When I founded Credit Repair Cloud, I did it because I wanted to help people.
I saw first-hand how difficult it is for someone who is down-and-out to go head-to-head with big banks, credit bureaus, and even the United States government.
Broke — and dealing with poor credit maybe for the first time — many people don’t know where to turn.
One of our credit heroes, Pretty Washington, describes the fuel that ignites my passion in the industry best, “Do you know what it feels like when you don’t know if anybody can help you? That’s a bad place to be.”
No one deserves to feel that way.
So when the U.S. House recently passed a bill to reform the credit system and create more pathways for Americans to get better credit, I was absolutely pumped.
The Comprehensive CREDIT Act written by Rep. Ayanna Pressley from Massachusetts is a great first step to recognizing the damaging effects of unfair lending practices, the imbalance of power between folks in our community and the bureaus and how Americans need help getting out of debt!
“When credit reports determine where you can live, work and how much you will have to pay for everything from a car to a college degree, consumers deserve a system that ensures equity, transparency and accountability,” Pressley said recently.
I’m so excited to tell you more about this bill and how it could give credit repair companies more chances to help people in need.
What the Comprehensive CREDIT Act Would Do
So, what will the Comprehensive CREDIT Act do if it is signed into law?
According to the Boston Globe, it would:
- Make it easier for consumers who have a “potentially material error” on their credit report to seek corrections with the help of credit repair companies;
- Restore credit to victims of predatory lending agencies;
- Ban credit reports docking your score because of “medically necessary procedures” and delay reporting of medical debt that can hurt scores;
- Shorten the time that some credit information stays on a report from seven years to four years, and from 10 years to seven years in the case of bankruptcy;
- Prohibit credit reports including delinquent or defaulted student loans after the borrower makes nine on-time monthly payments;
- and much more.
Passing this law would be a big win for Americans.
Especially because 79% of credit reports have errors on them, life-saving medical bills shouldn’t kill our clients, and predatory lending that unfairly targets communities of color is just wrong.
How The Bill Can Help Credit Repair Companies
The bill also gives each of my beloved credit heroes the chance to help clients EVEN MORE.
This House bill would make it easier for credit repair companies to do our job by letting us:
- Remove more errors;
- Get medical debts taken off reports;
- Take old student loan defaults off reports; and
- Provide more creative solutions to work with clients on improving credit.
A new law also means there will be more opportunities to educate and advise consumers on how the law really works and how to take advantage of it.
Improving credit for your clients makes it possible for families to purchase homes, single parents to get a car so they can reliably make it to work, and college students to get access to better loans.
When our communities enjoy financial freedom, we all win.
Create a Meaningful Impact in Your Community
All this change and awareness of our industry is great! It also makes it the perfect time to start your own credit repair business.
The best part is, anyone can do it — regardless of your background.
One of my favorite stories of bootstrapping toward credit repair success is Credit Repair Millionaire Seth Mitchell.
Seth was raised by a single mother who worked three jobs to make ends meet and had a father who went to prison when he was eight years old. Seth wasn’t OK with becoming a “statistic.” And he became determined to live a positive, happy life while helping others do the same.
“It never really was about making a whole lot of money, it really was about trying to help people get where they wanted to be on the financial standpoint,” Seth said. “Being a credit hero is one of the things that drives me day to day. A lot of individuals that come to us feel like they don’t have any hope. This is about helping people get to their dreams.”
Today, Seth processes 600 to 700 customers per month and has an annual revenue of more than $1.2 million. Incredible!
Take Action Today!
With the bill now with the U.S. Senate, it’s up to them to pass it and get it to the President’s desk.
The folks in our community deserve a win. Make a difference by becoming a credit hero in your community!
Learn how easy it is to start a credit repair business today with my free online training!
P.S.:Want to do even more? If you want to help the Comprehensive CREDIT Act get more attention, let your Senator know why this bill would help you. Call or email your Senators today and tell them to get to work!