Especially for Entrepreneurs with Bad Credit
Many entrepreneurs are living paycheck to paycheck, yet they believe they will be able to maneuver and adjust, when the market shifts or course corrects.
There's the belief their business model will survive a market shakeup, when the market no longer uses their product or service.
Operating a business with a low credit score presents any entrepreneur with challenges that aren't congruent with growing a company, let alone being able to survive major market adjustments.
Simply put, I've always knew fixing my credit as an entrepreneur was paramount. I've used Fortress credit fix my credit because their business approach is to be paid based on their performance. They want to be paid based on their ability to positively affect my credit score. This is not the standard operating procedures for most companies in the credit repair industry.
A few years back I attempted to work with FES Credit, where I was charged monthly fees and was left less than satisfied as a customer. There were tons of bells and whistles, but my credit score was no left any better having worked with their company.
What was wrong with my credit?
Most people are treading water trying to stay above student loans, credit card debt, mortgages, and car loans. My credit woes were hard inquiries, incorrect addresses, name misspellings, no active credit cards or revolving accounts. So while I was able to see an extreme boost within starting the credit repair program, my situation is unique to those things and tie results would vary based on what's reflected on your credit report.
As an entrepreneur, you have to keep in mind the market of consumer debt is astronomical. People are living way beyond their means. Industries are not as secure as we are all led to believe based on the perceived lifestyle most Americans live.
- Average credit card debt in American households: $15,263
- Average credit card interest rate: 14.95% APR
- Average Mortage Debt: $147,591
- Average outstanding student loan balance: $31,646
- Average auto loan debt: $30,738
- Percentage of Americans with at least $500 in a savings account: 59%
According to these latest statistics from US Census Bureau data, entrepreneurs must prepare themselves financially to face the modern debt dilemma. The modern debt dilemma is where the average household income stays the same goes down, while inflation causes prices to consistently elevate. Making less money while the cost of icing continues to rise.
This all leads to what Gary Vaynerchuk believes is the inevitable market reset. He believes young and online entrepreneurs alike, are facing serious economic futures personally and within their businesses due to none of the entrepreneurs he encounters, having an awareness of this dilemma. And how this dilemma will impact their business.
the first step is to fix your own credit as an entrepreneur. I chose to go with Fortess Credit, because they will earn your business through one on one customer service and by fixing errors on your credit report before they ever bill you. If they are unable to fix any items on your credit report, then you are not responsible for paying them anything. Win-win.
What about their success rate?
I’ve had my own personal success with them since starting back in March. You can read more about my success at the time here. Since them my credit has continued to climb, while I’ve continued to be coached and guided towards personal financial habits, that will ultimately benefit me as an entrepreneur.
From 2010 - 2015, I was an online entrepreneur with bad credit. I did not have any outstanding charge offs, I did not have anything in collections, I didn’t even have any of the debt most Americans have. Fortune.com stated, “consumers in the U.S. now owe a total of $1.0004 trillion on credit cards. This is 6.2% more than a year ago and up 0.3 from January this year." Fortress Credits paid on performance approach fused with disputing all the negative items on your credit report will allow you more financial freedom than most credit repair companies can offer.
As a modern day entrepreneur, it's an asset to understand the hidden hand that controls the consumers within the financial ecosystem globally, particularly here in the United States. Everyday consumers make emotional decisions based on persuasive impulses and being enticed to spend money they don't have. Banks and credit companies use unnecessary expensive items you must finance monthly to afford. It commits consumers to financial slavery and as entrepreneurs, we must plan and master the financial system, using OPM to our companies greatest advantage.