Are you looking to add a new offering to your business skill set? Credit repair is an in-demand service that goes hand-in-hand with other financial services. Not only can repairing credit for your clients increase your revenue, it can also help you retain clients for other financial services. Read on to learn five ways credit repair can benefit your financial service business.
1. Retain More Happy Clients
There is nothing worse for a financial service business owner than not being able to help clients reach their goals. What if you can help these clients by increasing their credit scores? Once their credit scores increase, you will be able to help them reach their other financial goals.
Your clients’ credit scores affect their ability to:
- Get the best deal on insurance
- Secure financing
- Qualify for the lowest interest rates
Credit is interwoven into most parts of our financial lives, and it is an essential part of your clients’ healthy financial portfolios. Make sure that you are equipped to help your clients with their credit needs so that you can help them reach their goals – such as home ownership, reduced interest on debt, and more.
2. Generate New Leads
Financial services business owners must consistently bring in new clients. Offering credit repair is an excellent way to bring in leads who will also need other financial services.
A particularly useful method to bring in leads is to offer a free credit audit. When you have the right credit repair software, doing a credit audit only takes a few clicks and a few moments. Once you guide these leads down the sales funnel and commit them as clients, you can begin to establish trust. Clients who trust you with their credit are more likely to retain your other financial services.
3. Increase Your ROI
Credit repair is a simple business service addition that can significantly increase your ROI. When you can retain more clients – by first helping them with their credit needs, and then helping them reach their other financial goals – you will see rising profits for your financial service business.
A credit repair business itself is a profitable business venture, and is an excellent pairing with the other financial services you may offer. Why does credit repair go so well with financial services?
Established client base: If you already are running a financial service business, then you already have a client base to whom you can offer credit services. Credit repair is a needed service – over a third of people are likely to need credit repair, which gives you a reason to reach out to clients and offer them a free credit audit and then, your credit repair services.
Credit is intertwined with finances: As a financial services expert, it’s critical to understand how credit works. Maybe you are already helping your clients with their credit and want to streamline the process. Either way, having the right software and an efficient method is essential for successfully using credit repair to aid your clients and boost your revenue.
Unlimited income potential: Not only does credit repair influence other financial aspects, but it is also is a profitable business venture on its own. You can grow a credit repair business from anywhere with only a computer and a phone – many entrepreneurs have built a multi-million dollar enterprise. Use this projected revenue calculator to see just how much you can make.
4. Build Client Relationships
A transparent business relationship based on trust is an essential part of being successful in the financial service industry. Finances are a sensitive topic and your clients will need to trust you and be assured of your capabilities.
Credit repair is an excellent way to show your clients results. 79% of credit reports have errors on them, which means that most of your clients will see an increase to their credit score once you help them. As you work to repair their credit, your professional relationship will strengthen and grow.
5. Offer Diversified Services For a Competitive Edge
The more you can offer your clients, the more they will stick around. In a competitive industry such as financial services, you will need to stand out from the crowd. Diversifying your portfolio will help you attract more clients – and have them happily stick around longer.
Credit repair can help you stand out from your competition:
- Visibility in the community: Offer credit education classes to your community – or on social media – to get yourself seen and heard. When people know who you are, they know where to go for financial services
- Credit is a piece of healthy finances: Credit is an important part of most people’s lives, whether they know it or not. Teach clients healthy credit habits to show that you care about their well-being
- Happy clients give good referrals: Word of mouth is the best way to get leads. Make sure you have a referral program in place so that your happy clients will tell their family and friends about how you increased their credit score
Similar to other vocations, it’s important to educate yourself in your trade. While credit repair is simple to do, learning an efficient process and getting the right software helps to ensure your business venture will be successful. A credit repair certificate will show potential clients that you are competent and trustworthy.
Understanding Bitcoin as an Investment
Analyzing Bitcoin as an investment
Bitcoin has been at the forefront of financial news for a while now. More people want to also understand bitcoin as an investment. Every day, more and more talk about Bitcoins is occurring, not only as a digital currency but also as a financial investment. Many people are intrigued by this digital currency, but they also have reservations about it as well. For now, we will discuss how to evaluate bitcoins as an investment.
