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.

Trigger Leads In Action

It's ironic that last week's blog post had to do with trigger leads. Check out the note below for a first hand account on how trigger leads can interfere with a buyer being able to close a lead. This is an email we received on Tuesday from one of our clients.

"I got in touch with the lead that was sent to us yesterday right when the lead was sent. I got in touch with him before any other lenders and got an app from him and pulled credit. He said that now he is getting a call every 10-15 minutes from people saying that the credit company is telling them he is looking into refinancing and that he had his credit pulled. Do you know what is going on with that?"

I'm sure many lead buyers have had similar experiences. My question is; what can lead buyers do to combat trigger leads? Is there anything you can do as a lead buyer to insure that you do not get pushed out of the way by trigger lead buyers once you pull credit on a lead? Any feedback would be much appreciated.

Now get out there and close more loans!