How to Avoid Fake Credit Repair Mentors and Phony Business Gurus

Hey, credit heroes. Have you ever been scammed by a fake mentor who promised you the world but delivered nothing? Well, today I'm going to show you how to avoid fake mentors and still grow your credit repair business. So you better stick around.

So the big question is, how can we take our passion for helping people with their credit and turn it into a successful business without taking loans? Without spending a fortune by bootstrapping it from nothing so we can help the most people and still become highly profitable? That is the question and this podcast will give you the answer. My name is Daniel Rosen and welcome to Credit Repair Business Secrets.

If this is your first time listening to my podcast, every week I give credit repair tips and advice on bootstrapping your business from nothing. So be sure to click subscribe now and get ready to start changing lives. Okay, let's get into this. Owning a business can be one of the most fun and fulfilling experiences in life. But entrepreneurs like us often encounter unique challenges that other professions don't typically face. And one of the strangest challenges is the fake mentor or the phony business guru. Fake mentors and phony gurus are snake oil salesmen that claim to be experts who. But they're not. They don't have the experience, knowledge or skills to back up their claims. They steal from entrepreneurs by offering coaching, investment, or business opportunities that are actually well disguised scams. They use flashy tactics and bold promises of easy work, quick results, and crazy profits to trick hardworking people into spending thousands of dollars on useless products or services that don't deliver results. Here's how this relates to us. Fake credit repair mentors and phony business gurus don't just harm entrepreneurs like us. They hurt the financial future of every credit repair customer and they damage the reputation of the entire credit repair industry. And I'm not saying all mentors are bad. No. Depending on the circumstances, they can be exactly what you need to get to the next level with your business. Right now, I have two of the best mentors that money can buy. But I've also had some of the worst that you can imagine. Like most new business owners who get scammed, I was a victim of what I didn't know. I was hungry to learn and anxious to succeed. But I often felt lost or overwhelmed. And I was scared that one mistake would ruin everything. I didn't go to business school. I didn't. I didn't even graduate high school. So I trusted anyone that knew or sounded like they knew more than me. About 19 years ago, when my entire business was Just a little download. A mentor convinced me that they knew all the secrets to marketing. And if I really wanted to sell my software, I needed to go all in on a massive ad campaign. I didn't know any better. So I listened to my mentor and. And I spent $150,000 of money that I didn't really have. I borrowed it all against my house, and I blew it all on TV commercials where I branded myself as the credit doctor. I even dressed like a doctor. And it all failed. And I flushed all that money away because I put trust in the wrong person. A few years later, another mentor, this time an attorney, convinced me that my business desperately needed his legal guid was kind enough to offer his services for free. And all I had to do was agree that once my business started making money, he would get 10% of all the money that came in. Now, before you gasp, I know that deal sounds terrible today, but when you're making Nothing at all, 10% of nothing sounds like a pretty good deal. The problem was I didn't need that much legal advice. And. And once the business started making a little money, that 10% came off the top, and it went to him before I paid any of my expenses to run the business. And then there was no money left for me. So again, I was starving and he was making all the money. It was terrible. I eventually broke free of both fake mentors, but these were painful situations that could have been avoided if I had had more patience and. And skepticism as well as confidence in myself. But I didn't know what I didn't know, and I'd never had a business before. Here's the thing to remember. If you're just starting out your credit repair business, you're probably on a tight budget and you need to be careful about how much money you're spending. Countless fake mentors and gurus. They claim that they have the secret formula for profitability. And they all say they have the magic letter or new loophole that will succeed succeed where all the others fail. But in reality, they're just selling you the same old tactics with a new name and the same old letters. Have you ever heard of consumer law disputing? Well, it's suspiciously similar to factual disputing, but it sounds so much newer and more expensive. But that's an argument for a different podcast. After all my experiences with fake mentors, I started questioning why I felt I thought I needed them to succeed. I was still early in my process, learning my craft and growing as an entrepreneur. What was the rush to spend all my money on one self proclaimed expert's advice. And that's when I came to an important realization. If you're just getting started and you don't have much money, the last thing you need is a business mentor. Here's why this is important. If you're considering to hire a mentor for your credit repair business, there are three reasons why you might not need one yet. Reason number one, you're still learning your craft. If you're new to the credit repair industry, you need to focus on understanding the basics before you can benefit from a mentor. You really need to know your craft in order to tell generic advice from specific advice or a fake mentor from a real one. Reason 2 you don't have a clear business plan. You need to know your target customer, your competition, your marketing strategy, etc. If you don't have a clear plan that explains how your business is meant to function, how will you even know or explain to a mentor what's wrong? Reason 3 you don't have the money. Hiring a mentor can be very expensive and if you're just starting, you probably don't have the resources to invest in one. So don't. Instead, educate yourself and improve your business development by taking advantage of as many free resources as you can. As far as me, I love free resources. If you really want to learn about how credit repair really works, go back through all my episodes of this podcast and you'll see that I explain how credit repair really works. So I step by step and I show how to remove bankruptcies, collections, charge offs and anything else that you want to get off a credit report. Plus I have a whole lot of videos on how to grow your credit repair business. And all these videos are free. And I do this because I really want you to be successful at credit Repair so that you'll go out and change lives and that takes power