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08-19-2017, 03:13 PM #1
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- Aug 2017
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Credit Repair
Are credit repair companies legit?. I have a few merchants inquiring about this. If they are which ones.
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08-19-2017, 03:55 PM #2
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- Feb 2017
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- 3,434
The one I work with does a really thorough job, and he's giving me an unbeatable price that you can upsell. Results are whatever they'll be - it's not a magic wand. A product exists in the market which is credit repair - and that is worth money. The question is how do YOU make money from it, and how do YOU price it.
I work closely with one who only takes corporate clients, so you can't be backdoored. He's working only on volume, and so am I. Basically, UNLIMITED attempts until FULL customer satisfaction, one flat fee. You can up-sell a "per removal" basis if you'd like - makes the clients feel comfortable. But that's your call.
Sometimes it goes for $3000!! I just did an up-sell of $999 that I will bring her to Funding Circle afterwards, and then hopefully to get her LOC. But the point is that I made money off of her so far. As of now, I've seen all her extra inquiries (60 of them!) fall off, all included in the price.
Inquiry removal can go for $50/inquiry! Had I known at that time that he was going to include inquiry removal, I would have charged her $1499!
Many repair companies are fakers and over-promise. The one I work with does not over-promise, but gives us a new way to monetize our clients and HELP them. He also gives our clients FULL customer service and has 20 years of experience doing so.
FULL customer service (we collect docs and hand off and don't EVER have to touch him)
FULL back-office support for the clients
He wants me to start bringing him 150 clients/month.
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08-19-2017, 03:56 PM #3
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- Feb 2017
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dupe
Last edited by abfunders; 08-19-2017 at 03:59 PM.
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08-20-2017, 08:16 AM #4
- Join Date
- Apr 2014
- Location
- Washington DC
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- 421
Try NAV. A bit different. They aren't credit repair, in their words, but they can help folks identify and fix areas of weakness in their credit profile.
Note: they also have a marketplace so just work with your merchant through itCarl Fairbank
Founder & CEO boldMODE
www.boldmode.com
Carl@boldmode.com
Founder & former CEO of Breakout Capital (sold to SecurCapital in 2019)
www.breakoutfinance.com
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08-20-2017, 08:43 AM #5Karen37aGuest
Nav is affiliated with Funders/Lenders**( edit, check which ones) so they WILL call your referral and offer them ( funding $$ edit** ) thru ondeck and others.
A long-time ago I signed on to see if it was a viable solution to refer people for BUSINESS credit strategies...Experian and duns. The strategies are good to build business Credit and workable but I saw the affiliation to Funders/Lenders so I never referred anyone. ( anyone can do it with a few simple steps, starting with a free duns number, its just time-consuming and takes a few months and certain things can't be done until your LLC or Inc is 3-5 years old)
Low and behold months later they call me " just to let you know we do/or can refer you for* edit **advances and loans if you ever needed help", " I said "do you see the name of my company and that it ends in (funding)""
They said " so are you saying you do not want one**"
I said nicely... I am a mca broker/company and was vetting you.
they repeated..." so are you saying you do not want one, I do not understand"
I explained that I would refer people but do not want to lose merchants on the back end...they said oh well, I guess this isn't for you.
abfunders might have a good credit repair guy...that info sounds fair and right.
People make simple mistakes with their credit in regards to scoring model..like not having 3 open trade lines.
If you open the trade line during underwriting or 45 days before the score will temporarily drop off. Also if the disputes come back "verified" and updated they look new and will weight more in the scoring matrix( temporarily) so sometimes I tell merchants "do not touch it"
( some entries will move the score up greatly, some it doesnt matter or makes it worse...credit scoring algorithms)Last edited by Karen37a; 08-20-2017 at 10:06 AM.
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08-20-2017, 09:25 AM #6
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- Apr 2014
- Location
- Washington DC
- Posts
- 421
Yes that's why I said they have a marketplace but they don't mess around with their actual partners. We have a great relationship with them and zero issues.
Caveat: yes we are on their marketplace, but I am just trying to be helpful.Carl Fairbank
Founder & CEO boldMODE
www.boldmode.com
Carl@boldmode.com
Founder & former CEO of Breakout Capital (sold to SecurCapital in 2019)
www.breakoutfinance.com
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08-20-2017, 09:28 AM #7
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- Apr 2014
- Location
- Washington DC
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- 421
And they are more associated with lenders not MCA. Ondeck, FYI, doesn't offer cash advance. Who, other than tbb, is legit? Next best "MCA" is rapid, but they have a loan option
Carl Fairbank
Founder & CEO boldMODE
www.boldmode.com
Carl@boldmode.com
Founder & former CEO of Breakout Capital (sold to SecurCapital in 2019)
www.breakoutfinance.com
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08-20-2017, 09:35 AM #8Karen37aGuestAnd they are more associated with lenders not MCA. Ondeck, FYI, doesn't offer cash advance. Who, other than tbb, is legit? Next best "MCA" is rapid, but they have a loan option
Caveat: yes we are on their marketplace, but I am just trying to be helpful.
I was just clearing it up so people understood
What does that have to do with giving a potential merchant away to someone who might call them or have a direct link to online application/ referral and offer a Lender/funder a lead/merchant which you won't get a commission on?
Or even if they didn't call ( which they did) merchants see other funders/lenders and think ( hey let me shop this out with another broker or go direct to the Funder/lender)Last edited by Karen37a; 08-20-2017 at 10:25 AM.
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08-20-2017, 10:18 AM #9Karen37aGuest
*** I am glad my credit is 780/760/740 , with 3000 in debt and 150k total personal credit lines/credit and just bought a 5 series BMW; before I get outed for a low credit score and a hooptie ride lol
Ps there is nothing wrong with Nav for merchants/clients....the problem lies in the referral... it just isn't for MCA brokers who are trying to hold onto their merchant and get a commission IMOLast edited by Karen37a; 08-20-2017 at 10:39 AM.
