10 Risks Credit Heroes Take That Other Credit Repair Business Owners Won't

Andre. Sam. Ashley. Jose. Tara-Ashley. Deunka. Aaron. Seth. These are a handful of the 20+ people who have made over a million dollars in revenue in their credit repair businesses over the past decade. For some, the buildup was slow and steady – with hitting a million dollars being the culmination of years of hard work and acquisition of technical knowledge. Others skyrocketed, going from living out of a car to a million in revenue within just two years. Most fought back against foreclosure, bankruptcy, and unfortunate life circumstances to build a powerful, million-dollar business.

The one thing all millionaire credit repair business owners have in common is that they took calculated risks.

If you're hungry for success or just fed up with the status quo of your credit repair business, take a page from millionaire business owners and start putting something on the line. Find the courage to attempt what you’ve never done and get ready for business results beyond what you can imagine.

Take Good Risks

Skydiving may excite some of you and terrify others. Going skydiving is a risk that comes with a huge thrill. Jumping out of a plane without all the proper training or gear is really risky and dangerous. We are not asking you to jump out of a plane without a parachute (literally or figuratively) to change your business. Successful credit repair businesses run on calculated risks that take courage, training, and practice – not thrill-seeking and put-it-all-on-the-line foolishness.

As noted in Psychology Today, Barbara Sahakian, Professor of Clinical Neuropsychology at the University of Cambridge School of Clinical Medicine, “good risk-taking can be taught.”

Good risk-taking is a habit that successful business owners all employ - more specifically, successful credit repair business owners.

So what are the smart habits these credit heroes practice to make millions of dollars in revenue? Whether you’re at the very beginning stage of wondering how to start a credit repair business or you’ve already gotten the ball rolling, you’ll benefit from learning the ten risks credit repair heroes take that other credit repair business owners won’t. And, in the process, you’ll change your clients’ lives.

1. They Put Passion for Change Before Profits

18th-century German philosopher Georg Wilhelm said,

“Nothing great in the world has been accomplished without passion.”

Two hundred years later, his wise words still ring true when it comes to life and business. One of the many common traits credit repair millionaires share is a commitment to letting their passion, their vision, and their purpose drive their actions.

Take Integrated Loan Assistance CEO Tara-Ashley Gable, founder and CEO of her own multi-million dollar credit repair business. Her leadership is driven by a larger purpose and passion for empowering others, day in and day out:

“If you can improve a person’s score so that the affiliate can sell them a loan or a car or whatever their business is, that’s going to be incredibly valuable to them. It will be life-changing for the affiliate because it could double or triple their revenue. That’s how powerful [credit repair] is.”

Credit repair millionaires have a tireless passion for helping others.

Derrick Harper, a former member of the United States Air Force, turned an identified need within his own military base into a vision for his now multi-million dollar credit repair business.

“I had no idea that there was a market for credit repair until the base commander sent out a message to the Air Force, which I think was 40 to 80 thousand strong. My phone blew up–it went viral.”

Credit repair millionaires like Tara and Derek are successful because they’re continuously fueled by their passion for helping people, their visions to change people’s lives through financial empowerment, and by Credit Repair Cloud’s business growth tools and mentoring.

2. They Invest in Live Credit Repair Business Training and Events

When you’re running your own credit repair company, you’re constantly learning. You’re reading about industry trends, listening to podcasts, and watching educational videos to ensure that you’re continuously evolving.

Learning online will absolutely empower you with the tools you need to be successful; but if you’re looking to take your business to the next level, the best way to do this is to attend live training and events.

The most successful business owners get out there and get inspired by face-to-face, inspirational speeches given by industry leaders. They get out there and network with other credit repair business owners, even if it’s outside their comfort zone. They attend focused breakout sessions centered around specific topics and commit to continuously learning - even if it means admitting what they don’t know - yet!

And so should you!

Join us at the next Credit Repair Expo by signing up here.

3. They Let Go of Some Clients to Focus on Helping the Most People Possible

Credit heroes have the most impact on people who are ready to make a change. You can have your vision in place, fueled by your passion, and train on the best dispute tactics, but if you’re not reaching the best clients for your business, you can still fail. You have to strategically identify, target, and pursue the right kind of people, and let the others go.

It can feel like you’re wasting hot leads by letting some people go, particularly when you’re starting out. However, it’s important to recognize that, you’re actually weeding out people who may waste your time because they aren’t ready to make a change.

The right kind of people for your credit repair business are:

• Ready to adjust their financial habits
• Looking to buy a house
• Focused on getting a reliable car
• Tired of being stuck in the debt cycle

Let go of what’s not necessary to focus on what’s most profitable. Perhaps you target people who are turned down for a mortgage but have a FICO score in a specific range. By becoming clear about who exactly you can and want to help, you’ll focus your client list in a very effective way.

It seems risky, right? Letting go of clients to go and look for more? But think about it. If you take on clients who you simply can’t help, you’re wasting precious time that you could be using on your niche set of customers.

