How To Start A Credit Repair Business That Is Profitable
If you have errors on your credit report, which 34% of consumers do, according to a Consumer Reports study, you may want help to get it back on track. While you can repair credit reporting errors on your own and save money in the process, there are dedicated credit repair companies that can step in to help. While the success of credit repair companies is not guaranteed, this can make disputing errors and contacting each credit bureau a more pain-free experience.
Fortunately for credit repair business owners, the road to being a credit repair specialist is much shorter and less meandering. Owning your own credit repair business is a great way to do something meaningful for your community and work on your own schedule with unlimited growth potential. Credit repair companies legally cannot collect payments until their services come to a conclusion. However, many companies do circumvent this regulation by including a setup fee and setting up payments monthly to spread the expense. The company’s contracts should also be written in a way that gives the customer an ability to cancel. People can also buy software, such as TurboScore Home, that will help them repair their credit score without having to do it manually.
This includes the services you are performing as well as the guarantees that you know to be fake. Creating a business plan seems intimidating at first; however, it is not a ‘set and stone’ document. As your business grows, you can edit your original plan to accommodate the struggles and successes you encounter. Like all businesses, start small then grow as you generate more revenue.
All clients receive a free consultation during their initial appointment. The meeting gives case advisors a chance to review someone’s credit history and determine the appropriate credit cleaning services. Its site states that a quarter of people have at least one error on their credit report, and more than half have outdated information. The Money Management package is their entry-level plan that starts at just $49 per month. It includes Transunion credit monitoring, identity and dark web monitoring, as well as CashRules finance manager. The CashRules finance manager offers the ability to integrate your banks, set budgets, get alerts, and easily track transactions.
You can definitely DIY your credit repair, but it will take time, effort and patience. You can dispute negative information with the lender, and if that does not work, write letters of dispute directly to the reporting agencies. They are legally obligated to investigate and respond, at no charge to you.