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. My name is Daniel Rosen, and welcome to Credit Repair Business Secrets. 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, but they're not. They don't have experience, knowledge or skill 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 hard working 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. 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 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 another an attorney, convinced me that my business desperately needed his legal guidance and he 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 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 skepticism as well as confidence in myself. But I didn't know what I didn't know and I 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. 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 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 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. 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. 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 Martel 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, 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 of clients. It comes with six months of software, in depth marketing, sales business lessons, our advanced disputing affiliates and automations training courses. And I'll end by saying if you want to learn the blueprint for a successful credit repair business, check out my episode credit repair business 101. And if you'd like to get certified in the disputing process and gain confidence and grow your credit repair business, check out our Credit Hero Challenge. Doors are closing soon, so sign up now@creditherochallenge.com and start changing lives.