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

Scary Credit Repair Stories: Giant Banks Are Out to Hurt YOU!

By: Daniel Rosen October 06, 2020

Today, in honor of Halloween month, I thought I’d kick off my October Scary Credit Repair Stories series with something I’ve NEVER shared publicly before… something SUPER scary… very real… and potentially devastating to you and your clients IF you don’t know the truth about giant banks and how to protect yourselves and your clients from them! 

In 2010 my life looked VERY different than it does right now. In fact just about the only thing that is the same is my relationship with my girlfriend, Grace! 

EVERYTHING else in my life was upside down. 

 


I had just finished battling a bank error that nearly ruined my life by ruining my credit. I was living off of top ramen for breakfast, lunch, and dinner… and that’s IF I remembered to eat that day. 

I’d shut myself in my room from before sun up to WAY after sun down, typing away at my computer, trying to build the first credit repair software. 

Most days I’d be so obsessed that I’d forget to shave, or bathe, or brush my teeth!

I was a total mess! 

Now, I know this may sound SCARY, but really, I haven't even gotten to the scary part yet!

So there I was, unshaven, unbathed, malnourished - hadn’t seen fresh food in months… eyes bloodshot from staring at the computer screen… trying to build what would one day turn into Credit Repair Cloud… and I was doing EVERYTHING I could to make my payments EARLY to Bank of America for my mortgage. 

This was during the mortgage crisis.  So when one day I heard they had a special program that lowered your mortgage interest rate to 2%, I thought - “Well, every penny counts - I want in that program”! 

So I called and asked if I could enroll and lower my interest rate… and that’s when it happened… 

That’s when hell broke loose and I nearly lost everything. 

The clerk on the other end of the phone told me (in what felt like a hushed voice), “Hey, I can get you into that program, but you need to default on a few months of your mortgage first. If you pay us late for the next couple months… I’ll get you into it”. 

RED FLAGS exploded everywhere! 

“NO WAY!” I said.

“I’ve never been late, I just battled to fix my credit, I’m building a credit repair business - there’s NO WAY!”

I told him I wasn’t interested and please don’t put me on any list, don’t add me to any program… forget I ever asked.

I hung up the phone. My hair raised on the back of my neck. What a weird conversation. But, back to my top ramen and daily grind, alone, in my sad little room… Grace, wondering if I’d ever come out.  

So, as far as I knew, everything was back to normal. 

Until it was time to pay my mortgage… 

And Bank of America had locked me out of the online portal - refused payment - and made it impossible to pay. 

I called. I fought. Nothing!

Finally I was able to go straight into the office and pay in person. 

How angering!... But at least the nightmare was over… Or so I THOUGHT...

It didn’t take long and soon, the phone started ringing… EVERY MORNING … for a YEAR. 

It was a Bank of America subsidiary debt collector harassing me about not making my payments on time. 

“I DID!” I’d scream at them! 

I’d tell them I had PROOF that Bank of America was taking my payment and holding it so that it would put me in default! 

This continues to happen every day while no one listened. 

I sent letters to Congressmen and Congresswomen and the CFPB and the Attorney General. 

I knew what they were doing was illegal. 

But, no one wrote back. 

So, I reached out to local news crews! Here I had proof that Bank of America was intentionally causing people to default on their home loans so they could STEAL their property and jack up their rates and fees. 

… But they had other more “important” things to report...

So, the harassing calls continued. 

Every single morning. → The phone would ring. → I’d answer. → They’d threaten. → I’d scream. → Nothing changed...

Then one day I thought I’d finally gotten a breakthrough! I’d written to President Obama with PROOF exposing this giant bank for what they were doing. 

This time, when the phone rang, the person on the line said they were from the Treasury Department, and they said if I’d stop sending letters to the government - they’d handle this and make it go away… 

But something was off… something didn’t feel right about this. After digging further into the conversation, I uncovered that it wasn’t the Treasury Department at all! Instead it was Bank of America impersonating a government official in order to silence me!

That’s when I finally got a lawyer. 

I couldn’t handle it on my own anymore. This had become my full time job.  Trying to build software while tracking this whole crazy nightmare just couldn’t happen anymore. 

I had so many stacks of notes, my room started looking like John Nash’s bunker in A Beautiful Mind! Plus, I was going to lose EVERYTHING!... 

In fact, they were going to TAKE everything! 

Thankfully, after the lawyers got involved, I was able to take a step back from the fight…

The phone stopped ringing…

My payments were suddenly applied on time… 

And soon I was back to my unbathed, obsessed with creating credit repair software, self again. 