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09-19-2017, 01:33 PM #10
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- Apr 2017
- Location
- Dallas
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- 183
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09-26-2017, 12:20 PM #11
I have a company that doesn't charge until they have repaired the credit for your customer $0.00 upfront fees, and they provide a portal so you can monitor progress,
Ive seen them co- sign on clients loans so they can negotiate terms.
I've seen them add customers to their company credit cards.
they've removed foreclosures, tax liens etc...
i know it works because they are doing it for my hard money customers so they can obtain conventional financing.Jerry Starr
Insource Funding
433 Plaza Real,
Boca Raton, Fl 33432
P: 800-805-3391 Fx: 561-270-6895
insourcefunding.net
WHAT WOULD YOU DO " IF " YOU HAD THE CAPITAL
◆ 50% LTV - No Fico Required
◆ 90% CLTV on Purchases
◆ Investment Residential / Commercial Properties
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03-05-2018, 03:26 PM #12
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- Feb 2018
- Posts
- 48
J456, I am the founder and CEO of Square One Credit Management. I have been in the business for 17 years and have owned and operated my firm since 2008. I work with several merchant funders who you'll know. We specialize in all facets of credit, we do everything under one roof, no outsourcing, and guarantee our services. My firm has created the 90 day service agreement and clients can expect to receive results in as little as 30 days. Average client credit score improvement is roughly 60 points per bureaus and we save an average client roughly 5200 bucks. I can turn your deniles into huge money for you. We also have a broker/affiliate program I'd like to speak with you about.
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03-27-2018, 06:00 AM #13
- Join Date
- Aug 2016
- Posts
- 486
Question. Is it worth trying to go from the 760's to the 800's?
What would be afforded to someone that has an 800+ credit score, that the person that has the 760 wouldn't be able to get. All other things being equal.
Thanks.
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03-27-2018, 09:17 AM #14Karen37aGuest
780 is usually the next watermark
Depends on which credit bureau and what the purpose of the loan is.
Each Credit reporting agency has different models ...and each one has different scores depending on the type of loan.
Now....Different lenders use different software so when you see 760 on one someone else might see 719 ( same day) and they also have an internal scoring model that adds to the mix.
This is where brokers come into play...Good luck finding an internal loan guy that knows all the algorithms of different types of products other than his own. ( they are not there to coach you, just take docs in and fund or deny)
You do not save money going straight to the source...sometimes its the exact opposite
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03-27-2018, 09:56 AM #15
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- Feb 2017
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The difference between a 760 and an 800 isn't very much. However, there probably are extra inquiries that could push it down 10-15 points.
It is worthwhile to use someone to remove "stray" or "extra" inquiries. Prevents the regular banks who care about "shopping around." Credit card limits might get higher as well. Lenders like Velocity or MCA companies mainly care about the FICO itself, so a 760 is the highest "low-water" benchmark I've seen in the non-bank world to get the best rates.
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03-27-2018, 10:03 AM #16Karen37aGuest
There are credit scoring models that go to 850 and Experian has a national equivalncy score that goes to 840
There are algorithms that go into the model that moves the scores...I went on a hunt to find them long long time ago so that I knew exactly who wants what and when
so it depends on the purpose of the money...nickle and diming at the top though
Other things go into scoring for rates etc
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03-27-2018, 10:10 AM #17Karen37aGuest
I learned a long time ago that the people bragging with the 800 scores usually do not own a Business...they work for the govt or the dmv.
Business owners have more hits on their personal credit for business purposes, like vendors etc and their scors swing widly.
I know millionaires who have bad credit because some of the risks they took in the past.
I think our President has a few bankruptcies on his hands, many business's folded ( I still like him) ..wonder if he would have ever got an A paper cash advance offer
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03-27-2018, 10:36 AM #18
- Join Date
- Nov 2013
- Posts
- 598
Anyone heard of "Self Lender"?
Its a credit building program similar to a secure credit card but in actuality is a loan program that you are both the lender and borrower. It works like this, you pay a monthly fee, that fee goes into a savings account, and towards the end of the year you get your funds returned plus a small interest. This builds installment loan history for a client that has thin credit.
I haven't worked with this company but found that approach interesting.
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03-27-2018, 12:14 PM #19
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- Aug 2016
- Posts
- 486
I was thinking that if I could get my current credit card providers to increase my credit line, that may boost my score, plus the added benefit of not adding a new inquiry or lowering my average age of credit. So I logged into my acct and requested it.. 2 weeks later I get a denial letter stating that they would not raise it because I don't utilize the credit that they have currently given me. This was my 1st time ever getting a denial like that! Thought that was interesting... Since then I have been making a conscious effort to use that particular card more.
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01-12-2019, 03:59 AM #20
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- May 2017
- Posts
- 47
I recommend ....No Sweat It Credit, Inc----Experian Inquiries are literally gone in 24 HOURS.
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01-18-2019, 11:00 AM #21
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- Jan 2019
- Posts
- 4
At Square One Credit Management we have an award winning affiliate program that I would love to discuss with anyone interested. We work with our partners to get their clients scores up and than back to you for funding. We are a full service credit management firm, and have special aggressive programs tailored around our partners.
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01-27-2019, 11:39 PM #22
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- Apr 2015
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- 21
lets talk, whats your info?
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01-27-2019, 11:39 PM #23
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- Apr 2015
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01-27-2019, 11:41 PM #24
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- Apr 2015
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01-31-2019, 10:21 AM #25
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- Jan 2019
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- 4
732-784-3888 or willc@sqonecredit.com
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