Scary Credit Repair Stories: Giant Banks Are Out to Hurt YOU!

Today, in honor of Halloween month, I thought I'd kick off my October Scary Credit Repair Stories series with something that I've never shared publicly before. Something super scary, very real, and potentially devastating to you and your clients. If you don't know the truth about giant banks and how to protect yourself from them, 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.

In 2010, my life looked very different than it does right now. In fact, the only thing that's the same is my relationship with my girlfriend, Grace. Everything else in my life was upside down. I had just finished battling a bank error that nearly ruined my life by ruining my credit. And I was living off top ramen for breakfast, lunch, lunch and dinner. And that's if I remembered to eat that day. And I would shut myself in my room from. I just was working around the clock. I wasn't even really sleeping. I just. Round the clock, I was working and working and working and typing away in my computer, trying to build the first version of Credit Repair cloud. So most days, I would be so obsessed that. That I'd forget to shave or bathe or even brush my teeth. I was a total mess. Now, I know this may sound scary, but really, I haven't even gotten to the scary part yet. So there I was, unshaven, unbathed, malnourished. I hadn't seen fresh food in months. My eyes were bloodshot from staring at the computer because I was trying to build what would someday turn into credit repair cloud. And I was doing everything I could at that same time, I was hustling building websites. I was doing whatever I could to continue to make my payments early to bank of America for my mortgage. Okay. That I always paid my bills on time. Now, keep in mind 2010, this was right in the middle of the mortgage crisis. So when one day I heard that they had this special program that would lower your mortgage interest rate to 2%, I thought, wow, every penny counts. I want in that program. So I called bank of America and I asked if I could enroll and lower my interest rate, that's when it happened. That's when hell totally broke loose and I nearly lost everything. See, the clerk on the other end at bank of America they told me in what was kind of like a hushed voice, he said, hey, I can get you into that program, but you have to stop paying your mortgage for a few months first, okay? If you pass late for the next couple months, then. Then I can get you into it. And then red flags just exploded everywhere, okay? I said, no way. No way. I've never been late, ever, okay? I just battled for years to fix my credit. I'm building a credit repair business. There's no way I'm going to miss my payment, okay? I'm not going to ruin my credit. So never mind the whole thing, okay? I'm not interested. But please don't put me on any list and don't add me to any program and forget that I ever asked, okay? So I hung up the phone. And then my hair raised on the back of my neck because it was such a weird conversation. But then I went right back to my top ramen and my daily grind. Alone in my weird, sad little room with Grace on the other side, wondering if I would ever come out. So basically everything was back to normal, or so I thought, until it became time to pay my mortgage. And that's when I learned that bank of America, they had locked me out of the online portal. They were refusing my payment. They refused all ways for me to pay my payment, making it impossible to pay. It was so crazy. So I called them and I fought with them. I said, why am I not able to pay my bill in your portal? What are you doing? And nothing was solved. They could not solve it. So then I went right into the bank of America branch in person, and I paid them with cash. And then, luckily, I was on time. And I thought the nightmare was over. But soon the phone started ringing every single morning. And it did this for a year. And every single morning, this after being up all night writing and working on credit repair cloud. I'd be up all night long. And then I'd be woken up every single morning by bank of America debt collection. Okay? Bank of America debt collectors began to harass me every single day about not making my payments on time. But I did make my payments on time. I would scream at them. I'd tell them I had proof that bank of America was taking my payment. They were cashing it. I had a paper trail. But then they were setting it aside so that I would be in default. It was the craziest, craziest thing. And this continued to happen every single day for months. For months. This is happening. I'm screaming at them every morning. And no one listened. So I started to send letters to congressmen and congresswomen and the CFPB and the Attorney General. I wrote to everybody I could think of. Newspapers. I knew what the bank was doing was illegal, but nobody wrote back. So I reached out to local news crews. Here I had proof, I had absolute proof that bank of America was intentionally causing people to default on their home loans so they could steal their property and jack up their rates and fees. But nobody cared. They all had more important things to report. So for months and months, the harassing calls, they continued. Every single morning, the phone would ring, I'd answer, they'd threaten, I would scream. I was screaming so much, you'd think flames would be shooting out of my eyeballs and my ears and every orifice. And I was so angry. Then one day, I finally thought I'd gotten a breakthrough. I eventually wrote to everyone I could think of. So finally I wrote to Obama. I wrote to President Obama, who was in office at the time, and I sent him proof exposing this giant bank for what they were doing. And then this time, when the phone rang, the person on the line, they said they were from the Treasury Department. He sounded very, very official and he said if I would stop sending letters to the government and all these congressmen and congresswomen, that he would handle this and make it go away. But something was off. Something didn't feel right about this call. So after digging further in the conversation, I figured out this guy wasn't at the Treasury Department at all. No, he was a Bank of America guy impersonating a government official in order to silence me. So that's when I finally got a lawyer. I couldn't handle it on my own anymore. This had become my full time job, besides trying to build software. All night I was tracking this whole crazy nightmare of being in collections and the screaming and all the people. I'd take notes every call of who was harassing me next and who I was talking to. And I had stacks of paper. I had so many stacks of notes, my little room started to look like John Nash's bunker in A Beautiful Mind. Plus, I was going to lose everything. They were going to take everything from me. Thankfully, after the lawyers got involved, I was able to take a step back from the fight. And then my phone stopped