So, here’s why this is important:

  1. History is repeating.  We are entering a time right now where the housing and economic crisis is likely going to be even worse than before. Recently I interviewed Alex Charfen on this podcast and he made incredible predictions about the credit repair industry and the need for heroes - so if you haven't heard that yet, after you’re done listening to this one, check out his episode
  2. If you don’t know the signs to look for… if you’re not aware that ALL giant banks are out to take YOUR money and your clients money, there could be life-altering consequences. 
  3. Instead, you’ve got to know - they cannot be trusted. Soon we’ll start to see what sound like amazing deals and opportunities pop up for those who are MOST affected by the crisis… but you know what… they’re the most vulnerable too and you’ve got to know how to coach your clients to say NO or at the very least, proceed with EXTREME caution. 

So here’s what you need to know:

  1. Right NOW is the best time to perfect your craft and work on as many free clients as possible until you get REALLY REALLY good. If you’re already in the credit repair industry - dive deeper. Learn everything you can. Take our Masterclass and Disputing courses. If you’ve not completed the Credit Hero Challenge this is an absolute MUST! In just a couple of weeks you’ll become an expert and will know exactly how to change a lotta lives and help a lotta people through this crisis. Now is the time to prepare. Crisis is always a time of opportunity and as entrepreneurs we are always looking for new opportunities! 
  2. The world needs Credit Heroes. According to NBCnews.com, because of the pandemic, “About 40 percent of all Americans don't have enough savings to cover a $400 emergency.”... What are people going to do when they can’t pay their bills? They’re going to default, pay late, end up in collections… and NEED YOUR HELP! You can bring relief to a VERY hard time for them. You can change lives, maybe even help save their home, or get them into a better financial situation. 40 percent of Americans are about to need credit repair services! That’s over 131 MILLION people! Are you ready for the rush? 
  3. And lastly, this is the time to educate yourself so you can educate your customers. You know, even though I went through hell with Bank of America… do you know who we currently bank with… BANK OF AMERICA!! Now you may be yelling at me right now telling me I’m crazy, but hear me when I say… ALL GIANT BANKS ARE CROOKS! They’re crooks! It doesn’t matter if you’re banking at Chase, Wells Fargo, Bank of America - they prey on the people who need the most help! They jack up rates and fees, sky high until people simply can’t afford the payment anymore and then they TAKE your property, home, vehicles, ANYTHING they can get as collateral. So what do you do? You understand the truth. My story is not unique in that it happens to A LOT more people than you think. So the best thing you can do to safeguard yourself and your community is to teach what you know! You’re an expert. In many cases you know WAY more about finances and credit than others around you. So, take it to the streets. Talk about the truth. Teach about credit. 

Just like one of our Millionaires Club Members Andre Coakley. Andre was a loan officer at his own mortgage company when the 2008/2009 mortgage crisis hit. Just like 4 million other homes at the time, his home went through foreclosure, and he eventually lost his business. For every business shut down, or home foreclosed on, victims of the recession were forced to start over financially, rebuilding from unstable ground and poor credit just like they’ll have to in our current crisis. 

As Andre personally went through the rebuilding phase, he started in the credit repair industry, fixing his credit as well as changing a lot of lives! He combined his background in mortgage processing and his experience with economic hardship to start his own credit repair company, Credit 360. With Credit 360 he began doing exactly what I’m encouraging you to do, educating his community on ways to protect themselves from falling victim to financial hardship and extend a hand to those who struggled to rebuild.

Isn’t that awesome? We love Andre and are so proud of the work he’s doing! 

So if you’re ready to educate yourself, launch your credit repair business, and prepare for a rush of people needing your help…. then I want to invite you to join our upcoming Credit Hero Challenge! We’ve got another one starting in a few days so grab your spot today at CreditHeroChallenge.com.

Be sure to subscribe on your favorite platform below!

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Topics: Podcast

Transcript

0:00  

Today in honor of Halloween month, I thought I'd kick off my October scary credit repair stories series. With something that I've never shared publicly before something super scary, very real and potentially devastating to you and your clients. If you don't know the truth about giant banks, and how to protect yourself from them, you better 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. 

