Axial's Growth 100 : Damon DeCrescenzo

Damon DeCrescenzo

Co-Founder and CEO, The Credit Pros

Giving Credit Where It’s Due

“This is hopefully my last venture,” says Damon DeCrescenzo, CEO of The Credit Pros, a national credit repair company based in New Jersey. He laughs as he details the list of companies he was involved in before starting The Credit Pros: “I owned a mortgage company, I was a restauranteur, I had various online companies built around affiliate marketing, there was an online pharmacy, content distribution… “

When Damon and his co-founder Jason Kaplan began The Credit Pros, they were working in real estate development. “We used to develop affordable housing, and we found that low- to moderate-income consumers were more often than not underserved. They didn’t have a great credit score, so they couldn’t qualify for loans. They were getting all this free money from the city and state, but they couldn’t get a 10% loan-to-value loan. By necessity, we began learning to fix or improve their credit so they might be able to purchase the product we were building.”

“In doing so, we really found a passion for the work,” says Damon. “It’s very rewarding. When we’re helping to improve people’s credit scores, we’re able to see the fruit of the work we do — measurable results. I used to run a B2B business, and often times, you complete a transaction, and that’s it.”

“In our business, we’re serving families, people that have had a tough go of it in many, many other places. We’re improving a credit report so they can improve their life — whether they get that home, or get an apartment, or get military security clearance.”

Earning an Educational Credit

In addition to working to improve credit scores, Damon is also passionate about the educational component of his business. The company teaches clients what a credit score is and how it’s compiled, and provides tips for long-term financial health.

The Credits Pros brought in 6 million dollars in revenue last year, and has been on the Inc. 5000 list of the nation’s fastest growing companies for two years running. Last year, the company set an aggressive growth plan: grow 70% YOY for the next three years. One year in, they’ve met their goal so far. “Everything was bootstrapped. But we recognize that to meet those growth goals after this year, especially from a human capital perspective and a physical space perspective, and for marketing and everything else, we will need money. Capital is an important part of our future.”

He and his team are begin to assess debt and equity options and put together an advisory team, as they focus on differentiating themselves in the marketplace and positioning themselves as a “qualified number 2” option in an industry where one company has massive market share. “People love choices,” says Damon. “We’ve worked hard to leverage third party technologies to be able to be a unique offering in our space.”

The company is also laser-focused on scalability. “We built The Credit Pros with the intention of growing considerably larger than 99% of other credit restoration companies in the country.” This relates, says Damon, not only to systems and processes, but also “the partnerships and relationships we’ve developed over time. We’re one of a handful of companies that have been licensed and bonded in every state.”

Damon and his team have also worked hard to build a company culture to be proud of. “We made the decision some time ago to be clear and intentional about the way we hire. It’s important that all our team members do the right thing — even when people aren’t looking.”