A YouTube/podcast episode by Daniel Rosen explaining how credit repair goes beyond disputing errors by using credit-building products and client education. Rosen outlines three product types—revolving accounts (credit cards and utilization; ~30% of score), installment accounts (~10% of score for mix), and rent/utility reporting—and promotes a free five-part email Mini Workshop, a Credit Hero Challenge (creditherochallenge.com), and a free book offer (creditrepaircloud.com). The episode emphasizes adding positive accounts, affiliate referrals, and practical tactics to raise clients' credit scores.
Questions this video answers
June 1, 2021
30% of the credit score
Preferably under 30% (example: $300 or less per $1,000 available credit)
About 10% of the total credit score
Over 43 million people in America pay rent (as stated)
Chapters
Credit repair isn't just about disputing. There are other ways that you can help your clients change lives and grow your business. And one way is to educate your clients on good financial choices and how they impact their credit scores. But there are also tons of financial products and services that can help you and your clients to establish credit, to build credit, or to increase scores. So in today's episode, I'm going to give you an overview of how you can help your clients and increase your revenue by using credit building products. And at the end of this podcast, I'm going to show you how to register for my brand new credit building products free Mini Workshop. It's a five part series delivered straight to your email every morning. Plus it comes with an awesome workbook and you can get this all for free, so stick around.
My name is Daniel Rosen and welcome to Credit Repair Business Secrets.
Okay, before we get into this, if you are new to my podcast or to my YouTube channel, be sure to click to subscribe so you don't miss a thing. Now, credit repair, it isn't just about deleting errors and disputing. No, it's also about understanding how the system works and using everything possible to your advantage. Now, part of that is ensuring that you have healthy established accounts and a good mix of both revolving and installment accounts. Not only can this help you and your clients to establish credit and diversify your credit, but if you own a credit repair business, you can also generate a lot of residual income by promoting the products to your clients. And it's really easy to do. It takes almost zero effort. You simply join the affiliate programs, which is free, and then you refer your clients to them. And your clients, they will love you for it. I have put together an awesome resource for you that breaks down all the credit building products that I'm going to share with you during this workshop. This is an incredible tool that you can use over and over again. It gives you a ton of research and detailed information about about all of the latest and greatest credit building products that are on the market today. The credit line amount, what bureaus they report to, what type of account gets reported, their fees, the pros and cons, and a whole bunch of other really helpful information as well as a direct link to sign up as an affiliate with whichever ones you like the most. So for now, let's dive in to three types of credit building products. Now, because I don't have a lot of time on a podcast, I can't go too in depth. But when you register for this free Workshop, we're going to deep dive so that you can learn a whole lot about maximizing credit scores. And I'm going to give you some credit building hacks that will make you the expert to your clients. Now, the first is revolving accounts. Revolving accounts are the cornerstone of every credit report. And if you want the highest score possible, they are very, very important. So what does revolving credit really mean? It means you are given a credit line with a limit, and you can charge purchases up to that limit. You pay interest on the balances that you carry, and as you pay it down, you, you can then reuse the available credit again and again. Now, there are benefits to having available credit on revolving accounts like credit cards. See, revolving credit has the potential to impact your credit score in a few different ways, but the most important area that it affects is how much you borrow in relation to your credit limits. This factor, which is also known as credit utilization, it makes up 30% of your credit score. Generally speaking, you will position yourself for better credit if you keep your total credit utilization across all of your credit cards. If you can keep it as low as possible, preferably under 30%, meaning you make sure you owe $300 or less for every thousand dollars in credit that's available to you. But keeping a reasonably low level of credit utilization, that can be tricky. So in the free Mini Workshop, I'm going to go more in depth about how exactly to do that for yourself and for your clients. Now, the second is installment accounts, which are just as important for building credit and gaining trust. Having a healthy mix of both revolving and installment lines makes up about 10% of your total credit score. So what are the key differences between revolving and installment accounts? Well, as I mentioned, revolving accounts, they have a different payment each month depending on your current balance. You are not required to pay these accounts off in full every month. You have the option to revolve some of the balance to the following month, and lenders charge you interest on the amount that you revolve. And next, installment accounts are those that have a fixed payment for a fixed period of time. You are not required to pay the loan in full every month, and instead you make a payment that is the same every month until the loan is paid off in full. Now, lenders, they charge you an annual percentage rate known as an apron, which is how they make their money. However, not all installment accounts are the same. No. And in the free Mini Workshop, I'm going to cover the differences and I'm going to show you how you can leverage those to help your Credit scores and to help your clients credit scores. Now, the third and final type is rent and utility reporting. Did you know that you can build credit by reporting rent and utility payments? Yeah, you can. And it's really, really easy. Nearly everyone has utility bills like gas, electric, phone and Internet. And the vast majority of credit repair clients, they pay rent. In fact, over 43 million people in America pay rent. So if you can build credit with utilities and rent, why don't most people know about it? Well, unlike credit cards, loans and mortgages, utility providers and landlords, they're not lending you money, they are selling you services. And they don't automatically report to the credit bureaus. So there is no real record of it ever happening on your credit report. There are, however, some new services that help to bridge that gap. So in the free Mini Workshop, I'm going to share with you exactly what those are so that you can leverage rent and utilities for you and your clients credit scores. Remember, as a credit hero, removing the negative items, that's only half the work. The other half is adding positive accounts, adding the right accounts, adding a good mix of accounts that will maximize the overall credit rating, paying on time and making wise financial decisions. If you've not tapped into changing lives and helping your clients this way, now is your chance to start. So to register for this limited time free credit building products mini workshop, just click the button below. And if you're just starting or thinking about starting your credit repair business, I want to invite you to join our upcoming Credit Hero Challenge. During this couple week challenge, I'm going to hold you by the hand and take you step by step as you launch your very own credit repair business. It's a highly interactive program with live coaching, calls, daily mentorship and a ton of action steps, bonuses, and you even get certified in three different areas. So go check it out right now@creditherochallenge.com and if you're finding value in the things that I'm sharing on this podcast, be sure to click below to subscribe so you don't miss a thing. 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 in the next episode. And until then, be a credit hero and keep changing lives.
Want more credit repair business secrets? Then get a copy of my book, the Ultimate Guide to Starting a Credit Repair Business. Get it free@creditrepaircloud.com freebook Inside this book.
You'Ll find my top 35 secrets to.
Removing items from credit reports and turning that into an amazing business that helps people, changes lives, and makes you a great living in the process. Get it free@creditrepaircloud.com freebook.