 

In 2010, my life looked very different than it does right now. In fact, the only thing that's the same is my relationship with my girlfriend Grace. Everything else in my life was upside down. I have just finished battling a bank error that nearly ruined my life by ruin and ruining my credit. And I was living off Top Ramen for breakfast, lunch, and dinner. And that's if I remember to eat that day. And I would shut myself in my room from just... Was working around the clock. I wasn't even really sleeping. I've just... Round the clock, I was working and working and working and typing away in my computer, trying to build the first version of Credit Repair Cloud. So most days, I would be so obsessed that I forget to shave or babe, or even brush my teeth. I was a total mess. Now, I know this may sound scary. But really I haven't even gotten to the scary part yet. So there I was unshaven and bathed, malnourished, I hadn't seen fresh food in months, my eyes were bloodshot from staring at the computer because I was trying to build what would someday turn into Credit Repair Cloud, and I was doing everything I could. At that same time. I was hustling building websites, I was doing whatever I could to continue to make my payments early to Bank of America for my mortgage. Okay, that, I always paid my bills on time. Now. Keep in mind 2010. This was right in the middle of the mortgage crisis. So when one day, I heard that they had this special program that would lower your mortgage interest rate to 2%. I thought, "Wow, every penny counts I want in that program!" So I called Bank of America. And I asked if I could enroll and lower my interest rate. And that's when it happened. That's when he’ll totally broke loose. And I nearly lost everything. See the clerk on the other end at Bank of America. They told me in what was kind of like a hushed voice. He said, Hey, I can get you into that program. But you have to stop paying your mortgage for a few months first, okay. If you pass late for the next couple of months, then I can get you into it. And then red flags just exploded everywhere. Okay, I said No way. No way. I've never been late, ever. Okay. I just battled for years to fix my credit on building a credit repair business. There's no way I'm going to miss my payment, okay, I'm not going to ruin my credit. So never mind the whole thing. Okay. I'm not interested. Please don't put me on any list. And don't add me to any program and forget that I ever asked. Okay, so I hung up the phone, and then my hair raised on the back of my neck, because it was such a weird conversation. But then I went right back to my Top Ramen and my daily grind alone in my weird sad little room with grace on the other side, wondering if I would ever come out. So basically everything was back to normal, or so I thought until it became time to pay my mortgage. And that's when I learned that Bank of America. They had locked me out of the online portal. They were refusing my payment. They refused always for me to pay my payment, making it impossible. To pay. It was so crazy. So I, I called them and I fought with them. I said, Why am I not able to pay my bill in your portal? What are you doing? And nothing was solved, they could not solve it. So then I went right into the bank of America branch in person, and I paid them with cash. And then luckily I was on time men, I thought the nightmare was over. But soon, the phone started ringing every single morning. And it did this for a year. And every single morning, this is after being up all night writing and working on Credit Repair Cloud, I'd be up all night long. And then I'd be woken up every single morning by Bank of America debt collection. Okay, Bank of America, debt collectors began to harass me every single day about not making my payments on time. But I didn't make my payments on time. I would scream at them. I tell them I had proof that Bank of America was taking my payment. They were cashing it. I had a paper trail. But then they were setting it aside so that I would be in default. It was the craziest, craziest thing. And this continued to happen every single day for months. For months, this is happening. I'm screaming at them every morning, and no one listened. So I started to send letters to congressmen and congresswomen and the CFPB. And the Attorney General. I wrote to everybody I could think of newspapers. I knew what the bank was doing was illegal. But nobody wrote back. So I reached out to local news crews. Here I had proof. I had absolute proof that Bank of America was intentionally causing people to default on their home loans, so they could steal their property and jack up their rates and fees. But nobody cared. They all had more important things to report. So for months and months, the harassing calls, they continued, every single morning, the phone would ring, I'd answer, they threaten, I would scream. I was screaming so much you think flames would be shooting out of my eyeballs in my ears and every orifice in my I was so angry. Then one day, I finally thought I'd gotten a breakthrough. I eventually wrote to everyone I could think of. So finally I wrote to Obama, I wrote to President Obama, who was in office at the time, and I sent him proof exposing this giant bank for what they were doing. And then this time, when the phone rang, the person on the line, they said they were from the Treasury Department. He sounded very, very official. And he said, If I would stop sending letters to the government and all these congressmen and congresswomen that he would handle this and make it go away. But something was off. Something didn't feel right about this call. So after digging further in the conversation, I figured out this guy wasn't at the Treasury Department at all. No, he was a Bank of America guy impersonating a government official, in order to silence me. So that's when I finally got a lawyer. I couldn't handle it on my own anymore. This had become my full-time job. Besides trying to build software all night, I was tracking this whole crazy nightmare of being in collections and the screaming and all the people I'd take notes every call of who was harassing me next and who I was talking to, and I had stacks of paper. It's so many stacks of notes. My little room started to look like john Nash's bunker in a beautiful mind. Plus, I was going to lose everything. They were going to take everything from me. Thankfully, after the lawyers got involved, I was able to take a step back from the fight, and then my phone stopped