Are You Doing Credit Repair?

We've had a number of brokers contact us recently about Credit Repair Leads. In an effort to maintain production in a contracting market, more and more brokers are turning to credit repair in an effort to either squeeze more deals out of the existing leads or as an entirely new business channel.

How does credit repair work? Brokers take a lead and run it through a process to help boost the individual's credit score over the course of 30-90 days. Once a lead's score has risen to an acceptable level, the broker can then help the borrower refinance out of their existing loan. With the tightening of mortgage underwriting guidelines, the credit repair industry is growing exponentially. According to a recent article, "credit-repair companies are reporting a surge of business from people who want to beef up their credit scores to land new home loans. "

To help our customers tap into this growing market, BigMortgageLeads has rolled out a new credit repair lead product. So far, feedback has been overwhelmingly positive. Visit our credit repair section to learn more.

Have you ever worked with credit repair leads? Do you have any tips, comments or questions related to the process? Comments are welcome as we build out this new vertical.

You Get What You Pay For

I hear it everyday when speaking to potential clients – “I was just quoted the same program for half the price.” Many new customers make the common mistake to purchase online leads solely based upon pricing. If you consider many of them are purchasing leads with their own money, it’s hard to blame them for making this mistake. Are you really getting the same program for half the price? Remember, YOU GET WHAT YOU PAY FOR!

There are a number of great lead providers to choose from, but for every one real provider there are 10 providers that are selling you a bunch of junk. To insure you are not buying swampland in Florida, use these tips to find a reliable lead source.

Questions to ask:

• How do you generate your leads?
  You need to make sure the lead provider is using a legitimate source to generate their leads – CAN SPAM compliant email marketing, keyword search, organic search marketing are a few reliable sources. Stay away from companies that are using co-registration and offers with incentives. Some examples are: rates and programs that don’t exist / free product if you complete their form.
  
• Do you generate your own leads?
  Ask the lead provider where they are sending their customers to enter their information. If they won’t tell you or if it does not exist it is usually means they are not generating their own leads.
  
• Are your leads delivered in real time?
  Make sure you are getting a real time lead.
  
• How do you verify your leads?
  Do they use a program to insure the number is accurate; the Zip code matches the state, etc. Do they call verify any of the leads to monitor the quality of their leads.

Additional Tips:

Check their traffic: Check their consumer website on http://www.alexa.com/ to see if they are sending a lot of traffic there. If you see a lot of traffic at their site it is a good sign they are generating their own leads.

Ask for references: Ask for three references to call that they are currently working with.

Don’t base your decision upon price and do your homework. Remember- YOU GET WHAT YOU PAY FOR!

Now get out there and close more loans!