away from the evil banks and the credit bureaus and and it feels really good to help people. And if you want a free copy of my book the Ultimate Guide to Growing a Credit Repair Business, you can get this for free right now@creditrepaircloud.com freebook or if you want to discuss your business or ask questions or get advice from other credit repair pros, join our Credit Repair Cloud Facebook community. It's a special place with over 30,000 members and we have rules against solicitation so it's a safe place to learn without being hassled. And if anyone breaks the rules and private messages you about their services, let us know. Notify our CRC team and we'll address the problem. Now, let's say you've used up all these wonderful free resources. You have a business plan, you know your craft, you're making money, and you decide it's time to hire a mentor. Well, before you hire them, they there are three things that you need to know. Here's what you need to know. First, look for a mentor with a proven track record. Don't just hire the first person who promises you the moon. For all you know, every mentor provides the exact same service. So shop around, research, and look for one with a proven record of success in the credit repair industry. Next, make sure the mentor has experience in your niche. Business mentorship is broad and different. People may specialize in different areas. Look for someone who has experience in fixing your problem with targeted advice. This is where having a business plan really helps you to make your choice. And last, set realistic expectations. A mentor can help you succeed faster, but they can't guarantee overnight success. It's actually a huge red flag if they guarantee anything. Building a business takes time. So set realistic expectations and be skeptical of anyone who suggests anything unrealistic or unethical. And I want to say it one more time. I'm not anti mentors, okay? I have three of the very best right now. Russell Brunson taught me everything I know about marketing and Alex Charfen taught me how to grow and scale my team. And now Dan Martell is showing me how to grow my software company. And I hired them because the timing was right for me. I was able to afford it. They had good track records, they're great people and they got me results. They earn their fees and they earn my trust. And here's my final point. Fake mentors and phony gurus, they can cause a lot of damage to businesses. But a truly great business mentor is worth their weight in gold. So ask yourself you do I really need a mentor? And if you decide you do, just choose carefully. It's one of the most important business decisions that you can ever make. And if you've already read my book and you want me to hold you by the hand as you grow your very own credit repair business, go to creditrepaircloud.com freetraining and learn about our Masterclass. The Masterclass was built by a team of credit heroes with decades of experience serving tens of thousands of clients. It comes with six months of software in depth marketing, sales business lessons, our advanced Disputing affiliates and automations training courses. And just a reminder, this podcast is brought to you by Credit Hero Score. Credit Hero Score is the only credit monitoring service that integrates directly with Credit Repair Cloud. Get instant access to your credit reports and score scores by signing up for a seven day trial for only $1. Sign up right now at creditheroscore.com Every week I feature one of our credit heroes inside our Credit Repair Cloud Facebook community so that you can see firsthand what real people are doing as they run and grow their business. And today's spotlight is on Dee Dee Carpenter. DeeDee recently posted a hilarious screen grab of a notification popping up over the face of our Masterclass instructor. She explained why it was unbelievable timing. She said, guys, here I am minding my biz, watching my masterclass vids on affiliates and boom. An email comes through with a new affiliate signed up. This is my first official one. It's up from here. Thanks Daniel Rosen and Credith Hero Team. I am so hyped. Thanks Deedee. I don't know if you're superstitious, but I definitely consider that a sign that you are taking the right course. And congratulations on getting your first affiliate. And here's to many, many more. Good luck with your business and I'll end by saying if you still need a Credit Repair Cloud account, check it out. It's the software that most credit repair businesses in America run on. Just sign up for a 30 day free trial at creditrepaircloud.com freetrial and if you'd like to change lives and grow your very own credit repair business, check out our CrediHero challenge. It's a live experience that has helped tons of credit heroes to get certified in disputing and to gain confidence as they run their credit repair business on a solid foundation so they can change a lot of lives and and make a great living in the process. We're starting the next challenge very soon, so you want to join before the doors close or you're going to have a long wait until the next one. So sign up right now@creditherochallenge.com and if you're finding value in the things that I share on this podcast, click below to subscribe and follow. Also, give me a five star review or share the show and help me to change more lives. If you'd like to read the show notes, they're posted on my blog. If you have a question or a comment, drop it down below because I read each and every one of them. I would love to hear from you and I'll respond as soon as I can. And if you want to Learn the blueprint for a successful credit repair business. Check out my episode, credit repair business 101. So take care, Credit Hero, and keep changing lives.

Hey, everybody, it's Daniel again, and really quick. I'd like to invite you to join what I believe is the best thing we have ever created inside the credit repair cloud community. And it is a challenge that we call the Credit Hero Challenge. If you're just planning out your business or you're just getting it started and you dream of having a successful business of your own, so you can quit your 9 to 5 and fire your boss and have financial freedom, or so you can add another revenue stream to your existing business, if that's your dream, you need to get into this challenge. We created this challenge to help you to create and launch your very own credit repair business to build a proper foundation for a really successful business. This challenge is going to help you to understand the strategy, the tactics, and all the things you need to be successful at Credit Repair. It really is the greatest thing we have ever built and it will change your life. So I recommend you do it right now. Stop everything. Pause this audio, go online and go to creditherochallenge.com that's creditherochallenge.com and join the next challenge. And there's a challenge that's starting in just a few days. So go get started right now@creditherochallenge.com.