No one is immune to financial hardship. From unexpected medical issues to divorce, to errors that make their way onto your credit report, everyone in America can be affected by credit problems.
And, it’s not always simple to fix a compromised credit score.
Credit heroes may not wear capes, but they are available to lend a helping hand to anyone facing credit issues, and are unsure what their options are.
This is the third blog in our Credit Repair Business Guide series. Click here for Part I: Why Start a Credit Repair Company? and be sure to read Part II: How to Become a Hero Through Your Credit Repair Business.
Medical Debt on the Rise Causing a Major Need for Credit Heroes
While there are a number of reasons why credit heroes are necessary in today’s world, one of the fastest growing problems in America is medical debt.
Certain medical procedures, medications, pre-existing conditions and emergency medical bills aren’t covered by insurance. Without comprehensive coverage, you’re stuck footing the bill for incidents that occur, no matter how out of your hands they are.
For this reason, many Americans face medical debt. And, it’s mounting costs can have an impact on your wallet, and credit score.
Consumer Financial Protection Bureau’s Consumer Credit Panel study revealed that one in six Americans have past-due health care bills on their credit report, a debt totaling $81 billion.
When a family or individual can’t keep up with medical bills, they often resort to putting payments on a credit card or skipping the payment altogether. In either situation, a credit score will suffer:
- If you ignore the bill, the medical debt will land on your credit report
- If you’re unable to pay cash and use a credit card, your balance owed can grow faster than what you’re able to pay
This double-edged sword puts many Americans in a winless battle. When medical bills collide with other immediate needs, many families find themselves borrowing money, losing homes, and spiraling into nearly uncontrollable debt.
Credit Repair Shouldn’t be Taboo (Here’s why)
Many times, like with medical debt, money problems are out of our control. Even though we know this, poor credit is still too often associated with poor money management, which makes many Americans shy to ask for help.
Break the taboo of shaming poor credit by learning common reasons why clients end up seeking credit repair:
Separating from a partner is never easy, no matter how amicable the split is. And, when unweaving finances, things can get messy fast. Dividing property, working through child custody, losing a dual-income home, and obtaining legal advice are all expensive.
And, the longer the situation drags on, the more it costs. Keeping up with the exorbitant fees can come at a cost to your client’s credit scores.
Many of our current credit heroes moved into the industry after losing their businesses during the economic downturn. The credit heroes discovered credit repair services because they needed help getting their footing and confidence back after they lost stability.
Without an income coming in, it’s easy to rack up the credit card bills with no way of paying them back.
Did you know that in the wake of many natural disasters, insurance companies started pulling back on coverage? If you live too close to the ocean or near a fault line, you might not be eligible for homeowners or renters insurance.
What happens to victims of natural disasters who can’t get coverage, don’t have coverage, or aren’t fully covered? The sad reality is that in many cases, insurance doesn’t offer enough protection, leaving families struggling to pay bills after they’ve lost everything.
Struggling to rebuild a life, find housing, and reclaim necessities of life is costly. And, can have a significant impact on one’s credit.
Racism and Other Forms of Oppression
One of the most infuriating reasons for poor credit is historic racist lending practices that have perpetuated the cycle of debt for minority communities.
For years, research has indicated a bias against racial minorities when it comes to calculating risk assessment. Did you know that just living in a primarily Black neighborhood can lower your chances of securing a mortgage? Other research shows that African-American and Latino families lose their homes at almost double the rate of White people.
Luckily, credit heroes can provide citizens a safety net, regardless of how their clients found themselves in credit hardship.
Credit Heroes Providing Hope
Simply put, people need credit repair because credit problems are pervasive, and the credit system is complex. It can be intimidating to approach without the right tools and information.
That’s why people in your community need help from a trained credit expert like you.
Credit heroes look for common errors that erroneously impact your credit score.
For example, when it comes to medical debt, the three major credit bureaus must wait 180 days before adding medical bills to your credit report. If they add the debt to your score before that, they’ve made a mistake. Additionally, if a medical bill is added to your credit report is paid by insurance later, the credit bureau is required to remove it from your credit report. The failure to do so is an error.