There are Bitcoin exchanges, just as there are stock market exchanges. As of November 2017, the largest full-trading Bitcoin exchanges that are available to everyone include, Bitstamp (a Slovenia based exchange), Bitfinex allows you to swap or buy Bitcoin, Litecoin, and Darkcoins. Coinbase is based out of San Francisco in the United States and touts itself as a one-stop solution for Bitcoins. Cryptsy, based in Florida deals with most of the altcoin currencies. BTC-e (based in Bulgaria), and Kraken (based in the United States). The world’s largest Bitcoin exchange, BTC China, is based in China, but that exchange only allows exchanges of bitcoins for Chinese Yuan/Renminbi.
In order to open an account with these exchanges, you usually have to link a bank account to your Bitcoin exchange account, as you need to wire transfer the money for bitcoins to use in your account. Credit cards and PayPal are not options [at least not at the time of writing] because the transactions can be reversed very easily, whereas a wire transfer cannot be reversed (Need financial advice on this?)
Usually, only bank accounts from that specific exchange’s home-based country can be linked to the exchange account (for example, CoinBase, based in the U.S., only allows U.S. bank accounts).
Like the financial stock markets, bitcoins fluctuate in value against real currencies such as the U.S. Dollar, the Euro, the Japanese Yen, and others. One important distinction between Bitcoins and real currencies to this point in Bitcoin’s history is the fact that Bitcoin’s valuation has been much more volatile than real currencies.
In December 2013, Bitcoin’s valuation went from about $675 down to about $425 within twelve hours, about a 37% drop in valuation. That is virtually unheard of with any real currency (barring something major like The Great Depression or some other major economic event).
The reason that this sharp drop in valuation took place is that the People’s Bank of China told third-party payment processors that they should have nothing more to do with Bitcoin exchanges. As a result, Bitcoin kept getting cut off from being supplied by the payment processors; in fact, Bitcoin was cut off by three payment processors inside of a week. Banks have also been told to not deal with Bitcoin any longer.
This event reflects the major concern that most financial experts have about the currency. Many feel it is too volatile as an investment, leading to sharp price spikes and declines that are virtually not seen in other currencies, the equity market, or mutual funds. Most financial experts feel that the digital currency must stabilize in value and not be so prone to such rapid peaks and valleys for it to be taken more seriously as a solid investment.
In the past, the problem that many financial experts and institutions have had with Bitcoin is that not enough is known about how the currency is mined and how it is “regulated”, so that the currency stays on track of having 21 million bitcoins in the year 2140.
While safeguards are in place to keep the currency on that path, there have been attempts to try to disrupt the network and give a few select bitcoin miners the ability to mine as many coins as they wish. There has also been concern that a group of miners could combine together, and work toward their mutual benefit, and to the detriment of everyone else on the network. This would occur by harnessing their mining power to get more coins for themselves and leave little to the rest of the network.
Some will always question and doubt how legitimate of a currency Bitcoin is, including its true valuation. This is likely due to the fact that Bitcoin was the first digital currency, and financial experts are unsure of how to truly evaluate its worth.
More and more companies are starting to accept it as payment, but not enough is known about the mining process and how it can maintain itself to fulfill the promise of 21 million bitcoins in the year 2140. Plus, Bitcoin can be susceptible to wild value peaks and valleys whenever an event associated with the network takes place, such as when Chinese third-party payment processors and banks are told to not deal with Bitcoin exchanges.
Large companies such as Stripe and Shopify are now accepting Bitcoins as payments. This trend is only going to increase.
However, in 2017, one Bitcoin is valued at over $7000 US dollars. So, it has gained ground as an accepted currency in the digital world and does have a high-value these days.
What Baby Boomer Retirement Means for New Financial Service Professionals
Baby boomers are aging, and their retirement is making way for newer financial service entrepreneurs. With more jobs opening up and the digital world changing at an accelerating pace – professionals starting their career are in an ideal position.
A retiring generation not only means a new workforce, it also means new ideas and methods that can further modernize the financial service industry. Read on to learn how baby boomers phasing out of the industry, along with new technology in the financial services market, is setting up financial service professionals for success.
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