Credit Repair Software – One More Business Opportunity in Banking Industry

Each loan you take leaves a mark on your global credit history. This can become a driver or a heavy obstacle for business development. If you are convicted of paying unreliability or low solvency, you won’t be able to actively support the existing and develop new projects. A bad credit reputation and loan refusals can lead to a lack of available funds, and sometimes to the complete collapse of your business aspirations.

If a poor credit score is holding you back from reaching your business goals, use professional credit repair software, which makes up a $3.4 billion-worth market in the US alone. It has its pros and cons, but it will definitely help you take control of your personal finances. At Forbytes, we have enough experience to guide you in terms of how to build the right software for you.

What Is Business Credit Repair Software All About?

This type of software enables companies and entrepreneurs to correct errors and inaccurate information in credit reports and thus improve credit scores. Technology in business helps to remove negative aspects (which is the basis for calculating a credit score) and analyzes ways to solve underlying issues, focusing on the reasons why they arise in the first place.

Some credit repair companies use credit scoring models, loan qualifications, and automate credit scoring by generating letters to dispute errors, negotiate with lenders, and track progress. More advanced solutions can import a credit report and automatically generate dispute emails. That is, they reduce your dependence on inefficient manual labor as much as possible.

However, not all credit repair software solutions are effective enough when it comes to business management and not personal interests.

Best credit repair software characteristics

A fitting solution offered for credit repair businesses may vary in terms of functionality. There are both multipurpose (all-in-one automation products for credit repair organizations) and narrow-specialized solutions (e.g., to deal with credit errors, manage credit utilization ratio, dispute tax liens, track credit scores, resolve disputes, etc.). And the price is not always the determining factor. You may expect that if you pay more, you will get a higher-quality experience, but this is not entirely true.

Your task is to determine the software that best suits your needs and budget. This is largely determined by its capabilities. The following functions are necessary for a credit repair company:

• Ability to download and check free credit reports;
• Lead and partner management;
• Complete library of script and dispute letter templates;
• Ability to remove write-offs, collateral, and late payments;
• Customer support during the dispute process; the chance to get professional financial advice;
• Ability to view and update processes for each client;
• Integration with several credit bureaus;
• Money-back guarantee.

To make your choice easier, let’s take a look at some available solutions that pack all of the above credit repair software features and more.

Off-the-Shelf Repair Software For Business

Almost all specialized software packages should help you identify problems that undermine your credit history and get rid of them quite efficiently. But they inevitably differ in capabilities, so not all are equally useful for business. Keep reading to choose the best credit repair app or solution.

DisputeBee

DisputeBee is the first in our list of the best credit repair software. It can automatically generate dispute letters, which can then be sent to credit bureaus, debt collection agencies, banks, and more on behalf of your clients. The embedded algorithm easily copes with the removal of elements that negatively affect your own credit score. This includes fees, late payments, bankruptcies, and other contentious issues. With DisputeBee, you can quickly remove errors in a credit report. This will enhance your reputation as a borrower and enable you to apply for a loan on better terms.

Pros:

• affordable subscription;
• dispute tracking;
• unlimited clients;
• integration with billing and contracts;
• client portal.

Cons:

• no credit score;
• dynamics tracking;
• no dispute guidances.

Credit Detailer

Credit Detailer is a cost-efficient option for building a profitable credit repair business. Unlike other services, it is sold to individuals for a one-time fee. Comes with a really intuitive interface and lots of features available out-of-the-box.

Credit Detailer is considered an easy-to-use personal credit repair software. Installation does not take much time, a complex configuration is not required, and a lot of useful educational resources are provided.

With it in hand, a credit repair company can:

• create a profile for an unlimited number of users;
• track credit items such as late payments, withdrawals, collection requests, or others;
• get detailed information about the client (address, phone numbers, and accounts);
• get more information about credit scores and other related topics through links to web pages;
• use an extensive menu of settings for payment preferences, bureau addresses, customer categories, company information, logo, etc.;
• share information with colleagues using online mode.

The solution organizes clients into a neat list. You can track payments and take handy notes. All information can be printed or saved on a computer.

