The economy is rapidly slipping into a recession and that is pushing a lot of people to feel the weight of their debt. Unfortunately, that is sure to bring in the wolves, like we saw in the heyday of the mortgage refinance boom. How do you differentiate yourself as one of the “good guys?”
I think the answer is relatively simple–refrain from being a vulture and focus on restoring hope to hopeless clients. Here is a brief framework that I think will help you stand head and shoulders above the rest.
Provide Education for Free
If you have a website (which you should, even if you buy debt leads) fill it full of your knowledge about managing debt. Most debt settlement business owners, especially the bad ones, somehow believe that this information is a trade secret and their core value. It shouldn’t be.
Education and information about debt management should be your free value proposition. After all, it is available all over the Web. The way I look at it is debt clients are going to look and try to find information–I want it to be accurate and from me.
Concentrate your big value and fee service on your expert counsel and process for navigating, managing, or negotiating them out of debt as well as explaining options, tips, and best practices.
Associate Yourself with “Good Neighborhoods”
This is the smartest way to build immediate trust. Associate yourself with the good guys. Show that you are willing to play by the rules. Here are some debt industry organizations I suggest you belong to and participate in:
I also recommend that you manage a good standing with the Better Business Bureau.
Keep Yourself Informed and Educated
One last big thing you should do to be a “good guy”…one suggestion often forgotten: Stay sharp and engage in continual education yourself.
The debt industry is very dynamic right now. State and federal legislators and consumer advocacy groups are moving very swiftly to protect customers. Some of these changes are good and some are bad. You can contribute your expertise to the process by being involved in the industry groups I cited above. However, once the legislation becomes law you are responsible to comply. Make sure you are on top of the changes.
Staying educated also allows you to offer the maximum opportunity to your clients. Many of these new legislative programs are opening up debt relief opportunities–make sure you know how to offer them to your clients.
Here are some websites to help you stay on top of the latest in debt industry changes and typical debt client questions:
- International Association of Professional Debt Arbitrators (IAPDA)
- Uniform Debt-Management Services Act (UDMSA)
- Federal Trade Commission-Bureau of Consumer Protection
- Zip Debt Blog
- Better Credit Blog
Being one of the “good guys” in the debt industry is certainly going to be a profitable position and make you sleep better at night. Won’t it be great to know you did your part to boost our economy with healthier credit consumers?
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Related posts:
- So, You Want to Start a Debt Business? Get Started on the Right Foot
- Debt Settlement Business, Can You Answer the Questions Your Clients Should be Asking?
- Credit Card Debt Forgiveness Nixed, Debt Settlement Back in Business
- How Not to Run a Debt Settlement Business
- Prospecting Leads for Your Debt Business
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