subject: Starting A Credit Repair Business [print this page] Starting A Credit Repair Business Starting A Credit Repair Business
A credit repair business is a specialized field of service that requires an in-depth knowledge of the legal aspects of the credit business, a sound (or at least sufficient) knowledge of accounting and finance, and the ability to handle the emotional issues of your clients. Above all you need be honest and reliable. Credit repair is a multi-billion dollar industry.
Getting Started
Starting this Business is simple enough if you have the right information and motivation. Like any other new business venture, a credit repair business starts with going through the learning process, its rules and regulations and your legal responsibilities and obligations. Now, this does not mean that if you have an interest in starting this business, you need a formal education at university level to be successful.
Client Information
Keeping track of customer accounts and financial information is vital, so a good computer with tracking and database software is an essential. You will also be well advised to back up all your important information on a separate storage device, such as an external hard drive. If you lose valuable information your business will be over! You will also need a telephone and probably a fax machine.
Seeking the right source of information to provide accurate information in regards to starting a credit repair business is critical. Credit Repair firms have kept much of this information to themselves for a long time but it is available. You will just need to do the research. Government sites can be useful in this regard. With the right information you can be in business without the need for a huge capital outlay, but you must get it right. This Credit Repair service is in big demand.
The best place to start looking for credit repair information is on the Federal Trade Commissions website (see resources list at the end of this article).
Marketing
Marketing this business is almost as easy as getting the business up and running. You will want to do marketing immediately when you start your business. Not so long ago most business could be secured through classified ads but these days a presence on the Internet is probably essential. Word of mouth is a powerful and free tactic. Tell everybody what you do without overdoing it.
The Process
The process of removing negative and erroneous items from a credit report is very cut and dry, but knowing how to correspond correctly with the credit bureaus is a very important. You must know exactly what you are doing, because a mistake during this process can cause even more damage to your client's credit profile. You do not need special software, although there are programs available that can simplify the processes of a credit repair business. There is no credit repair 'secret' that can miraculously solve all your problems but there are definite processes you will use to simplify the business as much as possible.
Regardless of the means you choose for preparing your credit repair letters, the essential process is the same and when you send off these letters, it is just one step in the credit repair process. You will need to start with standard 'guide' letters to get this right, but gradually make them your own without losing the 'message'.
Once information is deleted from a credit file, the credit bureaus cannot reinstate it. In truth, no one can legally remove accurate information from a credit report. If there is inaccurate information in a credit report, you can legally dispute it and ask for it to be corrected within 30 days.
This business is not all that difficult to learn. Finding clients is one of the easier tasks. Starting a credit repair business is a great way to go if you are looking to start a successful business on a limited budget.
Running your own business is a great way to increase your income and help some of the millions of Americans who struggle with debt. Check with the IRS or hire an accountant to make sure your business is following all the legal guidelines.
Everything considered, a Credit Repair Business is one of the BEST genuine home-based businesses around.
We hope the information is helpful and that you are now better informed on how to start your new business.
Some Useful Resources
Many different legal frameworks exist to protect consumers in matters regarding both credit and credit repair and it is important that everyone has an understanding of how such laws affect them and the rights of the individual.
The Federal Trade Commission (FTC) was created in 1914, its purpose being to prevent unfair methods of competition in commerce. Over the years, Congress has passed additional laws giving the agency greater authority to police anticompetitive practices.
In 1938, Congress passed a broad prohibition against "unfair and deceptive acts or practices"
http://www.ftc.gov/
Further Useful Information
The Credit Repair Organizations Act
Ensures that those seeking credit repair are given correct information to enable them to make an informed decision regarding the provision of credit repair services and that they are protected from deceptive or misleading practice.
The Equal Credit Opportunities Act
Prohibits the refusal of credit as a consequence of sex, marital status, race, religion, national origin, age or because of receipt of public assistance.
The Fair Credit Billing Act
Guidelines and procedures to resolve billing errors that appear on credit card accounts.
The Fair Credit Reporting Act (FCRA)
Gives the individual the right to know exactly what information is being reported about them by credit agencies.
The Fair Debt Collection Practices Act (FDCPA)
Rules and regulations to control collection companies and debt collectors and prevent them from using 'dubious practice' to collect outstanding bills.
The Home Ownership and Equity Protection Act (HOEPA)
Protects consumers by restricting certain terms of high cost home loans (eg sub-prime lending).
The Identity Theft and Assumption Deterrence Act?
Identity theft is a Federal crime punishable by up to 15 years imprisonment and fines up to $250,000. Clearly defines the individual whose identity was stolen as a 'victim'.
The Notices of Rights and Duties under the FCRA
Created to promote accuracy, fairness and the privacy of information contained in the credit files created and
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