him you know, $1,000 to put a video together and then post it on his Instagram or his Facebook or YouTube channel. And the guy's website just blows up. I mean, hundreds and hundreds of clients signing up from one influencer. I mean, that's kind of a ballsy way to go about advertising. probably why I never did it. But that was really interesting to me. I know Facebook is giving some people some problems about advertising. I mean, I did online webinars. Where it sounded like they were real, but they really weren't. I mean, they were real webinars, but they weren't live. They gave the feel and the look that they were alive, but kind of like, you know, Tony Robbins, he'll do. You know, he can't be in Fiji and at his resort and all these other places at the same time. So he'll pre record a webinar, and then they'll advertise it and there'll be a countdown clock, but it's not really that it's going to happen at that time.
Daniel Rosen 27:25
I've heard of people doing things like that. I mean, right now,
Corey Gray 27:30
It was one of the most successful things that I did with advertising was the automated marketing webinars. But anyway, there's so many different things you could do. You know, I think you're probably better off explaining this than I am.
Daniel Rosen 27:43
I again, I think if you're just
Corey Gray 27:46
Pan over to Keenan, Keenan's the marketing guy.
Daniel Rosen 27:50
But I really come here Kanan, you want to hear Kenan, he's like really the marketing wizard here. Come here, Kenan?
Corey Gray 27:57
There he is. Marketing guru.
Keenan Jones 28:00
So I mean, the question was really what are the best forms of marketing? Well, I'm actually putting together a course right now on on really taking internet advertising. But yeah, Corey, what you were mentioning about Kevin Carl's approach is definitely kind of some of the future of marketing is is the internet and finding different ways to market online. I mean, if you're just getting started, and you don't have ad money to put against something, you could go into different Facebook groups and just provide value. And that's one way of getting really free traffic in the internet space could just be going into various Facebook groups providing different credit tips and values, like there's tons of Facebook groups on
Daniel Rosen 28:45
But not selling, providing value.
Keenan Jones 28:47
Corey Gray 28:48
Give, give, give, give and ask.
Keenan Jones 28:51
And then on your Facebook profile, if you provide so much value, and people are so curious about how you've actually provided them so much value, you can actually go put back on your Facebook profile links to your credit repair company links to other resources of getting a free consultation with you things like that. That's how a lot of people get started with just no ad budget at all just go into different groups, maybe it's a local community, or maybe it's or maybe you find different groups on financial planning or budgeting or anything related to finance or credit groups and, and provide value and then help lead people back to your own profile, where people can learn more about your services. That's one free way of doing it. But then there's definitely other ways to explore down the road if you have ad dollars. But that's one quick tip.
Corey Gray 29:44
That was awesome. Thank you Keenan.
Daniel Rosen 29:47
This is so cool. This is like the College of the future
Corey Gray 29:51
Daniel Rosen 29:52
Yeah, I think it's great. Let's see Kim. Oh, there's so many questions left. We might have to cut this off. Let's see what The next one products and services which can be provided we covered that, oh, how can you help a client that has little to no accounts to dispute but needs a higher score.
Corey Gray 30:11
So has zero accounts, but needs a higher score...
Daniel Rosen 30:15
No accounts to dispute but needs a higher score. So I think I might have passed over a couple questions here but sign them up for credit builder card. Okay?
Corey Gray 30:26
Add positive credit is definitely one and then...
Daniel Rosen 30:29
Sign them up for jewelers card, that'll be positive credit.
Corey Gray 30:33
Yes, you want to have a couple of positive trade lines, specifically revolving it's good to have a mix, maybe you want to get an installment loan, whether it's an auto loan, or maybe it's some sort of personal loan from your bank. You definitely you know, you may not see anything negative there but you want to clean up anything that's there. Maybe there's a couple of inquiries or maybe there's some conflicting personal information the wrong name the wrong address the wrong employee. That information, clear out anything that's not currently their current full name and address and personal information. You know, other than that, I mean, there's really not much you can do you know, once everything negative is gone, they have the right mix of credit accounts, and their balances are low. That's about all you can do to optimize the score.
