Hey there, Credit Heroes! Welcome to a very special episode of the Credit Repair Business Secrets Podcast. This week, I'm coming to you from the Credit Repair Cloud headquarters, and I'm joined by none other than our very own resident credit repair expert.
So please help me give a warm welcome to Corey Gray!
Some of you may have already met Corey inside our Credit Repair Cloud Community, but I think that this two-part Q&A session will be an excellent way to introduce him to all of you.
For this week, we're going to dive into the first round of your questions and talk about everything you ever wanted to know about launching your own credit repair business. We had tons of fun doing this, and I'm sure there is something in it for everyone!
Corey Gray has over 20 years of experience in the credit repair industry. And like many of the success stories we've heard so far, he also started his business from nothing. He built it from the ground up, nurtured it, grew it, and in the end, sold it for a hefty price.
After that, Corey was looking for a new challenge. That's why I invited him to join our team as an in-house credit repair expert.
Corey's role inside the Credit Repair Cloud team is quite unique. All of his actions are 100% dedicated to helping you become the best credit repair specialist and business owner you can be. He's going to prepare some fantastic courses while also help people directly in our Facebook Community.
We've already worked on the Credit Hero Challenge together and created an incredible 14-day experience for everyone looking to start their own credit repair business. And I have to tell you - it's one of the best things we have ever done!
Learn more about the Credit Hero Challenge here!
Round one always goes to the bureaus. You can start out with a verification, or by you can dispute something specific if you suspect that it's factually incorrect. At the end of the day, it all depends on what the client has told you.
In many cases, clients won't have this kind of input, which is why you can dispute these items as questionable. By doing that, you're placing the burden of truth on the credit bureau.
There is an incredible amount of different ways you can approach advertising your credit repair business. But you don't want to spend a lot of money on it, especially when you're just starting out. So what do you do? You get creative.
You can experiment with all kinds of guerilla marketing strategies to reach people, both online and offline. Still, it all comes down to one thing - meeting people and building relationships. Do whatever allows you to reach and talk to as many people as you can.
“The best advertising, if you're just starting your business, is word of mouth.” - Daniel Rosen
Keep in mind that word of mouth is one of the best ways to spread the news about your company. As soon as you've mastered the basics of credit repair, get out there and help people. Start with your friends and family, and if you do a good job, they'll do your marketing for you. Remember - happy customers are your most potent advertising weapon.
An excellent question, but before we get to the answer - a little disclaimer.
Corey and I are not attorneys. If you're looking for legal advice, your best course of action is to meet with a professional.
These are some of Corey's impressions he's gathered over the years.
There are two types of insurance that seem like they can be particularly useful for credit repair businesses. Primarily, Errors and Omissions Insurance (E&O) can help cover the expenses caused by mistakes that arise from working with a client.
Another one worth learning more about is the Directors and Officers Liability Insurance (D&O), which is basically marketing insurance. If you've mentioned something as part of your advertising campaign that can get you in trouble with the FTC or another agency, this type of insurance could get you out of a jam.
A charge-off occurs in situations where a company no longer feels that a debt is collectible, usually after about 90-120 days. Debt is legally considered a company asset, which is why it's also taxable. By charging it off, they're denouncing it as an asset, meaning they're no longer trying to collect and therefore do not need to pay taxes on it.
Now, since the lending company doesn't have a method for collecting debt, they usually either lease or sell that debt to a third party - a debt collection agency. The collection agency then starts sending collection notices, make dunning phone calls, send emails, and do anything they can to collect that debt.
These changes in your debt status and history are a part of your credit report, which is why sometimes you see these items appear together.
That’s it for this episode. Tune into next week's episode for part two of our Q&A session.
Until then - keep changing lives!