Hi everyone, I have been hearing lately about credit repairing companies and the amount of work they get in their business. One of my cousins is running a credit repair business, I have talked to him about the business but, I need more information on this so that I can start my own credit repair business. Please do suggest your views on this!!!
You can do a Google search for "how to start a credit repair business" and "credit repair franchise." Learn as much as you can about the credit industry - how does credit work, how do people get bad credit, what things can be done to improve credit, what can a credit repair business do. Become familar with all the credit laws: The Truth in Lending Act, the Fair Credit Billing Act, the Fair Debt Collection Practices Act, the Fair Credit Reporting Act, the Equal Credit Opportunity Act, Electronic Fund Transfer Act, the Federal Consumer Credit Protection Act, Right to Financial Privacy Act, The Bankruptcy Reform Act, the Bankruptcy Abuse Prevention and Consumer Protection Act, and especially the Credit Repair Organizations Act. Make contact with the credit bureaus and ask them what you need to do to access consumers' credit reports and make disputes on their behalf. Check with your state's department of revenue to find out what business license(s) if any you need to do this type of business. Then, after that, the rest of the business startup principles apply. Find your target customer, assess the competitive landscape, come up with a marketing plan, etc.
Credit repair business is a good business these days as more and more of the employers are having less time and they need someone to handle their credit affairs and look after the credit reports. Credit repair is the process of improving or rehabilitating one's financial reputation among creditors. It can be quite a successful business if handled with good efforts. Credit4profits would be able to give you more information on this.