A lot has changed since I left the consumer credit repair industry back in 2016. Most of those changes that I've watched develop over the last two years have literally made me sick to my stomach, and quite frankly, I'm done simply sitting back and watching it happen. And while I have no intention of calling out any particular credit repair company or credit repair professional, but I will tell you that Doc Compton, THE consumer credit expert, is returning to Omega Credit Repair to help clean up the mess, and get things back on track.
I'm gonna tell you exactly how I intend to do that, but first, I want to give you a basic rundown of the things I see ruining the credit services industry, from an expert, industry insider's perspective.
Are these people really "credit experts"?
If I had a dollar for every goofball on social media professing themself to be an expert in the field of credit repair, I could take a lengthy vacation around the world. The troubling part about that is, while I, as a 25 year veteran of consumer credit services industry, may be able to quickly discern that Mr. or Mrs. "Quick And Easy Credit Repair", whose sole marketing efforts are poorly produced Instagram posts, chock full of illegal statements and grammatical errors, is not any kind of credit expert, the average consumer might not be able to. These people, whose entire knowledge base is comprised of the misinformation they've read online, or been given through a Cliff's Notes style training about the absolute basics of consumer credit by some multi-level marketing company, suddenly adopt the title of "credit expert", and are off to the races. The problem is, these people aren't even aware of how little they actually know, and as such, are doing the mass populace, and the entire credit services industry a tremendous disservice.
They're breaking the law...
The federal Credit Repair Organizations Act (CROA), passed in 1996, explicitly prohibits the collection of up-front fees for credit repair, except in a few, rare circumstances. Despite that, allegedly reputable credit repair companies are regularly, willfully collecting up-front credit repair fees. Some completely deny it, in spite of there being a wealth of evidence to the contrary. Others dance around the subject, opting to be very cryptic about their pricing structures, until it's time to "hard sell" a potential client, at which point, they ask for ridiculous amounts up front, followed by contractually obligated monthly payments.
In the state of Texas, the Texas Finance Code specifically requires that any credit services organization operating in Texas have the appropriate registration documents on file with the Secretary of State's office. You'd be amazed how frequently I see people who lack that registration, actively pursuing credit repair clients on social media. Even worse, professionals in real estate and mortgage often unwittingly endorse them!
CROA also specifically forbids any credit repair company from misrepresenting their services to consumers, or making misrepresentations to the credit bureaus, creditors, or collection agencies, on the behalf of a consumer. In other words, you can't lie. PERIOD... Nonetheless, I'm constantly told about credit repair companies who illegally allege fraud, or identity theft on their clients' files. I'm also constantly shown template letters used by other credit repair companies that allege inaccuracies that they know to be 100% accurate.
Broken promises lead to broken dreams...
Finally, and perhaps most upsetting, is the way consumers are lied to about what is and isn't possible. I've written in the past that my longevity in this industry essentially comes from two things... First, I'm an expert, who's devoted a significant portion of his life and energy to the credit repair industry, and second, I'm not afraid to tell someone "no" if they're not a good candidate for credit repair services. If I tell you that it is possible, you can take it to the bank. Likewise, if I tell you that it isn't possible, you needn't bother seeking a different answer elsewhere, because you'll only end up disappointed, when they make a promise that they can't keep.
The joke has always been that I'd much prefer to have a single, uncomfortable, 10 minute conversation with someone about why I can't help them, than to spend months dodging their calls, only to have a series of uncomfortable conversations about why I didn't do what I promised them. To me, that seems like common sense. But believe me when I tell you that, based on hundreds of calls with clients who've come to me after bad experiences somewhere else, there's plenty of credit repair companies that don't get it...
The worst part of all these broken promises is that people end up feeling like they got scammed. And trust me, the people who think credit repair is a scam have much bigger mouths than the one's whose financial futures you've literally saved by doing even the most spectacular job correcting their reports. Unfortunately, as in life, the bad stories are the ones that get the headlines.
And that's why, after 2 years of being out of the industry, I'm coming back...
What's the plan..?
Well, for starters, I'll be personally selecting real estate and mortgage professionals to work directly with me to refer their credit-challenged buyers and borrowers into the Omega Credit Repair s system. Approved referral partners will have access, through me, to a wealth of information about the credit repair process itself, including the specific timeline and logistics of the process. I will personally facilitate the client handoff directly from the referral partner, to the Omega office.
Accountability is paramount to me. As I stated before, if it's promised, it can be expected. No excuses, no double-talk. It gets done... End of story. That's equally true when it comes to the clients. As I will be personally overseeing their first 45 days in the program, I will be 100% certain that they are informed of their roles and responsibilities, and they will be equally well-versed in ours. Expectations from all, and of all, will be set, and will be made crystal clear from the outset, leaving nothing to chance or confusion.
I will be making myself personally available for training you and your staff on the Omega process, and making absolutely certain that you end up satisfied with our efforts, and keenly aware of any failures in the efforts of our mutual clients, so as to avoid wasting time with non-participatory clients, or those for who fail to adhere to the expectations laid out in the beginning of the relationship.
The best part of all of this? I have set this program up to be volume based, and thus, significantly reducing the cost to your referrals. In lieu of the normal contract, consumers in this program, sent by referral partners approved to send them, will only have to pay $99/month. There will be no lengthy contract, and they can cancel at any time, with a simple 21 day written notice. The first payment will be due on the 10th day, after the first round of work has already been completed.
Interested in participating in this program?
Realtors and lenders... If you're ready to truly set yourself apart in the marketplace, and are interested in sending no less than 5 referrals per month to Omega Credit Repair, please reach out to me directly, to discuss the program in more detail.