How This Entrepreneur Found A Niche In The Credit Score Sector

Earlier this month, TransUnion released findings from its poll of 3,000 American adults. It stated that nearly six in 10 people say the pandemic has negatively impacted their income. Roughly 78% are worried about paying their bills and making good on loans. In 2019, it was reported that the average FICO score in America was 695, with the average Vantage score standing at 673. Today, people who normally pay their bills and credit cards on time are not only worried about where or when they’ll receive their next paycheck, but how this pandemic will affect their credit score. 

As people navigate this unprecedented time, some companies are able to help individuals monitor their credit scores and help them take action. For instance, TransUnion offered free weekly credit reports through the end of this month, along with its TrueIdentity app, which offers credit monitoring and alerts. 

For a more one-on-one approach, Sypreme Essence, founder of Credit Warriors, offers both educational and emotional support to her members working on raising their credit scores. Her organization helps individuals understand the right and wrong way of addressing bad credit while dealing with debt collectors. With over 500,000 members in her private Facebook group and roughly 1,400 new members joining last week, Essence wants to help others gain control of their finances. 

“Credit Warriors’ mission is to help people become creditworthy by teaching them how to repair their credit themselves,” she states, “and teach them how to create a legacy and pass it on to their family.”

Essence’s entrepreneurial mindset developed while incarcerated. During her second and last time in prison, she knew she had to create a better life for herself. In 2016, she and her husband were working at a franchise restaurant. When the owner sold it to another franchisee, the new owner reduced the number of hours. She went from making roughly $800 a week to $300. During this time, she also operated a mobile boutique store, a clothing store on wheels. The last time the vehicle broke down, the repairs were estimated to cost $4,000.

“I didn’t have the money,” Essence shares. “I walked into a bank. I felt like I was a business owner who could go to the bank and get a loan. They told me ‘no.’ I just remember them saying it was just my credit. My credit was horrible. So, in February 2016, I made a conscious decision to fix my credit. Since I couldn’t afford to pay someone, I had to learn on my own. But, being that I didn’t have a computer, I had to go to the library. I just couldn’t get a computer, so I started checking out books. Those books changed my life forever because I was able to learn the history of credit and dig deeper.”

In three months, she moved her credit score from 519 to 720 while documenting her journey on Facebook. Individuals began messaging her asking advice and how they could raise their credit scores. “When I started Credit Warriors,” she states, “it wasn’t even making money. I didn’t start generating income until the following year, which was 2017.” 

Although there is no quick fix to improving a credit score, Essence shares that starting the process doesn’t have to be overwhelming. First, understand that credit bureaus are not government agencies. The bureaus are all subject to regulation by the Federal Trade Commission (FTC) and applicable consumer protection statutes. “They’re regular businesses like Coca Cola,” she explains. “They’re in the business to report data.” Then, research as much as possible. Start by accessing a free credit score report; apply for credit monitoring because a credit score fluctuates throughout the year.

Starting this journey making $300 a week, to now earning a six-figure salary, Essence shares that her biggest mistake, in the beginning, was not telling people no. “When my friends and family would ask, I would be their hero,” she states. “I gave away so much of my money because I felt guilty because I made it and they didn’t. I had to change my way of thinking; I had to know that I deserve this. I am worthy. I had to know that my service, it’s what brought my six-figure income. It’s the service that I have. I’ve given away so much knowledge, everything for free. The only thing people have to pay me for is if I have to actually do the credit repair. I just stopped feeling guilty. I started saying no.”

As she continues to expand her brand, she focuses on these essential steps:

• Focus on long-term gain. If you’re starting a business just for the financial rewards, there’s a high probability that it will be a short-term business. Money can only take you so far. It’s the hard work and passion that help keep you in the game for the long run.
• Treat your idea as a successful business from the start. Don’t wait to trademark your idea or build your business credit. Make that a priority, so when you’re ready to expand, you already have everything in place.
• Look beyond friends and family for support. Develop relationships with mentors and advisors in the industry you want to work in.

“It’s more than just pushing numbers,” Essence concludes. “How I manifest in my life comes from within. My thinking is positive. I go through a lot, but I don’t let those things weigh me down. I use my energy and I keep pushing.”