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chrisclements
345 Posts |
 Posted - 01/12/2008 : 2:55:24 PM
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Hi Guys,
Do you have a hole in your pipeline? is it getting bigger every day? I noticed a big hole in mine. How many potential clients do you turn away because...
1. They Don't currently have the credit needed to qualify.
2. Don't sign up for what ever credit repair service you refer them too.
I am not bashing credit repair companies, I am just pointing out the fact that everyone of your "turn downs" does not convert to a client of what ever service you send them too (if you even refer them somewhere)
How many turn downs do you have a month and how many actually pay the fee to get credit repair done for them? is it 10 to 1... 5 to 1... 2 to 1?
Even if 1 out of even 2 turn downs actually pony up for credit repair service you are still missing out on 50% of that potential future business....right?
You could do one of several things...
1. Do nothing and accept that its just a hole that can not be plugged.
2. You can give them some do it yourself manual and hope they can figure it out on their own.
3. Spend your time doing stuff for them... (Do you work for a Mortgage Company or Credit repair company)
or
4. Refer them to a free credit repair service and keep them in your pipeline. Move on to your next client while automatically staying in front of your client during the entire credit repair process. You can monitor their progress and when the time is right close their loan.
Imagine this... What if you could use the fact that you have this service to get Realtors to refer you business? What if your Realtor partners could monitor the client pipeline they have referred to you... with no worries that you will forget that they referred you that lead in the first place.
I have spent a lot of time and money over the last 9 - 10 months working out the details, getting the systems in place and pulling my hair out to get to this point of just being able to even make this post.
Here is the deal, this is not ready for prime time yet... we are getting close, but first I need your help. I am looking for some loan officers that can join out Alfa test (pre-Beta) and give feedback and suggestions on our system.
If you are interested please leave me a post and I would love the help , plus you just might be able to plug that hole that is just spewing potential future deals.
Make a post and let me know..
Chris |
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htdifinancial
1577 Posts |
Posted - 01/12/2008 : 5:41:54 PM
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| I'd like to check it out and give you my feedback. |
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JaxPacific
60 Posts |
Posted - 01/12/2008 : 7:48:32 PM
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| Of course I'd need a little more information before I trust my clients to you but.. I wouldn't mind sending a couple your way and seeing what happens. I'm in. |
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chrisclements
345 Posts |
Posted - 01/12/2008 : 9:15:21 PM
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Jax,
You would not be trusting your clients to me, I don't do credit repair. What we have is a Credit Dispute tracking system that allows your clients to do it themselves.
Basically, what I can do is set up an account for you to go in and "test" the system. If you have something on your credit you want to get fixed you can do that or you can just make up some stuff to see how it works.
I would ask that you do that anyway... I need lot of new eyes on this thing so we can root out potential bugs before we start sending real clients. I will tell you anyone who helps me out with this will be treated very well. Lets get some more people in on this and I will set everything up for everyone all at once.
If anyone else is interested in being able to offer free credit repair to their clients. Please leave me a message... But remember, right now we are in alpha so I would like who ever signs up to either do a test case first or fix something they have on their own credit.
I would explain more and I will to those who agree to be alpha testers.Sorry for being vague ...
Chris |
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chrisclements
345 Posts |
Posted - 01/12/2008 : 9:20:11 PM
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Oh Dominic.
No offense, but this offer is only for loan officers right now. Anyone that gets in on the Alpha test, I will have to personally talk to and they will have to sign a non disclosure.
Chris
P.S. I will be integrating this into the Ultimate FSBO Marketing system for my current clients. we have a lot of cool stuff about to happen with that as well. |
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CreditTechnologi
480 Posts |
Posted - 01/13/2008 : 07:21:50 AM
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Chris,
With a few important assumptions, this to be an intriguing idea. I'm assuming the following,
You're providing the service as a value add to an existing product, and are not charging the consumer for any of the processes associated with credit repair?
Hopefully you're handling the disputes online through www.AnnualCreditReport.com rather than using the US mail to simply fire off frivolous dispute letter on behalf of consumer?
