Credit Repair Expert: Become an Expert in 10 Simple Steps
If you have been thinking about embarking on a new career path in the credit repair industry, you may be concerned about the training. How do you become a credit repair expert? Is there a great
Deal of training involved? One of the most important questions you probably have is how much is it going to cost you to get the training you need to be successful at credit repair. The credit repair industry is a lucrative business with a great deal of earning potential for those willing to work hard and learn the ropes.
You will be happy to know that you can become a credit repair expert without going through any extensive and expensive training. In fact, the time it takes you to become an expert is all up to you and how much time you are willing to dedicate to the learning process. Opening your own credit repair business is a real possibility once you set your mind to learning all there is to know about repairing credit. You can take as little or as long as you need to get through the next ten steps.
Yes, you read that right. Becoming a credit repair expert can happen in ten simple steps without ever stepping foot in a classroom. Read what those steps are below.
1. Understand The Law
Understand what the fair credit reporting act is and what it means to you as a credit repair expert and to every consumer. This act is what dictates what can and cannot be disputed on a credit report. It is important you spend some time on this one and really understand what it entails. Not every negative or derogatory piece of information is disputable. You will want to understand this act so you can explain it to your clients.
2. Understand The Dispute Process
Understand how to draft various dispute letters. Dispute letters are what you will put together to send out to the various credit bureaus and creditors. These letters must be expertly written in order to be effective. The letters will detail what information is inaccurate and why it must be removed from a credit report. The letters must provide all the pertinent information without being too wordy. Dispute letters are your most important tool to repairing someone’s credit. You must master them.
3. Understand The Credit Report
You must understand how to pull a credit report and how to actually read it to be a true credit repair expert. You will need to understand what the various abbreviations stand for and what it means to the credit score on a person’s report. Your understanding must be enough that you can read the information and explain it to your client in a way they will understand as well. Understanding what information is bringing down a credit score will help you quickly identify the issues so you can begin working on them immediately.
4. Learn How To Dispute
You will want to learn how to dispute an item on the credit report with the credit bureau. The bureaus receive the information from somebody and input the information into an individual’s credit report. Part of your job as a credit repair expert will be to write a brief letter that quickly lists the information that is inaccurate.
5. Understand How To Dispute With Collectors
Understanding how to dispute with collectors is important as well. Collection agencies are acting on behalf of another company. There collection attempts are often the most stressful for consumers. Writing letters to get the calls and collection attempts to stop are critical to your client’s satisfaction. As a credit repair expert, you can deal with the collectors and take the pressure off of your client.
6. Understand How To Dispute With Creditors
Understanding how to dispute with creditors will give you an advantage in the credit repair industry. Often times, the problem is nothing more than human error entering the wrong information. Identifying these mistakes can help solve the problem quickly. Identifying mistakes at the creditor level is typically much easier than trying to go through third parties who have no first hand knowledge.
7. Be An Expert In Writing Letters
Knowing when you have exhausted your letter-writing capabilities and when it is time to file a complaint is another element of becoming a credit repair expert. Spinning your wheels wastes your time. Sometimes, it is necessary to elevate the dispute and knowing when to do so is important. There are agencies that are in place to govern the credit bureaus and collection agencies. If you are being stonewalled or ignored, a complaint can be filed to help you accomplish your goal of having inaccurate information removed.
8. Provide Rebuilding Credit Advice
Rebuilding credit advice will help round out the service you offer your clients. Providing them with information about how they can rebuild their credit without falling into further debt will give them the confidence they need to continue to use your services. You want to position yourself as a credit repair expert and this is going to be the cornerstone of your business. Your clients are going to come to you with questions about when it is time to apply for credit and what kind of credit they should apply for. Do your research so you can give them good, sound advice.
9. Understand How To Raise Credit Score
Understanding how to raise a credit score will help you give good, valuable advice to your clients. Ultimately, credit repair is meant to help increase a person’s credit score. Clearing inaccurate information helps, but many clients will need further information as to how to continue to raise it to a healthy score that allows the client to buy what they need. You will want to learn as much as you can about what it takes to increase a credit score so you can pass that information on to your clients.
10. Understand When To Offer Settlement
Understanding when to offer debt settlement to a collector or creditor will help the process go smoother. Debt settlement is a win-win for both parties, but knowing when to write that letter will help cement your position as a credit repair expert. There are times a creditor will be willing to negotiate, but this can be tricky business and must be handled with kid gloves.
Bonus: Now that you have read this article, why not take your new skill and start your own credit business helping others? We have free training that can help you do just that.
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