Are you looking to add a new offering to your business skill set? Credit repair is an in-demand service that goes hand-in-hand with other financial services. Not only can repairing credit for your clients increase your revenue, it can also help you retain clients for other financial services. Read on to learn five ways credit repair can benefit your financial service business.
1. Retain More Happy Clients
There is nothing worse for a financial service business owner than not being able to help clients reach their goals. What if you can help these clients by increasing their credit scores? Once their credit scores increase, you will be able to help them reach their other financial goals.
Your clients’ credit scores affect their ability to:
- Get the best deal on insurance
- Secure financing
- Qualify for the lowest interest rates
Credit is interwoven into most parts of our financial lives, and it is an essential part of your clients’ healthy financial portfolios. Make sure that you are equipped to help your clients with their credit needs so that you can help them reach their goals - such as home ownership, reduced interest on debt, and more.
2. Generate New Leads
Financial services business owners must consistently bring in new clients. Offering credit repair is an excellent way to bring in leads who will also need other financial services.
A particularly useful method to bring in leads is to offer a free credit audit. When you have the right credit repair software, doing a credit audit only takes a few clicks and a few moments. Once you guide these leads down the sales funnel and commit them as clients, you can begin to establish trust. Clients who trust you with their credit are more likely to retain your other financial services.
3. Increase Your ROI
Credit repair is a simple business service addition that can significantly increase your ROI. When you can retain more clients - by first helping them with their credit needs, and then helping them reach their other financial goals - you will see rising profits for your financial service business.
A credit repair business itself is a profitable business venture, and is an excellent pairing with the other financial services you may offer. Why does credit repair go so well with financial services?
Established client base: If you already are running a financial service business, then you already have a client base to whom you can offer credit services. Credit repair is a needed service - over a third of people are likely to need credit repair, which gives you a reason to reach out to clients and offer them a free credit audit and then, your credit repair services.
Credit is intertwined with finances: As a financial services expert, it’s critical to understand how credit works. Maybe you are already helping your clients with their credit and want to streamline the process. Either way, having the right software and an efficient method is essential for successfully using credit repair to aid your clients and boost your revenue.
Unlimited income potential: Not only does credit repair influence other financial aspects, but it is also is a profitable business venture on its own. You can grow a credit repair business from anywhere with only a computer and a phone - many entrepreneurs have built a multi-million dollar enterprise. Use this projected revenue calculator to see just how much you can make.
4. Build Client Relationships
A transparent business relationship based on trust is an essential part of being successful in the financial service industry. Finances are a sensitive topic and your clients will need to trust you and be assured of your capabilities.
Credit repair is an excellent way to show your clients results. 79% of credit reports have errors on them, which means that most of your clients will see an increase to their credit score once you help them. As you work to repair their credit, your professional relationship will strengthen and grow.
5. Offer Diversified Services For a Competitive Edge
The more you can offer your clients, the more they will stick around. In a competitive industry such as financial services, you will need to stand out from the crowd. Diversifying your portfolio will help you attract more clients - and have them happily stick around longer.
Credit repair can help you stand out from your competition:
- Visibility in the community: Offer credit education classes to your community - or on social media - to get yourself seen and heard. When people know who you are, they know where to go for financial services
- Credit is a piece of healthy finances: Credit is an important part of most people’s lives, whether they know it or not. Teach clients healthy credit habits to show that you care about their well-being
- Happy clients give good referrals: Word of mouth is the best way to get leads. Make sure you have a referral program in place so that your happy clients will tell their family and friends about how you increased their credit score
Similar to other vocations, it’s important to educate yourself in your trade. While credit repair is simple to do, learning an efficient process and getting the right software helps to ensure your business venture will be successful. A credit repair certificate will show potential clients that you are competent and trustworthy.
Go here to learn more about obtaining a credit repair certification and here to learn more about how offering credit services can benefit your financial services business.