ringing. Suddenly my payments were being applied on time. And soon I was back to my unbathed, obsessed with credit repair software, my old self again. So here's why this is important, okay? History repeats, okay? It's repeating right now. Remember the housing Crisis. Well, it's all happening again. We are just now entering a time right now where the housing and the economic crisis, it's actually going to be worse than it was before. Okay, so get ready. But there's also good news for us in credit Repair. Recently, I interviewed Alex Charfen, who is my mentor. I interviewed Alex Charfen on this podcast and he made incredible predictions about the credit repair industry and the need for credit heroes like us. So if you haven't heard that episode, after you're done listening to this one, you got to check out that episode. It's amazing. Now, if you don't know the signs to look for, if you're not aware that all giant banks are out to take your money and your client's money, if you're not aware of this, there could be life altering consequences coming. Okay? You've got to know giant banks cannot be trusted. Okay, soon, trust me on this. Soon you're going to start to see what sounds like amazing deals and amazing opportunities popping up for those who are the most affected by the crisis. But you know what, those people, they are the most vulnerable. And so you've got to know how to coach your clients to say no or at the very least to proceed with, with extreme caution. Okay? The banks are not your friend. If they offer you some amazing deal, there's a trick behind it. Okay? They're going to be up to their same tricks again. So here's what you need to know. Right now is the best time to perfect your craft at Credit Repair. And if you're just getting started, you want to work on as many free clients as you can until you get really, really, really good at credit repair. And if you're already in the credit repair industry, dive deeper. Learn everything you can. Take our masterclass and our disputing courses. And if you haven't completed the Credit Hero Challenge, this is an absolute must. In just a couple weeks, you'll become an expert and you'll know exactly how to change a whole lot of lives and help a whole lot of people through this crisis that we are now entering. Okay, now is the time to prepare. Crisis is always a time of opportunity. And as entrepreneurs, we are always looking for opportunities. Well, this is the biggest opportunity you have ever seen in your life. The world needs credit heroes. According to NBC news.com because of this pandemic, about 40% of all Americans, they don't have enough savings to even cover a $400 emergency. So what are people going to do when they can't pay their bills? They're going to default, pay late, end up in collections, and need your help. And you, you can bring relief to what's a very, very difficult time for them. You can be the relief. You can change lives. And maybe you can even help to save their home or to get them into a better financial situation. 40% of all Americans are about to need credit repair services. That is over 131 million people. Are you ready for that rush? You better get ready. And lastly, this. Now. Now is the time to educate yourself so that you can educate your clients. You know, even though I went through hell with bank of America, guess who we currently bank with? That's right. Bank of America. Now, you might be yelling at me right now, telling me I'm crazy, but hear me when I say all giant banks are crooks, okay? They are crooks. It doesn't matter if you're at Chase, Wells Fargo, bank of America. They all prey on people who need the most help. They jack up the rates and fees on the poorest people. They jack them up sky high until people just can't afford the payment anymore. And then you know what they do? They take your property, your home, your vehicles. They take anything that they can get as collateral. So what do you. Do you understand the truth? Now? My story is not unique. You know, it's not unique in that this happens to a lot more people than you think. So the best thing you can do is safeguard yourself and your community by teaching what you know, okay? You are an expert. In many cases, you know way more about finances and credit than others around you. So take it to the streets, talk the truth and teach about credit. And just like one of our Millionaires club members, Andre Cokely, that's him there on the bottom left, Andre Cokeley. He was a loan officer at his own mortgage company when the 2008, 2009 mortgage crisis hit. Just like 4 million other homes at the time, Andre's home went through foreclosure and he eventually lost his business. Okay, Andre, right there, our millionaire, he lost his business, his home went into foreclosure. See, for every business shut down or home foreclosed on, victims of the recession, they were forced to start over financially, rebuilding from unstable ground and poor credit, just like they're going to have to do in our current crisis. So as Andre personally went through the rebranding phase, that's when he started his credit repair business. Okay? He started it by fixing his own credit, and then he went on to change a whole lot of lives. He combined his background in mortgage processing and his experience with economic hardship to founding his own credit repair company, which is called Credit360. And with Credit360, he began doing exactly what I'm encouraging you to do, educating his community on ways to protect themselves from falling victims to financial hardship and to extend a hand to those who are struggling to rebuild now. Isn't that awesome? We love Andre and I'm so proud of the work that he's been doing. So if you are ready to educate yourself to launch your own credit repair business and prepare for a rush of all these millions of people who are going to need your help, then I want to invite you to join our upcoming Credit Hero Challenge. In fact, we have another one starting in just a few days, so you can grab your spot right now@creditherochallenge.com and if you're finding value in the things that I'm sharing on this podcast, you know what you should do. Click below to subscribe because I don't want you to miss any episodes. And if you're feeling kind, rate me and give me a review because this is a new podcast and I can use all the help I can get. And I will see you on the next episode. So until then, keep changing lives.

Want a fast track to creating an amazing business that helps people, changes lives, and makes you a great living in the process? Then I'd like to invite you to my free online training at Credit Repair Cloud. In this free training, you will learn how to get clients willing to pay you even if you're just starting out, how to get easy credit repair results without being an expert, and how to get all the clients you'll ever need without paying for advertising. Again, this training is absolutely free. Just visit creditrepaircloud.com freetraining.