4. They Tell Their Personal Stories

To win the trust of these niche customers who are on a journey to repair their credit, you have to be authentic. Credit repair millionaires are honest about what they’ve been through. Credit heroes own their journey from hard times to better days, and share their personal stories to inspire their customers and business affiliates.

Take Sam Naquin, for example, a former loan officer who now runs a credit repair business in Texas with nearly 1,000 clients and over a million dollars in revenue. He took his own life-altering experience with divorce and resulting bankruptcy–his own personal crisis–and transformed this adversity into opportunity.

“I was really humbled. It taught me how difficult that process is and how there’s not a lot of help out there.”

As a credit repair business owner, he shares his struggles with clients and partners to connect with them and create a relationship that’s truly meaningful - and more likely to be successful.

Tracy Arnett, another credit repair millionaire with over 1,000 monthly clients, openly shares how he started his business after he became a victim of identity theft at 18 years old. Like most identity theft victims, Tracy was completely blindsided by the fraudulent activity on his account. And, if you’ve been a victim of identity theft, you know how challenging the process is to get your credit cleaned up. This adversity inspired him to start his own credit repair business and help other people who are experiencing the same struggle.

Owning your story will set you apart from the competition. It will help your clients understand how much you truly care, and, more importantly, how much you understand what they’re going through.

It’s essential for potential clients to know how much you care about helping them, not just making a profit. Because they’re at one of the lowest points in their lives, they need to know you’ll be there with them every step of the way.

5. They Stand Up to Predatory Creditors

Most people who seek the services of a credit repair company have already experienced the harmful effects of poor credit. When they finally reach out for help, they’re often in dire financial straits, with no recourse for the relentless creditor calls, threats of legal action, and continued damage to their credit history.

The fair credit reporting act (FCRA) is designed to protect consumers from creditors who knowingly report inaccurate, erroneous, or incomplete information to the credit bureaus. It’s important to study these regulations and gain a complete understanding of what creditors can and can’t do.

A credit repair specialist works on their client’s behalf to repair the damage by disputing inaccurate information and building a solid case that will ultimately lead to improved credit scores. And there’s a lot of work and knowledge required to clean up their clients’ credit history.

This can mean a lot of work and knowledge - something that a few credit repair specialists shy away from. But the ones who reach the level of financial success aren’t afraid to stand up to creditors, calling them out on inaccurate reports, and protecting their clients from continued harassment.

For Ron Gibson, one of the many credit heroes, this is the driving force behind his business. At Credit Repair Expo 2019, he told the story of working as a paralegal in the bankruptcy industry, watching how creditors ruthlessly targeted the “little guy,” and feeling powerless to help. This prompted Ron to start his own credit repair business.

By taking a firm stand on behalf of your clients, you’ll be able to protect their rights and fight for the accurate credit history they deserve. And, this, in turn, will lead to financial success for you and your clients!

6. They Sell More Than Just Credit Repair

Successful credit repair business owners offer additional services to complement credit repair.

For example, Sarah Willcox, the CEO of Resolution Credit Services, started out in the loan industry but saw an opportunity to help her clients with credit repair services. By expanding her business to include credit repair, she was able to offer a more comprehensive solution for her clients.

This approach not only helps clients but also provides additional revenue streams for the business. Other services that can complement credit repair include debt management, financial coaching, tax preparation, and insurance services.

By offering a range of services, credit repair business owners can provide more value to their clients and create additional revenue opportunities for their businesses.

7. They Use Technology to Automate and Scale Their Business

Successful credit repair business owners use technology to automate and scale their business operations. This includes using software to manage client information, automate dispute processes, and track progress.

For example, Credit Repair Cloud is a popular software solution that helps credit repair business owners manage their operations efficiently. It automates many of the tasks involved in credit repair, such as generating dispute letters, tracking client progress, and managing billing.

By using technology to automate and streamline their operations, credit repair business owners can focus on growing their business and providing better service to their clients.

8. They Build Strong Relationships with Clients and Partners

Building strong relationships with clients and partners is essential for success in the credit repair industry. This includes providing excellent customer service, being transparent and honest with clients, and building trust through effective communication.

Successful credit repair business owners also build strong relationships with industry partners, such as mortgage brokers, real estate agents, and financial advisors. These partnerships can provide a steady stream of referrals and help grow the business.

9. They Continuously Educate Themselves and Stay Informed

The credit repair industry is constantly evolving, with new regulations, technologies, and best practices emerging all the time. Successful credit repair business owners stay informed and continuously educate themselves on industry trends and changes.

This includes attending industry conferences, participating in webinars, reading industry publications, and networking with other professionals in the field.

10. They Are Persistent and Resilient

Success in the credit repair industry requires persistence and resilience. This means staying focused on your goals, even in the face of challenges and setbacks. It also means being adaptable and willing to pivot your strategy when necessary.

Successful credit repair business owners are persistent in their efforts to help clients improve their credit and achieve their financial goals. They are resilient in the face of obstacles and remain committed to their vision and purpose.

In conclusion, credit repair millionaires take calculated risks, invest in their education and business, and stay focused on their passion for helping others. By following their example and implementing these ten strategies, you can build a successful credit repair business and achieve financial success.