•A Basic understanding of how credit scores are determined.
•A client's 3 credit reports from all 3 bureaus (Equifax, Experian and TransUnion).
•A basic understanding of what it takes to repair bad credit.
•The ability to read write and communicate well, plus social skills.
•Software to automate the dispute writing process and remind you for follow-ups, and to guide you through the process.
Have your client order a credit report from each of the 3 credit bureaus (Equifax, Experian and TransUnion). The Annual Credit Report Service allows you to write one letter and receive all three reports. Ordering a report by paper mail is the easiest. If the client orders their own credit report they will not suffer a hit on their credit score.
Ordering credit reports is the most important step, because nearly 80% of all reports contain errors and those errors are most often the reason for a low credit score. Simply removing those errors will usually raise the score immediately. Your primary job as a credit restoration specialist is to help your client by disputing information on their reports that you believe to be inaccurate.
Examine your client’s credit reports and try to identify accounts that do not belong to your client. Watch for unpaid loans that might not belong to your client because this could be a sign of identity theft. Identity thieves often avoid raising suspicion by first taking out loans, credit cards or lines of credit in very small amounts. If the client never knew these accounts existed, they remain unpaid and very quickly cause devastation to a credit score.
Create a separate credit dispute letter for each of the 3 credit bureaus; mail each one a letter detailing the mistakes you have found an asking that they be corrected. If you find anything that points to identity theft, immediately inform the police so the theft may be tracked; it will also absolve your client from responsibility to a certain extent.
Your business will prosper based on your success as an intermediary between the bureaus and your client. Most people come to a credit repair business for their troubles because they have no time or inclination to learn how it's done. So if you wish to be in high demand you must make your number one priority to act in the best interest of your clients. Make no mistake; this is THE key to the success of your business.
If a report comes back and the item you have disputed remains on the report and the bureau states that the item has been verified, you can send a follow-up letter requesting proof and evidence of verification. You can also requesting a copy your client’s signature showing that the indeed entered into the agreement that created the debt.
Some important points: The best way to make money is by ensuring that your client is happy. The rest will simply fall into place. And finally, charge affordable fees, make unrealistic promises, or step outside the law, regardless of how tempting it may seem.
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