This inspiring story is of a rising startup called CredKred started by Lamar Laing. CredKred is a software service providing American consumers with credit protection tools. Users can easily generate dispute letters to major credit bureaus, creditors, and collection agencies and track results with CredKred’s easy-to-use system. Plus, members get access to financial literacy resources and information. Here is the story of CredKred in Lamar’s own words.
Introduce us to the idea of CredKred
CredKred, Inc. is a software company that offers letter generation tools for consumer credit protection. Disputing inaccuracies and fixing your credit history can now be accomplished easily and safely by the consumer. The credit inequities result in an increasing wealth gap as African-Americans, and other minority groups, find it harder to qualify or obtain credit.
The current credit scoring model impacts people’s ability to purchase insurance, homes, vehicles, or handle unexpected life emergencies. CredKred aims to close that gap and provide an easy-to-utilize model for minorities to fix their credit on their own.
Millions of American consumers struggle with their financial situations, and their credit history is a usual suspect. A negative credit score can impact an individual’s financial situation by thousands of dollars annually, but what often goes unnoticed are inaccuracies that creditors are reporting to the credit bureaus that often cause credit scores to drop.
Credit repair companies have been popping up all over the U.S. for decades, with boisterous claims to clear credit histories and increase credit scores. Although some can achieve successful removals of inaccuracies for their clients, the story of the middle and lower-class Americans left scammed out of hundreds or thousands of dollars with no results or positive impact on their financial situation is not a rare occurrence.
What’s your strategy story? What led you to start CredKred?
I’ve witnessed the difference between a household with excellent credit and one with bad or even less-than-perfect credit. Controlling your credit situation should not be an expensive operation. Most people don’t know the statutes that exist to protect them from credit predators, and CredKred puts everything together in one place for them to fight back and demand a fair chance.
According to a 2018 survey reviewed by the Associated Press, Black mortgage applicants were turned away by lenders at a significantly higher rate than white applicants, followed by Latinos, Asians, and Native Americans. These rejections come despite income, loan size, and other factors are taken into account.
The credit inequities result in an increasing wealth gap as African-Americans, and other minority groups, find it harder to qualify or obtain credit. The current credit scoring model impacts people’s ability to purchase insurance, homes, vehicles, or handle unexpected life emergencies. CredKred aims to close that gap and provide an easy-to-utilize model for minorities to fix their credit on their own.
What marketing, operation strategies are you adopting at CredKred?
We’re focused on grassroots marketing at the moment and focusing on targeting our specific audience. We have a small marketing and PR team working to create content and visuals that speak directly to our audience demographics and utilize the power of social media and digital distribution to help increase brand awareness.
We’ve been remote even before the pandemic. Our team members stretch from coast to coast. That’s been a real blessing for us to be able to continue working seamlessly to dispute global disruptions.
The core team has been on the software development. This software was built by developers that understood the mission and its ability to impact minority communities across the U.S. In the fourth quarter of 2020, we began heavily focusing on the sales team and creating affiliate programs for other influencers looking to educate people on the importance of good credit.
We produced a series of commercials and just launched the first one. So far, we’ve received positive feedback. I think that is because we chose to speak directly to our customers. Our messaging isn’t skewed. We know the majority of people that are impacted by the credit and debt collection industries, and those are the people we aim to serve first.
Any strategy mistakes you have made and what did you learn?
If I could have done one thing differently, it would have been starting promotions and advertisements a little sooner. When developing a product for consumers, you want to make sure everything is perfect and functioning properly. But I think it’s still a good idea to get people familiar with your brand and product even if you’re not in full launch mode.
A small startup definitely wants to market and promote their business to appeal to their potential customers and investors. Plus, it gives you some time to get to know your customer audience more intimately and get valuable feedback early on that could save you time and resources after you launch.
Finally what advice do you have for your fellow entrepreneur readers?
If you have a vision, especially if it is something that will help a lot of people, stay committed and execute. Put in the work and the hours and remain aligned with your vision, and you will see fruitful results. Also, remember to be patient. Building a business is a marathon and not a race. Don’t hesitate to ask for help and assistance when you need it.
Disclaimer: The information in the above story is provided by the startup and The Strategy Story takes no responsibility for the authenticity of the product and services offered by the startup. Reader’s discretion is advised.
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