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How to land more credit repair business ?

by theonemansell
6 replies
I run a credit repair business and I'm trying to figure out creative ways to get clients. I have been trying to joint venture with realtors and mortgage brokers but for some reason they all seem interested but none of them so far I could get on board to send me consistent leads. I thought about doing bandit signs and putting magnets on the truck as a start, I also thought about setting up a booth at my local flea market. Instead of using credit repair I was going to use something like mortgage approval assistance help raise your score to become credit worthy. Any creative suggestions given would be highly appreciative or if there is anyone in the mortgage or realtor niche or auto industry or anyone that comes in contact with individuals that might get turned down because of bad credit, that want to possibly joint venture please let me know.
#business #credit #land #loan #loan officer #mortgage #realtor #repair
  • Profile picture of the author DABK
    What are your expectations?

    If your mortgage broker does 10 deals a month, he doesn't see that many people who need their credit fixed...

    I mean, they're in the business of brokering loans. If they can do it with a 600 score, and many can, and/or with the use of rapid rescoring, they don't see a need to send you anyone.

    They can tell the borrower, Hey, you'll be better off coming back in 2 months, after you fixed your credit report issues and your scores are higher.

    But, if the borrower wants to do it now, they do it...

    You need many brokers / agents to get a good stream of referrals.

    You might want to look at the employment angle... Employers do check credit... and do turn down candidates because of credit...

    Originally Posted by theonemansell View Post

    I run a credit repair business and I'm trying to figure out creative ways to get clients. I have been trying to joint venture with realtors and mortgage brokers but for some reason they all seem interested but none of them so far I could get on board to send me consistent leads. I thought about doing bandit signs and putting magnets on the truck as a start, I also thought about setting up a booth at my local flea market. Instead of using credit repair I was going to use something like mortgage approval assistance help raise your score to become credit worthy. Any creative suggestions given would be highly appreciative or if there is anyone in the mortgage or realtor niche or auto industry or anyone that comes in contact with individuals that might get turned down because of bad credit, that want to possibly joint venture please let me know.
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  • Profile picture of the author sandalwood
    Originally Posted by theonemansell View Post

    I run a credit repair business and I'm trying to figure out creative ways to get clients. I have been trying to joint venture with realtors and mortgage brokers but for some reason they all seem interested but none of them so far I could get on board to send me consistent leads. I thought about doing bandit signs and putting magnets on the truck as a start, I also thought about setting up a booth at my local flea market. Instead of using credit repair I was going to use something like mortgage approval assistance help raise your score to become credit worthy. Any creative suggestions given would be highly appreciative or if there is anyone in the mortgage or realtor niche or auto industry or anyone that comes in contact with individuals that might get turned down because of bad credit, that want to possibly joint venture please let me know.
    Funny you should ask. Our local paper just ran a story about a lady who helps people repair their credit. They do stories like that to promote the community and show they are tuned in to what is happening locally. Have you contacted your local paper(s)? it may be worth your time given the papers don't charge a dime to do the story.
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    • Profile picture of the author theonemansell
      Originally Posted by sandalwood View Post

      Funny you should ask. Our local paper just ran a story about a lady who helps people repair their credit. They do stories like that to promote the community and show they are tuned in to what is happening locally. Have you contacted your local paper(s)? it may be worth your time given the papers don't charge a dime to do the story.
      Good information. Thanks for the tip.
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  • Profile picture of the author arc323
    I went to a job interview a few weeks ago for a position with a credit repair company. They offered me the position with an $80k base plus commission. My role would have been to travel into a territory and conduct presentations with mortgage brokers and get them to refer leads - same thing you are doing. The most I could have made in the position was around $160k and that would have came after about 1 year. I turned it down because of the slow up ramp and the fact that I already have a job making about the same.

    Anyway... my point is that while I was considering the position I spent time thinking of sales strategies for the role. I came up with the following good points:

    1. Mortgage brokers are sale people. Pitch the benefit of them being able to keep the applicant in their pipeline. Instead of throwing the application away they get to keep the warm lead on hold and close the deal after you've done your work.

    2. It costs them nothing. If they refer 20 clients to you and only 10 are able to be helped, you've made them X dollars just by them sending you an email.

    3. Follow up with them in 10, 30, 60 days if they haven't sent you any business. Remind them that it doesn't cost them a dime.