You'll also need to be extremely cautious about the use of any consumer credit data. The broker is prohibited from sharing the credit data obtained for mortgage purposes with any credit repair entity (for fee or otherwise) and doing so could result in the permanent loss of their access to credit data (see http://credittechnologies.com/Credit_Repair.asp)
and a last caution, you state that others can monitor the consumers progress. I'm assuming you do not mean they would have access to view any credit data or score? The liability, and compliance requirements associated (not to mention complying with Federal and State laws) would seemingly be a huge obstacle.
That said, this could be a valuable service - Hopefully you're also educating the consumer as to how the dispute process works, and the potential risks involved (e.g. the lowering of FICO scores due to frivolously disputing accurate tradelines...)
BTW, great Job on your website - The video and audio testimonials are a well done.
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chrisclements
345 Posts |
Posted - 01/13/2008 : 10:39:36 AM
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Thomas,
Thanks for the reply. I get what you are saying and I understand the point you bring up. This is not in anyway getting a loan officer in to the credit repair business or even referring a client to a credit repair company. It is simply a way for a potential client to do their own credit repair and for a loan officer to continue to drip their marketing message to that prospect.
Think of it as a credit repair guide on steroids. I may be wrong (I doubt it ) but educating the consumer on credit and their rights is not an issue. The FTC makes it clear that "Self Help May Be Best"...
http://www.ftc.gov/bcp/conline/pubs/credit/repair.shtm
The problem is as a consumer with little knowledge on the subject it is a very overwhelming task. So most people don't know or do what they need in order to "Self Help". So that is where we come in. We give them the education they need and a system to track their progress.
The Problem for the Loan Officer (or any other credit based sales person) is how do you keep these prospects in your pipeline with as little effort as possible in order to be able to focus efforts on other tasks that will generate more business.
What we are targeting is that % of prospects that get turned down and don't hire a credit repair company to do this for them. Its those people that we want to help the loan officer keep in their pipeline. I am guessing what we are doing might even help out the credit repair company that the loan officer is referring their prospect too because we will be educating the prospect on what needs to be done to accomplish the goal of cleaning up their credit. Once they understand they will then be able to make a better decision on whether or not to hire someone to do this for them or to do it themselves.
The government and credit bureaus have done a lot to spread misinformation. My guess is that most credit repair companies would most likely get more business if the consumer was more educated on the entire process.
I am curious to see what response my program is going to get from credit repair companies. They will either love it or hate it I am sure.
Chris |
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eli
306 Posts |
Posted - 01/13/2008 : 12:45:49 PM
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| I'd like to try it out! |
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cplrenteria
23 Posts |
Posted - 01/14/2008 : 07:55:31 AM
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| I would like to check it out as well |
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chrisclements
345 Posts |
Posted - 01/14/2008 : 09:39:04 AM
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Hi guys.
I am keeping track of those that want to try this thing out and help me. Please be sure to post here if you are interested. I want to get some more people so I can get people looking at this from all angles.
Thank you in advance for your help. I will make sure its a win- win deal for everyone that helps out.
Chris |
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htdifinancial
1577 Posts |
Posted - 01/16/2008 : 12:36:59 PM
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quote:
Originally posted by chrisclements
Oh Dominic.
No offense, but this offer is only for loan officers right now.
No offense taken. I simply assumed that if you wanted someone with experience to take a look at your new system that you would want me to look at it.
Good luck with your new product. |
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cassie701
1359 Posts |
Posted - 01/29/2008 : 7:54:54 PM
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| I would like to check it out. |
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CreditRepGal
649 Posts |
Posted - 01/30/2008 : 11:03:10 AM
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| As a credit repair expert and knowing exactly what it is we do over here vs. what you are suggesting, I can tell you right now there are FREE online sites already in place where your clients can go and dispute their neggative items. Fact. If you dispute to often the bureaus will halt any future investigations and nothing will get done. Fact. Payment History (derogatory items) make up only 35% of your credit history, so how does disputing derogs address the other 65% of your credit issues? We adress all these issues. Fact. Everyones credit is different. You would not put everyone in the same loan, you would not give everyone the same rate. Not everyone needs the same type of repair. Our services are specifically tailored to adress everyones credit specifically based on there credit, nothin we do is "in general" We do send the mojority of your clients we close back to you after the first 30 days. |
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chrisclements
345 Posts |
Posted - 01/30/2008 : 11:56:29 AM
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Alina,
Thanks for the ad on the post for your credit repair service. My Questions are....
