Credit Fix Solutions · Victoria Jordan Coster

From Humble Beginnings to credit repair powerhouse: A single mom's journey to building a $1.5 Million annual revenue business

March 28, 2024
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What's your backstory?

I grew up in Stevenage in Hertfordshire, England in a small housing commission house. Mum and Dad split when I was about 5. Step-dad came on the scene and we ended up moving to Sydney Australia in 1996 for his job. I lasted 2 years in West Sydney, absolutely hated it, and came back to England where I completed (most) of a degree in International Business with languages.

Ironically I then returned to Sydney Australia at 21 (2001) and ended up staying! I worked in pubs for a couple of years before getting my first 'real job' in finance, at the age of 23. I worked for a small mortgage manager in Chatswood near Sydney doing mortgage leads and sales and mortgage processing. It was going well until I had to do a runner from my marriage in 2007 with my 1-year-old son. I had nowhere to live, had to crash with my parents and because I'd worked with my ex-husband, I had no income, then he decided to close his business, and I struggled on Centrelink raising my son with no income support.

It was a very up-and-down time for me. My ex dragged me through the court system trying to get full custody of our son for around 4 years. I was a very lost soul. I did some work for various companies, here and there, home loans, and credit repair, but felt miserable. Then one day in 2013 I just quit my most current job. I was lucky that I had managed to get myself a housing commission unit in Dundas (west Sydney), so I could afford to just take a 'Love, Eat, Pray' time-out for 3 months. I thought about what I'd like to do. I cooked, I walked, I looked after myself. Then I got the courage to start my own business in credit repair, CPC Credit Solutions (later named Credit Fix Solutions, my current business).
The business itself started with me networking with a small group of finance brokers in Western Sydney. I was happy with that level of work. 1 to 2 applications a week, sometimes a month, it paid the bills and I could even afford to take my son on our first holiday up at the Gold Coast.

But then one day, about a year into the business, one of my broker referral partners said to me, 'You know what Victoria? You must let all finance brokers know that a business like yours exists because no-one does what you do. (I had started a no-win no no-fee credit repair business which was unheard of in Australia at the time - all players charged upfront regardless of success}.
For some reason, the 'obligation' comment stuck with me.

So, I joined a local business coaching group called Business Blueprint, and I guess, long story short, I got myself real good at the business stuff and the rest is history!

10 years on (still gives me goosebumps) I run (the only award-winning) and 'go-to' national credit repair company in Australia, used by most finance brokers in the country. I've set a standard of what credit repair should look like, and I'm proud of what I've built. I've gone from 40 referrers to around 10,000.

Currently, we fix around 15 to 20 credit reports a week. That's 15 to 20 families who can finally move on with their wealth-creation journey, which is an amazing thing to be a part of.

What does your company do and how did you come up with the idea?

We help finance brokers save time and write more deals. We are a support service provider for thousands of brokers across Australia. We help educate them on credit reporting, educate their clients and also remove negative data from credit reports so that they can get a loan across the line for their client, that they otherwise couldn't with the current state of the credit report.
I started Credit Fix Solutions as a no-result no no-fee credit repair company, as I didn't agree with charging upfront like the rest were doing at the time.

How did you get your first 10 customers/subscribers?

My first 10 customers came from the first referral group that I joined in western Sydney back in 2014. The group consisted of around 40 brokers, and I still work with that group today.

How did you align your product or service with your target customers' needs?

I was one of the lucky ones as I'd found a niche that was not being filled, and I managed to fill it easily. The only setback I had was with myself. I'd labelled myself a single mother in the housing commission and so the business remained small for quite some time. When I finally got some business coaching and worked on myself, I then overcame this label and was able to grow the business at least 2 fold per annum.

How did you gain your first 100 customers and what platforms or methods did you use?

My first 100 customers (finance brokers referring to us) were gained by networking, As much as I hated it, I connected to finance brokers on Linkedin and then met them for coffee. I remember dreading the coffee meetings. But they do get easier over time. I didn't have any money for the business, so connecting on Linkedin and going for coffee was the only way I could afford to grow the business. I was forced to become great at networking. I enjoy it now which is funny really, considering how much I hated it at the start. One of my favourite roles in the business is to go to events and network with finance brokers.

Back in 2014 when I started I had a 20-year-old car that broke down every day. So I would park a KM away from the meeting because I was so embarrassed. One of my big rock goals was to buy an Aston Martin, which I am proud to say I achieved 5 years ago. I've even paid the great loan back. And I don't have to be embarrassed rocking up in a shit box anymore!

What distribution channels did you try that didn’t work?

Radio doesn't work for us. And also cold leads purchased from Lenders. Very bad conversion rates and not working the time and money!

What tools, software, or resources have been crucial in scaling your business?

Learning how to build and implement a CRM within the business in the 2nd year was one of the much-needed tools we had to get to be able to grow the business. Once we got to around 100 clients at any one time, there wasn't room for manila files in swing folders!! The other resource that has been most helpful has been the collaborations with industry partners that allow us access to as many finance brokers (potential referral partners) as possible. I've built a brand with integrity and one that the finance broking industry can trust. We have managed to build partnerships with key industry partners including aggregator groups and industry associations.  We are the only credit repair company who has managed to achieve such a wide reach in Australia which is something we are very proud of.

The third tool in which I've found much value is to enter awards. Not only does it build brand awareness and trust, it helps me as a leader to evaluate where the business is, and where I need to work on some things. We're the only credit repair company in Australia to win awards which makes us look amazing (which we are of course).

Who do you recommend to follow for business growth insights?

Dale Beaumont, CEO and Founder of Business Blueprint

Mr Mentor (email group)

How did you shift from a side hustle to full-time entrepreneurship?

I was able to grow my business without it being a side hustle and didn't need to work as I was in the housing commission. So I was quite lucky in retrospect that I didn't need to juggle that.

What drives you to do what you do?

Before I started Credit Fix Solutions, I had nothing. No control in life, no money, I was a mess. I remember one day driving to my parents back home from another job interview (that I didn't get, most likely because my then 2-year-old was crawling all over their boardroom table) and my son wanted an ice cream. I burst into tears because I didn't even have 30 cents to buy him one from McDonalds. That memory is enough to get me out of bed every day, and I'm sure it will stick with me forever.

Sometimes a hard life can be enough to keep you going. Nothing phases me anymore. I've already been through hell and back. You just need to make sure that you are organised, you work on yourself and then keep moving forward. Never look back.

Any quotes you live by?

"Fail to plan, plan to fail."

"Wake up and be grateful for 3 things."

"Make food your medicine before medicine becomes your food."

"Don't worry about tomorrow, as it holds enough worries for itself. Just do it today" (adapted from JC)

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