In both situations, a credit hero can dispute the errors, and help their clients regain their credit power.
When you learn how to help people escape from the trap of cyclical debt and poor credit, you become a credit hero in a time of need.
What Do Credit Heroes Do?
Credit heroes understand the injustices, hardships and difficulties many Americans face when it comes to finances. And, they understand how credit bureaus actively work against those in need, making it difficult to understand how to get out of debt, and how to repair your credit scores.
Credit heroes take it upon themselves to improve the lives of others, and themselves as an added bonus, number of ways:
Focus on Impacting the Community
It may surprise you to learn that our founder Daniel Rosen faced homelessness in his past. While overcoming his past experiences, he developed a deep passion to help others get passed financial hardships. His experiences are what shaped the vision and mission of Credit Repair Cloud, which takes a community-first approach. Not only does the entire business of credit repair focus on the community, but CRC is also deeply involved in giving back. We work with the non-profit organization, Chrysalis which provides homeless citizens the tools to get back into a more stable life.
“Chrysalis helps people at rock bottom on the streets, to overcome the barriers they face to getting back into the workforce. If they need a suit to wear, a resume, training for a job interview, lunch or to practice interviews, Chrysalis is there to support them and they're making a huge difference," says Daniel.
Pretty Washington is one example of credit repair specialist that embodies our mission to focus on community-first. Pretty dedicates her life to helping others. She takes time to get to know each and every one of her client’s stories so that she feels connected to each person that walks through her doors. With that passion and motivation, Pretty has helped thousands of people in her community repair their credit so they are able to afford homes, cars, and a happier lifestyle.
Work For Personal Change
Other credit repair specialists found that selfless work doesn’t have to be penniless work. By launching their own credit repair business, credit heroes like Ashley Massengill and Derrick Harper were able to find personal freedom that allows them to enjoy their lives more fully.
For example, when discussing his rise to million dollar credit repair success, Derrick Harper mentions how owning his business enables him to treat his family to a lifestyle he always wanted to provide for them. Not only does he have the flexibility to choose his own hours and work on his own terms, he’s able to afford taking his families on dream vacations, like to Dubai.
Ashley Massengill is another great example of taking control of her personal and professional destiny. Once she started to grow her credit repair company using credit repair software, she grew her business so quickly that within 18 months of quitting her full time job to pursue credit repair, she became an inductee to Credit Repair Cloud’s Millionaires Club. Her income grew so tremendously that her husband was able to retire from his job, too.
Improve and Aim Higher Constantly
To continue growing and excelling in their profession, credit heroes also delve deeply into the industry to constantly develop, and discover how they can better execute for their clients.
For example, credit hero Seth Mitchell discovered that by using credit repair software, he could scale his business without incurring more overhead costs.
Specifically, Seth relies on the automation and organization of his credit repair software to take manual labor off his plate, and allows him to delegate his time in other ways. With the help of credit repair software, Seth is able to focus on fringe services, like growing his affiliate network, to increase revenue more strategically.
How Do I Become a Credit Hero?
Becoming a credit repair specialist doesn’t require that you have a degree, previous entrepreneurial experience, or a background in finance. All you need is the drive to learn, the passion to help others, and a computer to organize your work.
Start Your Journey Today
- Step one: Learn the basics of credit repair through an online training and a FREE certification course.
- Step two: Use credit repair software to launch your business. Software will help automate, organize and scale your business effectively.
- Step three: Discover resources and connect with mentors to answer questions as your business grows.
- Step four: Sign up for Credit Repair Cloud’s private community group to get access to other credit repair specialists and experts in the industry.
- Step five: Attend live events and network to deep dive into the industry and connect with like-minded individuals!
The most exciting part about your future as a credit hero, is that you can get started immediately. With Credit Repair Cloud’s software and its suite of tools and resources, you can dive right into free training with the click of a button.
Join a community of credit heroes who are dedicated to helping others get out of financial trouble and into a happy life. And, reap the rewards yourself as learn that it’s possible to see a profit even through selfless work.