1. How much does it cost?
2. What about the people that are not willing to pay you for something they can do themselves?
I am not for or against credit repair companies, the fact is in most cases it is just a convenience to pay someone to help you clean up your credit. All the information on how to do it is pretty much public information. I am sure you don't have some magic trick other than the knowledge your company has gained by doing this for many people.
Rock n Roll
Chris
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CreditRepGal
649 Posts |
Posted - 01/30/2008 : 12:20:23 PM
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Chris,
Our repair cost is $399 flat fee for the entire year. There is a lot of work envolved.... just because I know how to change my own oil doesant mean I'm about to climb under my car and do it. Not only will I not do as good of a job as a trained professional, but I dont have the time. For those clients who have time to send off letters, let them... they are as likley to mess up the process as I am trying to change my own oil.... :)
Some people are NOT willing to pay.... well they can send letters out to their hearts content, as I said, again, disputing is only a very small part of what we do. Your manual on steroids may be accurate but for most of these people may read like a stereo manual. Credit repair is simply something best left to a credit expert. You can do SOME of it yourself, if you have the time and knowledge but unless you know exactly what you are doing you will not have the results we can provide. Think of it this way....
Take a Lawyer for instance.... they all use the same laws, they are governed by the same rules HOWEVER does that mean some joe schmo lawyer is going to do as good of a job as say Jhonny Chochran? (sp) The ability to do a good job is having the ability to understand and utilize the correct laws.... any one can look up a law but a GOOD lawyer will know best how to utilize that law. We have many tricks Chris....... with over 35 years combined experience in this office alone, we are bound to have picked up a few. :) |
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chrisclements
345 Posts |
Posted - 01/30/2008 : 1:34:12 PM
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Alina,
I always love a good debate. I agree with you that it is way easier to get your oil changed by a professional. Heck you can pull through a drive through place and have it done in 15 minutes or less. Thats good and bad it all depends. I wonder how many times the professionals forgot to put the drain plug back in or did something else wrong that really took the benefit out of having them do it. I guess all I am saying there is that professionals are not perfect. Then again, most of the time they do things right.
But on the other hand, what about those people that can't or will not use the 15 minute drive through oil change. What do they do? They either do it themselves or they don't do it at all. I think if you had just those 2 choices then doing it yourself is the best. Remember I agree with you for the most part that having a professional do it is the best choice for those with more money than time or attention.
My other question to you is. Out of all the people you talk to every day how many of them that need your service actually pony up the $400?
I am guessing if you are a good salesperson you may actually close 20%-50% of the people you talk too. I would love to hear the actual number.
What I am talking about is the people you don't close. Your junk leads the ones that basically get tossed in the trash. How much extra business do you think your loan officer clients would get if everyone on the leads that you did not close actually chose to use your service and pay you the $400?
I bet the answer is a lot.
We both know that if you tell someone to go change their own oil and to call you when they are done that you will never get a call back.
But if you gave them all the tools that the 15 minute oil change place had for their employees to use, plus gave them step by step instructions on how to use those tools then you are more likely to get that call back when you ask them to call when they have finished changing their oil.
Now lets take it one step further, what if instead of you telling them to call you when they are done changing the oil you actually stayed with them and made sure they were not having any problems changing thier oil. That way you would know where they were at in the process.
Now lets say, if they were having a problem they had someone to ask for help and clarification on their exact problem. Lets say they could ask someone like you about how they should solve the problem they had.
What are the chances you would get a call when they were done changing their oil?
OK, now what if they didn't have to call you, you were automatically notified when they were done changing their oil so you could call them.
Now sometimes it takes a while to change oil, but what if instead of all the tools that you provided them did not have pennzoil written all over them , but instead your name. When you called them would they remember you? Would they trust you? Would they want to do business with you?
Well, I guess I will let you answer that question.
