How To Start A Credit Repair Business
And while your account manager is your primary point of contact, you also will have the support of an entire team of credit pros. Customers also get access to a variety of tools, including an online dashboard to track their credit repair progress. Members also receive text and email alerts, a credit score tracker and analysis tool, and mobile apps for both Android and iOS devices. Of the best credit repair companies we reviewed, CreditRepair.com offers a simple yet effective model.
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.
Dispute said errors with each credit agency reporting the erroneous items. In addition, contact each creditor and request the items be reported correctly. In January 2010, Americans consumers carried 609.8 million credit cards, according to “The Survey of Consumer Payment Choice,” conducted by Boston’s Federal Reserve Bank. That statistic directly translates into a deep market of credit card consumers in need of debt relief and credit repair. A credit repair business can make on average, $4,000 to $10,000 per month, according to Credit Repair Business.net. It’s always a good idea to check your credit score regularly so you understand how your habits impact your score.
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.
When deciding where to establish your credit repair company, it is important to remember that you have to incorporate your business in the same state where it is physically located. For example, if your business is located in Georgia, you cannot incorporate your company in Connecticut. Some people may want to do this, as Georgia is the single most difficult state in which to do credit repair. Since each client takes less than 5 minutes of processing per month , a small reasonable monthly fee is appropriate. Give them awesome service and educate your clients on how to better manage their credit and you’ll have lifelong happy customers.