ringing. Suddenly, my payments were being applied on time. And soon I was back to my unshaved obsessed with credit repair software, my old self again. So here's why this is important. Okay, history repeats. Okay, it's repeating right now. Remember the housing crisis? Well, it's all happening again, we are just now entering a time right now, where the housing and the economic crisis, it's actually going to be worse than it was before. Okay, so get ready. But there's also good news for us in credit repair. Recently, I interviewed Alex Charfen, who is my mentor, I interviewed Alex Charfen on this podcast. And he made incredible predictions about the credit repair industry and the need for credit heroes like us. So if you haven't heard that episode, after you're done listening to this one, you'd got to check out that episode. It's amazing. Now, if you don't know the signs to look for, if you're not aware that all giant banks are out to take your money and your client’s money, if you're not aware of this, there could be life-altering consequences coming. Okay? You've got to know giant banks cannot be trusted. Okay, soon. Trust me on this soon, you're going to start to see what sounds like amazing deals and amazing opportunities popping up for those who are the most affected by the crisis. But you know what, those people, they are the most vulnerable. And so you've got to know how to coach your clients to say no, or the very least, to proceed with extreme caution. Okay, the banks are not your friend. If they offer you some amazing deal, there's a trick behind it. Okay, they're going to be up to their same tricks again. So here's what you need to know, right now is the best time to perfect your craft at credit repair. And if you're just getting started, do you want to work on as many free clients as you can, until you get really, really, really good at credit repair. And if you're already in the credit repair industry, dive deeper. Learn everything you can take our master class and our disputing courses. And if you haven't completed the credit hero challenge, this is an absolute must. In just a couple of weeks, you'll become an expert. And you'll know exactly how to change a whole lot of lives, and help a whole lot of people through this crisis that we are now entering. Okay, now is the time to prepare. crisis is always a time of opportunity. And as entrepreneurs, we are always looking for opportunities. Well, this is the biggest opportunity you have ever seen in your life. The world needs credit heroes, According to nbcnews.com. Because of this pandemic, about 40% of all Americans, they don't have enough savings to even cover a $400 emergency. So what are people going to do? When they can't pay their bills, they're going to default, pay late end up in collections and need your help. And you you can bring relief to what's a very, very difficult time for them. You can be the relief, you can change lives. And maybe you can even help to save their home or to get them into a better financial situation. 40% of all Americans are about to need credit repair services. That is over 130 1 million people. Are you ready for that rush? You're better get ready. And lastly, this now Now is the time to educate yourself so that you can educate your clients. You know, even though I went through hell with Bank of America, guess who we currently bank with? That's right. Bank of America. Now you might be yelling at me right now telling me I'm crazy. But hear me when I say all giant banks are crooks. Okay, they are crooks. It doesn't matter if you're at Chase, Wells Fargo Bank of America. They all prey on people who need the most help. They jack up the rates and fees on the poorest people, they jack them up sky high until people just can't afford the payment anymore. And then you know what they do? They take your property, your home, your vehicles, they take anything that they can get as collateral. So what do you do? You understand the truth. Now my story is not unique. You know, it's not unique in that this happens to a lot more people than you think. So the best thing you can do is safeguard yourself and your community by teaching what you know, okay, you are an expert. In many cases, you know way more about finances and credit than others around you. So take it to the streets, talk the truth and teach about credit. And just like one of our millionaires, club members, Andre Coakley, that's him there on the bottom left. Andre Coakley, he was a loan officer at his own mortgage company, when the 2008 2009 mortgage crisis hit. And just like 4 million other homes at the time, Andres home went through foreclosure. And he eventually lost his business. Okay, Andre, right, there are millionaire. He lost his business, his home went into foreclosure. See, for every business shut down, or home foreclosed on victims of the recession, they were forced to start over financially rebuilding from unstable ground and poor credit, just like they're gonna have to do in our current crisis. So as Andre personally went through the rebranding phase, that's when he started his credit repair business. Okay, he started it by fixing his own credit. And then he went on to change a whole lot of lives. He combined his background in mortgage processing, and his experience with economic hardship, to founding his own credit repair company, which is called Credit360. And with Credit360, he began doing exactly what I'm encouraging you to do, educating his community on ways to protect themselves from falling victim to financial hardship, and to extend a hand to those who are struggling to rebuild. Now, isn't that awesome? We love Andre. And I'm so proud of the work that he's been doing. So if you are ready to educate yourself, to launch your own credit repair business, and prepare for a rush of all these millions of people who are going to need your help, then I want to invite you to join our upcoming credit hero challenge, when in fact, we have another one starting in just a few days. So you can grab your spot right now at creditherochallenge.com. And if you're finding value in the things that I'm sharing on this podcast, you know what you should do, click below to subscribe, because I don't want you to miss any episodes. And if you're feeling kind, rate me and give me a review because this is a new podcast, and I can use all the help I can get. And I will see you on the next episode. So until then, 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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