So you tell me what is better? a the situation i described above or just throwing away a lead that most likely cost you a good amount of money to generate.
What is going to get you the most raving fans and the most referrals?
Like I said at the beginning, I love a good debate :)
Rock n Roll
Chris
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American Credit
470 Posts |
Posted - 01/30/2008 : 2:05:02 PM
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I agree that a client TRYING to do credit repair for themselves is better than them doing nothing at all. However, I believe that credit is a little too important to compare to an oil change. I don't change my own oil because I'm lazy and I don't want to get dirty. I wouldn't repair my own credit because if I don't do it correctly I could cost myself tens of thousands of dollars. Most clients who come to us for credit repair have a house already in mind and they cringe at having to wait 45-60 days for our service to be completed. Now think if they do not do it correctly the first time, they'll be back at square one in 2 months and having to start over. Plain and simple, it's worth the money (if using a good credit repair company) to be sure that it is done right the first time.
American Credit Repair is committed to providing the best service available at the lowest prices. We have helped countless customers referred by Broker Outpost users but we know that we can do more. With our pricing, turn around time, and unbeatable customer service, we guarantee to help you close more loans.
-45 to 60 turn around time
-$225/person and $395/couple one time fee OR 2 payments of $125/single and 2 payments of $210/couple. This pricing makes our service affordable for almost any budget which means you are able to get more clients signed up and more loans closed.
-Affiliate Membership available enabling you as a referral partner to make money by signing up your own clients (up to $40/file)
-Debt Settlement Services
-Credit Education for both your clients and your LO's if necessary
-Reduced pricing for Broker Outpost users to repair their personal credit
-No monthly fees, no cost to you, and a money-back guarantee to your customers
-We are licensed, bonded, and members of the BBB
Keep in mind that every potential client's credit profile is reviewed BEFORE taking them on as a client. All you have to do if fax or email their credit to us, we'll review and within 30 minutes let you know whether or not we can help as well as give you an idea of how much you can expect for a score increase.
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CreditRepGal
649 Posts |
Posted - 01/30/2008 : 2:28:05 PM
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I think what Chris is saying is that People who can NOT afford credit repair, or who are sinmply gung ho about doing it themselves can go to this site and use this manual to attempt to do it themselves. I'm not saying credit repair is like changing your oil... It wasnt meant to be a literall statement, I was simply explaining that in any case when work needs to be done it's best to let a professional handle it.
Chris,
I actually close about 80% of the leads sent to me by my brokers. I make sure they are all well equiped with the material to explain our services and the benefits of our services to their clients. Then I call then and what do ya know another close.... I then (and here's your answer) email the loan officer to put a note in their outlook to call the client back after a 30 days period has gone by. At that point we will review all results and advise the officer and client on their next move... We may be slightly more expensive the American Credit however Our service is for an entire year... a quick 30 day fix is good to get them refinanced but it isnt going to resolve their bad credit. We also offer unlimited rapid rescoring for the entire durration of our program again (1 year). As you know RR can get very expensive at $90 a pop... we offer unlimited for no additional cost... neither your program nor American Credits program offers this. You get what you pay for. Also Chris nothing in life is free, there is a price you pay for everything.
Now.... of course if your client is stubborn and or simply cant afford credit repair.. then by all means let them waste their time sending out pointless letters that might remove a couple items but in the end will only prove to be a big waste of time.... see, time, even free credit repair isnt free.... I dont know about you but my time is pretty valuable. I hope i've answered all your questions, if not I apologize, I'm quite busy over here. Although I am enjoying this conversation. Thanks Chris, I think we both made a few valid points here. |
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Joneil78
40 Posts |
Posted - 02/07/2008 : 11:26:52 AM
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Great program for those people that don't want to pay for the service, but I would be willing to bet that if presented correctly more times than not the money is not an issue. Not everyone is going to see the real value and paying a professional to do this for them. I think it's great that there are a number of people that are at least out there trying to promote strengthening their clients credit scores.
Good idea Chris and best of luck with it. |
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tdeweever
162 Posts |
Posted - 02/16/2008 : 08:26:56 AM
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| I will try it out too. |
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