    4. If you are able to get a previously denied application approved, you have just made the mortgage broker look like a rock star. And guess what? Those people who were unqualified that are now qualified will tell all of their friends how Joe Broker got them their dream home.

    I think mortgage brokers will be your bread and butter. The company I interviewed with was very successful and they operate solely by soliciting mortgage brokers.

    Those were just some things I thought of while I was considering taking this position. The company I interviewed with was huge and they had 3 different credit repair companies under one roof. It was like the movie Boiler Room which I loved but the job just didn't make sense because the comp plan wasn't where it needed to be for me to jump on board.
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    • Profile picture of the author theonemansell
      Originally Posted by arc323 View Post

      I went to a job interview a few weeks ago for a position with a credit repair company. They offered me the position with an $80k base plus commission. My role would have been to travel into a territory and conduct presentations with mortgage brokers and get them to refer leads - same thing you are doing. The most I could have made in the position was around $160k and that would have came after about 1 year. I turned it down because of the slow up ramp and the fact that I already have a job making about the same.

      Anyway... my point is that while I was considering the position I spent time thinking of sales strategies for the role. I came up with the following good points:

      1. Mortgage brokers are sale people. Pitch the benefit of them being able to keep the applicant in their pipeline. Instead of throwing the application away they get to keep the warm lead on hold and close the deal after you've done your work.

      2. It costs them nothing. If they refer 20 clients to you and only 10 are able to be helped, you've made them X dollars just by them sending you an email.

      3. Follow up with them in 10, 30, 60 days if they haven't sent you any business. Remind them that it doesn't cost them a dime.

      4. If you are able to get a previously denied application approved, you have just made the mortgage broker look like a rock star. And guess what? Those people who were unqualified that are now qualified will tell all of their friends how Joe Broker got them their dream home.

      I think mortgage brokers will be your bread and butter. The company I interviewed with was very successful and they operate solely by soliciting mortgage brokers.

      Those were just some things I thought of while I was considering taking this position. The company I interviewed with was huge and they had 3 different credit repair companies under one roof. It was like the movie Boiler Room which I loved but the job just didn't make sense because the comp plan wasn't where it needed to be for me to jump on board.

      Wow. That is crazy. I realize my bread in butter is mortgage companies and realtors. I wonder if I could find a salesman of some sort to go out and do presentations to mortgage brokers.
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    • Profile picture of the author sandalwood
      Originally Posted by arc323 View Post

      I went to a job interview a few weeks ago for a position with a credit repair company. They offered me the position with an $80k base plus commission. My role would have been to travel into a territory and conduct presentations with mortgage brokers and get them to refer leads - same thing you are doing. The most I could have made in the position was around $160k and that would have came after about 1 year. I turned it down because of the slow up ramp and the fact that I already have a job making about the same.

      Anyway... my point is that while I was considering the position I spent time thinking of sales strategies for the role. I came up with the following good points:

      1. Mortgage brokers are sale people. Pitch the benefit of them being able to keep the applicant in their pipeline. Instead of throwing the application away they get to keep the warm lead on hold and close the deal after you've done your work.

      2. It costs them nothing. If they refer 20 clients to you and only 10 are able to be helped, you've made them X dollars just by them sending you an email.

      3. Follow up with them in 10, 30, 60 days if they haven't sent you any business. Remind them that it doesn't cost them a dime.

      4. If you are able to get a previously denied application approved, you have just made the mortgage broker look like a rock star. And guess what? Those people who were unqualified that are now qualified will tell all of their friends how Joe Broker got them their dream home.

      I think mortgage brokers will be your bread and butter. The company I interviewed with was very successful and they operate solely by soliciting mortgage brokers.

      Those were just some things I thought of while I was considering taking this position. The company I interviewed with was huge and they had 3 different credit repair companies under one roof. It was like the movie Boiler Room which I loved but the job just didn't make sense because the comp plan wasn't where it needed to be for me to jump on board.
      Do you mind sharing the name of the credit repair company you interviewed with? I was a mortgage banker for three years and was never approached by a credit repair company. I could have referred a dozen people a week to them. If you don't want to post it, PM me. I'd like to read about them given the number that are under investigation by the CFPB. If they are legit, I'll refer them to a friend who is still in the business.

      Have a great day.
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