Accelerator: 1.7 Credit Repair Business

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Accelerator
1.7 Credit Repair Business
Cheat Sheet

1. You Know How to Repair Credit, Now What

Now that you’ve improved your own credit, take this new skill and help others, and then use the profits to buy your first property.

2. Mindset

Develop the mindset of an entrepreneur:

  1. Take charge of your time.
  2. Determine the tasks needing done from janitor to CEO.
  3. Execute all tasks for your new business single handedly.
  4. Put in as many hours that the business needs.
  5. Develop business skills by reading business books:
3. Skillset
  1. At this point, you should have completed the Credit Repair Module in the REI Accelerator course.
  2. Credit Repair operations:
    • You’ve repaired your own credit or a family, friend, or an associates credit and you’ve gotten results.
    • You are aware of the sales process and understand the tips and scripts that 100 Percent Financed has made available to you.
    • You know how to market and drive traffic to your website, perform Hunting activities, and post testimonies to your Facebook and website.
    • You’ve set up a booking link, and have the ability to email customers’ results once a week and possibly do a follow up call once a month. 
4. Sell Before Build
  1. First determine the level of desirability to own and operate a credit repair business:
    • Do you want to create hundreds of dispute letters?
    • Do you want to address and mail out hundreds of dispute letters?
    • Do you want to deal with client questions and billing issues?
  1. It’s always best to test the waters before building up your business:
    • Sell your services to 3 people first:
      1. Write out a list of all the people you know who may need credit repair and contact them.
      2. Repair credit for one person for one of the bureaus.
      3. When you get results, charge to repair credit listed on the other two bureaus.
    • Schedule time frames in your calendar for specific days to sell.
    • Schedule time frames in your calendar for specific days to work on business.
      1. Record in your business bank account ledger credits (Deposits) and debits (Withdrawls) daily.
  2. Utilize the sales tools:
    • Sales Script
    • Sales Tracker
    • Expense Tracker
  3. Use Hunting Activities:
    • Hunting activities include having referrals partners send you leads
5. The Offer
  1. This payment module outlined below has been successful for many credit repair businesses. You can use it for your own business or make any necessary changes to suit your business:
    • Upfront $200 Registration Fee 
    • $50 per deletion
    • $100 monthly Installment Plan upon the client’s request if they cannot pay the total amount due for deletions
      1. Example: 13 deletions x $50 = $650. $650/ $100 month = 6.5 months. So, you can charge them $150 in month one and then $100/mo for the next five months or you can charge them $100 for the first six months and then $50 for the last month. Any of these payments will work.
  2. Types of accounts to dispute for deletion:
    • Bankruptcies
    • Judgements
    • Charge-offs
    • Collections
    • Late pays
    • Medical bills
    • Liens
    • Evictions
  3. Make your customers aware of a few things:
    • Credit repair can take months for positive results to show on credit reports. Encourage customers to stay in the program for a minimum of 6 months.
    • Scores may drop temporarily.
    • Scores may increase gradually once credit repair is complete.
6. Tool Kit
  1. Once you’ve sold 3 clients, it’s time to put together your tool kit.
    • Booking Link for account executive and client success:
      1. Acuityscheduling.com
      2. Sync your Google calendar with Acuity
      3. Set up your schedule per your availability for client success and for account executive
      4. Complete the intake form by adding the questions mentioned in the video 
    • Get a professional Gmail account.
  2. Get an account with CreditRepairCloud.com and go through every link available in their help center.
    • Use it for your CRM.
    • Use it to gain education.
    • If you’re just starting out and want to be lean and scrappy, you don’t need CreditRepairCloud as your CRM. You can use a spreadsheet until your business picks up to the point where managing your clients makes it too difficult to handle.
  3. Set up an Expense Tracker for money management purposes.
7. Hunting
  1. Look for mortgage loan officers (MLO).
  2. Be sure to access the Credit Repair Business Hunting_Referral Sources Cheat Sheet.
8. Selling
  1. Follow the sales process
  2. Use the  Credit Repair Sales Script. 
  3. Record with the Sales Tracker.
  4. Use this Credit Repair Contract.
9. The Process

The following is the steps to complete once you’ve completed 3 clients and set up your tool kit:

  1. Complete hunting activities.
  2. Call prospects and use Credit Repair Sales Script.
  3. Invoice customers using a merchant account.
  4. Schedule an onboarding call with your prospect.
  5. Use the Sales Tracker to log the outcome.  
  6. Update Credit Repair Cloud.
  7. Send a post welcome email to your new client.
  8.  Conduct an onboarding call using the Credit Repair Business_New Onboarding CS script_FAQ.
  9. Gather your client’s docs and sign a contract.
  10. Draft and mail dispute letters for your customers.
  11. Email client once a month with updates.
  12. If the client doesn’t pay you, then stop the services.
  13. If expected results were obtained, do an exit interview and ask for a testimony.
  14. Reinvest your earnings from your credit repair business into asset acquisition.

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