Daniel Rosen 31:23
Amen. Okay, how often do you follow up when dealing with new free clients?
Corey Gray 31:28
I think whether they're free or not, you know, whether they're paying or not, it's good to stay in touch with them, whether you're sending them a text or an email, you know, once a month, I think that one of the keys to making sure that your clients pay is to ding them with a email or a text message a couple days before their payment is due. Just let them know you're working on their account and their accounts going to be debited on a certain day of the month that's going to preempt them and I think that's really going to cut down on your traffic. backs are your ads. But other than that, I mean, it's really about the expectations that you said in the beginning, if you tell them, Hey, I'm going to call you once a month, call them once a month, if you tell them hey, look, no news is good news, Unless Unless I call you just keep paying me. They're just going to keep paying you. And they're going to assume that no news is good news. So it really just depends on the expectations that you set. Whatever you tell them, you're going to do, just make sure you follow through and do it.
Daniel Rosen 32:26
Yeah, I say communicate as often as possible. Also, Credit Repair Cloud has all kinds of built in things that happen every time something changes in their account, the score changes etc. Email gets sent to the client, and you just want to really, really, always be showing value and show value, you're not going to get chargebacks and you're going to have happy paying customers. Okay, now,
Corey Gray 32:52
One more thing, one more thing I just want to mention on that, if at all possible, set up some sort of system where you're letting them know when good things happen, right? I've said no news is good news. if nothing's happening, just keep paying me and we're gonna keep working for you. But if good news is happening, if you get a deletion or your score increases, let them know. Like, tell them like text them, email them, call them. Hey, I've got good news for you. Your score just went up. Keep paying me so you know what I mean? Just stay in touch with them.
Daniel Rosen 33:24
Absolutely. Okay, now we're going to get into we have so many questions, we got to end this we're going to do a lightning round. Let's do really fast answers to all these questions. Ready? Okay. Uh, Lorraine sunshine says Leeds Leeds Leeds, please. I know there are many unique ways to obtain this. But lead automation would be great to have if possible. leads are not what you need. Client referrals.
Corey Gray 33:46
You need referrals. You need to just get creative with your marketing partner with different financial services professionals. Just get out there and get mortgage brokers loan officers realtors auto dealerships. I mean, we have Add every different type of financial service professional under the sun. I mean, we had, what do you call it? It basically people that were going in for different types of surgeries, you know, different cosmetic surgeries, whether it was, you know, bigger boobs or vaginal rejuvenation, all of those people wanted, you know, needed credit repair to get approved. So, so work out agreements with those with those affiliates, let them know, hey, send me your clients, I'm going to sign them up. I'm going to get them enrolled in the program. I'm going to educate them, I'm going to get them in the program. And then you're going to be able to track their progress. You can go log in, see what's going on right here. And you'll be the first person to know that they're ready to be approved further vaginal rejuvenation.
Daniel Rosen 34:45
There you go. I'm gonna add that to my list of things like color, everything else got smaller. You got to have credit if you want to be rejuvenated. Okay to Nikko Richardson, and this is like Round we're gonna answer these fast to Nika Richardson says, I have a client that has three Mendez sent collections that say untitled. There's no account name. Is there a specific letter for this? And when choosing a reason do I use the one that says this is the wrong creditor for this item?
Corey Gray 35:16
Okay, so I think she meant her type medical collections and untitled I've seen that a million times. And I love to see untitled because if they report that their name is untitled, then who's to say that that accounts accurate? So I dispute that. I would basically say in your reason, when you dispute it, say that this accounts obviously inaccurate, you don't even list the name of the furniture, get it off my credit report, and that's it.
Daniel Rosen 35:42
Got it. Okay, violent. Cobb's Brantley asks, Do you recommend doing a couple customers free to get their testimonials? And I say yes, if you're just starting your business, help friends, help family come up with a process so that they do that testimonials for you get them on video. If you're doing this work for them for free and you're delivering results in value, capture that on video, use it on your site, use it everywhere. What are your thoughts on this?
