Credit Repair Business – How to Start

The credit repair business will always thrive in any economic conditions. The current economic climate is a case in point – the credit repair business has enjoyed great success, even as other businesses have gone under. Credit is a major concern of people all over the world.

About 78 percent of American citizens struggle with their finances, that results in bad credit. Given that fact it should come as no surprise that the credit repair business is so popular with entrepreneurs.

There are more advantages to this business other than being always in demand for repairing bad credit. Investment is minimal, it provides one with enormous personal satisfaction, it’s an outstanding means to make money and marketing expenses are low to nil, as word-of-mouth recommendations are adequate.

OK, let’s move ahead!

Step 1
Have your client get his credit report from each of the credit bureaus. Use any of the following links:  Visit AnnualCreditReport dot com or call 877-322-8228. Another way is to Google “free credit report.” Don’t be surprised when you have thousands of results to choose from.

Make sure you don’t skip this step, since as many as a whopping 90 percent of credit reports have errors. These errors are the reason, in many cases, that people cannot get credit. As a credit repair business you will begin helping your client by correcting wrong information on his credit report.

Step 2
Go through the documents very carefully and identify all the information that is entered wrongly. Be on the lookout for unpaid loans your client believes may not be his. This should be a red flag alerting you to possible identity theft.  The thief may try to avoid raising suspicion by taking out loans in small to moderate amounts. Identity theft will almost invariably result in a bad credit score.

Step 3
Contact the credit bureaus; mail each one a letter detailing the mistakes you have found an asking that they be corrected. If you find anything that points to identity theft, immediately inform the police so the theft may be tracked; it will also absolve your client from responsibility to a certain extent.

Your business will prosper in proportion to your success in dealing with the credit bureaus on behalf of your client. Most people hire a credit repair business because they would rather enjoy the savings in time and effort that comes with entrusting the matter to a professional. For that reason, if you expect to thrive in this business you must make your number one priority to act in the best interest of your clients. Make this your number one priority, and successful follow.

Step 4
Get a hold of a good credit repair software to help you save time and effort in your work. The more efficiently you work, the more time you will have for additional clients. However, do not rely on your software alone; no machine is a substitute for human judgment.

Step 5
Promote your credit repair business vigorously. Distribute fliers, and offer quality freebies that introduce your business to potential clients – such as counseling, consultations, free credit report assessment, high quality information, and the like. It’s not difficult to establish your credit repair business and make money, provided you keep the interest of your client as the most important aspect of the business.

Always start with someone close – relatives or friends – and do an exceptional job! They will reward you with recommendations to others and you will have an unending chain of leads. In order to kick start your business offer a discount for a limited time; and make sure your to give your best effort, so those that take you up on your offer will send you more business through referrals.

Some important points: The best way to make money is by ensuring that your client is happy. The money will follow. And finally, never succumb to greed, make promises on which you cannot deliver, or step outside the law, regardless of how tempting it may seem.



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This post was written by Noel D'Costa on July 21, 2010

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