The Credit Repair Industry - 2011
In the past our industry has come under attack and in some cases deservedly so ... every industry has their bad apples. Those who have been in or currently are in the mortgage industry can certainly see what it is like to be stained by those with unscrupulous motives. The truth of the matter is that even though the credit repair industry has multiplied more than tenfold since 2005 we have continued to receive lower and lower consumer complaints. Quite an amazing feat!
We all know that numbers don't lie and I detailed our rise to success while increasing our credibility in the article titled "Doesn't seem fair, does it?" This article provides stone cold proof that we are an ever improving honorable and professional industry with the improvement of our client's credit picture as our primary goal.
While always maintain a strong level of production, in recent years the credit repair industry has seen an increase in its retail activity, both consumer and B2B. While every credit repair company will want to continue to focus on their success they will also want to make sure that maintaining a strong level of ethical and legal compliance remains a paramount company policy.
The credit repair industry is at an age where we can prove to all the skeptics that we are honorable and professional organizations who work diligently to help those in need of a better credit history by continuing to assist clients with poor credit histories and assist them in achieving their goal of home ownership, loan approval, and what I believe to be the most important ... piece of mind.
A professional credit repair company will want to make sure all employees who are handling the clients before, during, and after their enrollment are trained fully in abiding within the parameters of the law and not putting any clients into a place of financial hardship or doubt throughout their commitment to their credit repair process. Getting their NACSO Certification along with extensive on-the-job training is paramount for all new credit repair sales representatives.
All potential credit repair prospects should go through AT LEAST a basic risk assessment to see if they are a potential and viable client.
Make sure the client has at least six months since the date of last delinquency on their negative items, they can afford their bills, and they can afford your services. If they meet these three requirements then they should be a great candidate for the credit repair process. By utilizing this simple risk assessment a credit repair company will increase client retention but should also significantly increase their fix/delete ratio.
A credit repair company needs to prepare their clients BEFORE they enroll for the possibility of extended enrollment so they have a true picture of an expected enrollment. This can be achieved by properly explaining that credit repair is a process and how it all comes down to the law and the time it takes to go around the stall tactics and seemingly endless defense strategy of attrition and delay the credit bureaus utilize to confuse and dissuade the consumer from pursuing additional disputes.
This is where a strong and detailed post closing pitch should be implemented and scripted for all credit repair companies so that once they have started their credit repair process there is zero confusion and they understand your and their responsibilities.
When clients are advised on how the service works the sales representative should make sure not to over-exaggerate the expectations an average client will typically come to see. Under promising and over delivering will almost always make certain a client is satisfied, which in turn means more referrals, which means more profit.
Profit ... let's not forget the money! While I love the fact that I'm an industry that assists people and helps them ... the honest truth is that I'm in business to make money and to be successful. Stay motivated, compliant, and hungry and there is no doubt we will continue to be very successful and lucrative enterprises that assist millions of Americans with their credit pictures.
I have high hopes and an unwavering confidence that we will be able to not only achieve profitable enterprises, but with the help of NACSO and our DC lobbyist we will be able to bring our industry into a better light and endorsed openly by those in the loan origination industry, the mainstream media, and hopefully soon, the US Government.
View your company as it should be ... as a steadily increasing and self feeding entity with limitless potential.
re-edited by BCA 7-8-2011