Corey Gray 36:12
I agree 100% I just wouldn't overdo it. I mean, you know, if you give too many people an angel, take a mile, you want to get the value that you're worth, I would just do like one or two, just as a test just to make sure you know what you're doing. Work out all your kinks, post your results in the community and tag me and say, hey, what should I do next? And you'll see me respond back and say, This is what you should do next. You know, ask for those reviews, that sort of thing, but I just wouldn't overdo it because you should be getting paid for the hard work that you're doing.
Daniel Rosen 36:43
Exactly. What if you're just getting started, do help friends and family and just get your processes down. Okay, violet also asks, How do you give them a guarantee that you can raise their score with a minimum point number? No, you don't do that. He can't it's illegal doing it.
Corey Gray 37:02
Yeah, that's deceptive marketing. Because you can't guarantee that I mean, you could say that you guarantee it. But the regulator's want to see that you're, you know, being transparent that you're being, you know, upfront, you're not lying. And that just sounds like a lie. Have you seen that in other places? Those are the types of places I just get shut down. Exactly. Okay. I think we should jump here to the last question. Actually, no, there's two questions. two last questions. certified mail versus regular postage. What are your thoughts, Cory, only use certified mail when you're mailing to a collection agency that you want to be able to prove to a court or to a bureau showing that that letter was actually received. I see this question pop up so often, you're wasting your money. I did it for a long time. I mean, you got to fill out that green and white sheet and then the green sheet on the back. Then you mail it, and it cost 100 times more than what it would mail mailing, you know, regular mail. It's a waste of money, it's a waste of time. You know, you feel official, and you feel like you're doing something important, but you're just wasting your money and you're wasting your time. So, you know, do whatever you want. If it makes you feel good to spend an extra, you know, 15 minutes on each letter. It's really not scalable. If you're mailing to a collection agency, where, you know, let's say that a collection agency is suing you, and you demand validation, go ahead and send that certified mail return receipt, because when the judge looks at it, you're gonna want to say, Hey, I sent this validation letter to ABC collection company on this date, and they weren't able to validate it, you know, so, save that for the important matters where it's either legal or you want to prove it or you just really feel like spending a bunch of extra money and time on nothing.
Daniel Rosen 38:56
There you go. And now we're at our last question. Are you ready, Cory?
Corey Gray 39:01
Yeah, I didn't even see this question. Which one is this?
Daniel Rosen 39:03
How does piggybacking work? Piggybacking.
Corey Gray 39:07
Alright, so this is a topic that so many people talk about, and there's so many different philosophies on it. But really, it's all about inheriting positive credit history from somebody else other than you, okay? So for a very long time, you can, you can be added as an authorized user to somebody else's credit card, and you would literally inherit their entire credit history for however long they had that card. And after a while, a lot of these different a lot of different entrepreneurs figured out that, hey, we can make some money on this. And they started partnering with different people that offering them a way to make money by adding people to their credit card and some of the credit card companies went along with it. They're like, yeah, you can add 20 3040 authorized users And after a while the industry kind of caught up to them. I mean, it was it was a big demand for it. And, you know, people were getting mortgages for by claiming different credit references that they really didn't have. And after a while, lenders started to catch onto this. There was this big study. I sent it to you last week. I don't remember who it was it was a department of was the Department of Labor. What was that? Daniel? I don't remember last week Anyway, there was this massive study done on it. And anyway, the the creditors and the lenders started to started to basically have a problem with it because all these people were inheriting credit history from complete strangers. So this whole industry arose from this consumer demand. And there were all these companies that were selling tradelines on complete strangers credit accounts and it, it actually turned out to be essentially the lender. Look at it as mortgage fraud. You know, not only do they look at it as mortgage fraud, but a lot of the different mortgage brokers and different lenders out there will look at your credit report and say, Hey, this isn't your spouse, this isn't your family member. And they'll remove that account from the credit report they pulled from you and recalculate your score. And it's like it never even happened. So you spend, you know, hundreds or even thousands of dollars for this aged season trade line. And it actually ends up not helping you at all. So, ladies, in general, as a stance with our company, we, you know, with Credit Repair Cloud, we discourage anybody from using those tradeline dealers, trade line brokers, but there are there is a way around it and the way around it is you can still piggyback as an authorized user and you can still inherit that positive credit history. But do it with someone close to you and your family, either a close friend, or relative or close family member.