The business version includes additional tools for marketing, billing, automatic backups, and more. It also offers technical support, the services of a credit coach, and a wide range of other additional services for building a positive payment history.

Pros:

• free trial;
• 30-day money-back guarantee;
• credit coaching;
• bilingual support;
• unlimited number of clients.

Cons:

• expensive add-ons;
• one license per one device;
• no opportunity to generate credit audits.

Credit Repair Cloud

This personal credit repair software makes it easy to build a credit repair business without a lot of experience.

In addition to email templates and tracking, major features here include CRM functionality, customer portal, live support, KPI dashboard, and more. The service also provides profiled training:

• a podcast about the credit repair business (free);
• a book on credit recovery strategies (free);
• Credit Hero Challenge, which is an intensive 14-day training course. You can also indulge in the Master Class, a 6-week training program, and Credit Repair Expo, an event held once a year with the participation of industry experts and credit repair professionals.

Pros:

• full-package business solution;
• unlimited storage;
• client portal.

Cons:

• high price;
• limited clients.

ScoreCEO

An all-in-one business solution whose exclusive features can easily handle many tasks. The solution allows you to effectively manage potential and existing clients, saving you tons of time. You can manage each client in the same way with custom scripts. Also, you get access to visual management of the sales funnel from the registration of a new lead to the conclusion of a deal. You will be able to track everything you need, including accounts receivable, traffic, lost sales, issues, tasks, and more on one page.

If you need to solve tasks across several states and you are worried about using the right contract, the service will help you achieve your goal automatically.

Advanced package priced at $299/month includes:

• client/partner portal;
• analytics and sales workflow processing;
• receipt printing;
• import credit audits;
• dispute letters;
• compliance mechanisms;
• Google Analytics integration;
• unlimited leads;
• voice, email, and live chat tech support.

Pros:

• extensive functionality;
• affordable pricing;
• accessibility;
• scalability.

Cons:

• no free trial;
• client support available only on weekdays.

Dispute Suite

It is a popular choice of credit repair software for professionals as it gives full access to each client’s file. In addition to simple status checking, writing notes, and instant file uploads, the service offers other great features. You get a full range of private labeling services. You will have access to custom branding, site login, and other features. Also, you don’t have to spend too much time attracting partners. With the ability to digitally sign agreements, you will be able to hold the attention of your potential clients more firmly.

The Dispute Dashboard displays a chart where the number of disputes is determined by their status. You can quickly determine the volume of disputes by category (deleted, pending, restored), as well as letters (overdue, subject to challenge). All data is accompanied by detailed information about the client’s credit reports, including the number of negative elements in each.

Dispute Suite is the ultimate credit sweep software that also offers:

• partner management;
• text autoresponders;
• crediting reports system;
• ID printing;
• electronic contract signatures;
• dispute letter generation;
• invoicing and payment management.

Pros:

• fantastic opportunities all-round;
• high-performance website;
• high security of service.

Cons:

• high pricing;
• limited users.

Buy or Build? Things to Consider

Coming from our own field experience, here are the major criteria that should help you pick the most efficient solution or build the one tailored to your needs.

Functionality

First of all, it is important to understand what functions offered by credit repair companies are critical for you, and what specific software can do best. You must know exactly what issues you face most often. If you find an off-the-shelf solution that meets your needs, you can start the credit repair journey. But if some of the essential functions are absent in the software of your choice, you need to consider building a custom product.

Type of servicing

Some solutions are universal, that is, suitable for both personal use and enterprises. Most often, such options do not guarantee sufficient efficiency for pinpointed business purposes. In terms of this aspect, we would recommend paying more attention to custom offers.

Pricing

Software cost is a key factor, but it is more important to pay attention to the long-term value of the service. You need to choose software that will absolutely solve your problems, and this may not be the cheapest. The best choice comes with features that support businesses from launch to expansion. Options with complex prices allow you to approach issues more flexibly.

Custom credit repair software for business may seem a costly option if we look at it from a short-term perspective. Still, we should take into account the high monthly pricing of an off-the-shelf product. It may turn out that you’ll spend much more if you plan to use this software for years and pay for it each month. Customized credit repair solutions may be an efficient way out if you want to avoid monthly payments and get all essential functions in one product.

Coaching

If your team needs to get training on credit repair cloud software, then an off-the-shelf option will be a good choice. Interacting with a credit repair professional greatly increases your best credit repair options. More than technical support, credit coaching services can help you get the most out of the software. If the software of your choice offers such a chance, you make the right decision.

If your team includes professionals in the credit repair process and you don’t need anything apart from the quality software itself, look for an outsourcing team to build a custom product. Together with our business analysis, your credit repair professionals will compose the list of essential functions and integrations to be included in the product. We will take into account the specifics of your business and make sure that the software will remain useful and relevant in the long run.

A number of supported clients

For businesses, scalability is essential. Entrepreneur-focused software offers unlimited client support or bundled versions to grow in the client population as the company grows. It is clear that the first option is preferable, although this is a purely individual assessment.

Still, it’s impossible for off-the-shelf solution providers to cover the needs of all their clients. This is why a credit bureau often needs to sacrifice some of their basic demands and look for ways to satisfy them outside the system. Sometimes, it can be manual task completion, the involvement of third-party experts, using external software for credit repair training, etc. On the contrary, a customized product can combine the features you like in off-the-shelf solutions and include the functionality tailored to your needs and the specifics of your business.

Custom Credit Repair Solution: Who Needs It and Why?

The ultimate alternative to all off-the-shelf solutions is the creation of your own brand new piece of software. Custom credit repair solution development allows you to build a tool or a whole system with just the extent of functionality you need. It can be tailored to the smallest specifics of your workflow and convey your brand attributes. In the long run, you get an authentic solution that works in a unique way and boosts your brand reputation.

On top of that, with a proper technology and development approach, you may build a tool with just the basic functionality required for work and scale it however you like over time. For instance, by implementing vast API support, you may integrate an existing solution with any third-party service exactly when you need to tackle a certain workflow task.

Custom Software Characteristics

Tailor-made functionality

Apart from basic credit monitoring services, customized software can include specific ones. Custom functionality will fully reflect the peculiarities of your business and help your company grow faster. Suppose that you cooperate with local financial institutions or affiliates. When a client comes to the latter and understands the need for credit repair services, financial organizations can send their clients directly to you. How to encourage them to do so? Include an automated function of sanding a referral fee to a company that gives you a lead. This is possible in a custom solution for a financial institution.

Long-term scaling potential

Off-the-shelf solutions meet your today’s basic needs. Custom software helps you scale up and stay relevant tomorrow. It’s inspiring how companies do well when they are at the start. But what if the number of their clients doubles or they face financial/management crisis? Quality custom software is aimed to save you from risks and give your company full ownership and control over the processes.

Brand reflection

Custom software development presupposes that there will be a touch of your brand at each stage of the development lifecycle. From design to usability and functionality, you’ll get the chance to express your brand identity in software. Apart from performing essential functions, such software will become one more distinguishing feature of your business.

Smooth integration with existing workflow

Not all off-the-shelf solutions allow for third-party integrations. What’s more, not all of them have the right functionality to connect with your existing workflow. Usually, such integrations require the involvement of a software engineer, meaning that you will still have to pay for the development process. In comparison to this, custom credit repair business software ensures smooth integration with existing workflow. If you already have the main back-office software, your credit repair solution can be integrated with it via API for real-time and convenient data access.

Authentic solution

If you choose custom software development services, you get an authentic solution that is ready to compete in the credit repair industry. You can add catchy offers or out-of-the-common features to attract a wide audience. Besides, you’ll have full control over data security and are ensured the support and maintenance services after a product is released.

Conclusions

Loans are a very common and quite effective mechanism for supporting and developing a business. However, no one is immune to failures and the emergence of distrust of credit institutions. In order not to find yourself in a declining credit score situation, choose the most suitable software to fix credit history and get a quality credit monitoring service.

If you are unsure of whether to buy or build a solution, turn to a professional. At Forbytes, we have successfully provided high-performance software solutions to enterprises in various fields of business. Contact us for a consultation to get custom credit repair business software based on an integrated approach, taking into account your individual business needs, major risks, and relevant market trends.