Daniel Rosen 41:57
Yeah, here's what I want to say. I want to jump in on Because this is a touchy subject, and people bring this up in our community, and sometimes people are trying to sell trade lines in our community. And not only do the mortgage lenders see this as mortgage fraud, but the federal government sees this as fraud. And if you do this, if you're buying trade lines from people you don't know, this can land you and your client in jail. So this is a big deal, where we don't let anyone post about it. In our community. We don't allow trade line companies they asked to be at our credit repair Expo and be vendors. And we say no, we don't want to be anywhere near this because it's highly illegal. People are going to argue in our community, but this is the truth. People go to jail for this. So anyone, that's what they do.
Corey Gray 42:52
Let me let me piggyback on that on that thought and just wrap this up real quick because I have to go to so on authorized user, you can piggyback on a friend or family's credit card account, you're simply asking the credit card company to add you as an authorized user, but it doesn't carry very much weight, especially if you're not the spouse. The way around that is to be a joint account holder. So you're going to contact, you're going to find a credit card from a friend, mainly a fan, let's just say a family member at this point that has a low balance, if it has an unbalanced is just going to hurt your credit. If it's got a long credit history, the longer the better. And basically what you're doing is you're asking to be added as a joint account holder. There's a couple different caveats to this. If you are added as a joint account holder, you'll benefit from the full credit history and inherit the full credit history but you're also legally responsible for it. So not only are you legally responsible for it, but if that account ever goes delinquent, or that that primary on it files, bankruptcy or stops paying on it, you're on the hook forever, you can't get out of it. So Our basic disputing course which we're launching, what is it Monday?
Daniel Rosen 44:03
It's launching very soon. We're going to be announcements everywhere. You're going to hear about it. And it is amazing. Corey has been working on it for months. It is an amazing course. And it's going to really make your life easy.
Corey Gray 44:17
Yeah. And we talked about the piggybacking method quite a bit out there, what to do, what not to do, what to stay away from that sort of thing.
Daniel Rosen 44:24
Exactly. And speaking of courses, we have another course that actually went live this week, and it is free. When you log into Credit Repair Cloud. On the right side, you'll either see an ad for the Expo, or you will see something about the Free CRC Certification. So you can take this course that's absolutely free. If you open the browser and you then go to log into Credit Repair Cloud on the right side next to where you log in. You'll see this offer about the Free Certification Course if you're not seeing it, you're seeing the expo instead, open up a different browser because it's going to be doing A-B depending on what browser you are in.
Corey Gray 45:01
It's really good. Isaac, my boy, he went through it... He... He just crushed it with this course. So anything you want to know about the software, this course is the thing to take.
Daniel Rosen 45:10
Yeah, but the cool thing is, so Isaac does a lot of the... Well, a lot of our staff come and do the Free Software Classes in Facebook. But Isaac, he just... It's a great course. And when you take it and complete it, you're CRC certified, you get a certificate, you get a badge for your LinkedIn. It's super cool, and it's absolutely free. And then over the next week or so we're going to start promoting and releasing Corey's amazing Disputing Course, so I highly recommend it. We're putting the finishing touches on it, but he already shot all the video lessons and it's really, really cool. It comes with all kinds of goodies. Anyway, so that's coming soon. We both have to go. You have to pick up kids. I got someone waiting for me for lunch. So this was so cool. Let's do this again.
Corey Gray 45:58
Let's do it again, Daniel! It's great!
Daniel Rosen 46:01
Okay, I hope you enjoyed this QA session with Corey. My only goal with this podcast is to help you to be more successful with your credit repair business. So be sure to click below to subscribe because I don't want you to miss any episodes and rate and review me and if you have any feedback, please leave it in the comments. I would love to know what you think and I will see you on the next episode. And until then, keep changing lives!
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