- Pay attention to your customers’ needs and provide a valid timeline
- Get a copy of your client’s credit report
- Provide a free consultation based on the report
- Create expectations based on their desires and the outcome of the consultation and report
- Process the full credit repair audit
- Create a plan that ranks the pertinent fixes
- Implement the plan using the best credit repair tactics
- Provide post plan recommendations and support
Full Answer
Is starting a credit repair business worth it?
Learn to repair credit for yourself and others and start your own profitable business from home. Credit Repair Professionals are always in demand and can earn $10,000 to $20,000 per month (or more). Some make millions of dollars a year and truly change lives.
Should my credit repair business be an LLC?
You can start as a sole proprietor which costs nothing — or you can be an LLC or a corporation, which will cost you money. It's all up to you! But if you're just starting, I recommend you save money and get an LLC later when you're making enough money to need tax benefits.
How do I start a credit repair company?
Start a Credit Repair Agency by following these 10 steps:Plan your Credit Repair Agency.Form your Credit Repair Agency into a Legal Entity.Register your Credit Repair Agency for Taxes.Open a Business Bank Account & Credit Card.Set up Accounting for your Credit Repair Agency.More items...•
How much should you charge to repair credit?
Credit repair doesn't cost anything if you handle the process yourself. If you hire a credit repair company to assist you, you'll typically pay fees of $19 to $149 per month. There is nothing a credit repair company can do for you that you can't do for yourself.
What do credit repair agents do?
Credit repair specialists assist in the preparation of the appropriate letters to the credit bureaus and to debt collection agencies. These letters should be specific to your credit information, not blanket dispute letters that may be ignored by the credit bureaus.
How many credit repair companies are there in the US?
There are about 69,000 credit repair businesses in the US as of 2021. Credit repair industry statistics show that the exact number is 69,090, including both state-focused and national credit repair companies. The figure represents a decline of 5.7% from 2020.
Can you start your own credit bureau?
Consumers invisible to banks thanks to America's enigmatic credit-reporting system have a new tool at their disposal: Experian, one of the big three credit bureaus, is introducing a new program that will allow consumers to simply create their own credit reports from scratch, the Wall Street Journal reports.
How good is DisputeBee?
Yes, DisputeBee is definitely legit and works just like any other credit repair software. This tool teaches you the laws such as the FRCA & CROA to understand the credit repair space before you start sending out letters like crazy.
What is a credit repair business?
Credit repair is when a third party, often called a credit repair organization or credit services organization, attempts to get information removed from your credit reports in exchange for payment. These companies are for-profit and their services are marketed as being able to help people improve their credit.
Why do credit repair companies charge monthly?
Just about every service charges a monthly fee that pays for the ongoing work of the agency. Each month, the credit repair service you hire will file a set number of dispute letters on your behalf. The credit reporting agencies have 30 days to investigate and rule on every dispute.
How do credit repair companies charge?
How much does credit repair cost? You pay a monthly fee to the credit repair service, typically from $69 to $149, and the process may take several months to a year. You may pay a setup fee to begin, as well.
What is the fastest credit repair company?
Compare the Best Credit Repair CompaniesCompanyServicesStarting FeeOvation Credit Services Best Overall2$89Sky Blue Credit Runner-Up, Best Overall1$79Credit Saint Best Simple Credit Repair Options3$99-195The Credit Pros Best for Package Options2No setup fees2 more rows
Do I need a license to do credit repair in Florida?
In general, all states require any credit repair business to apply for an occupational license, which is regulated by the Department of Business and Professional Regulation (DBPR) in Florida. You will also be required to get a surety bond with a bonding agency.
Can you operate a credit repair business in Georgia?
According to Georgia law (O.C.G.A. § 16-9-59), the practice of credit repair, which is the marketing or selling of services aimed at improving a buyer's credit record, history or rating, with unpredictable results, is generally illegal in the state of Georgia.
Do you need a license to do credit repair in Texas?
Credit Repair Licensing in Texas A credit repair license in the state of Texas is not required; however, there may be county or city laws that would require you to obtain a local tax receipt, local professional license, or permit.
How do I start a credit repair business in Ohio?
How to Profit with a Credit Repair Business in OhioStart. Get a powerful CRM that handles your business for you. Train and learn about the business. Create a professional website. ... Run. Use software to automate the tasks of a credit repair business in Ohio. Import clients' credit reports. ... Grow.
Is a credit repair business profitable?
The credit repair business opportunity can be profitable, especially if you’re starting from home with minimal overheads. A great part about credit...
How to start a credit repair business from home?
If you want to learn how to start a credit repair business from home, here are the key steps you should follow.Understand the industryHone your ide...
Is it illegal to charge for credit repair?
While it’s not illegal to charge for credit repair services, it is illegal to charge any upfront fees. The Credit Repair Organizations Act states t...
Certification
First things first: you don’t need a special license when starting a credit repair business. You don’t even need a degree to be a credit repair specialist.
Use the Best Credit Repair Software You Can Find
Planning your work and leveraging automation can be the most effective way to start and grow a credit repair business. With the right software, you can reduce the amount of time things take. For example, you can cut down the time it takes to create audits so you can focus on managing your clients.
Understanding Your Business Structure
One of the most effective ways to become a leading authority in the credit repair business is to develop a business plan. An effective business plan has the following components:
Streamline Your Business Strategy
Every client that comes to your credit repair agency should have the same experience, regardless of their issue. Their experience should be predictable, effective, and most importantly, very professional.
Targeting the Right Audience
While the most effective way to expand is to have experience, there are other things you can do to push all that along. Marketing your credit repair services can be another way to grow your business inorganically. What you have to do before creating a marketing strategy is to understand the demography you are trying to reach.
Develop a Great Pitch and Have the Right Skills
The most effective way you can sell your services to someone with credit issues is to systemize and automate the process of client acquisition. It might be even possible to develop affiliate relationships as a credit repair specialist with mortgage brokers, attorneys, and CPAs. These can help funnel clients to your new business.
Step 1: Understand the Industry
Before you dive into starting your business, let’s take a step back and observe what’s happening in the industry.
Step 2: Hone Your Idea
Now it’s time to hone your idea so that your credit repair service can begin taking shape. First, let’s find out how to identify your target market.
Step 3: Brainstorm a Business Name
Your business name is your business identity, so choose one that encapsulates your objectives, services, and mission in just a few words. You probably want a name that’s short and easy to remember, since much of your business, and your initial business in particular, will come from word-of-mouth referrals.
Step 4: Create a Business Plan
Every business needs a plan. This will function as a guidebook to take your startup through the launch process and maintain focus on your key goals. A business plan also enables potential partners and investors to better understand your company and its vision:
Step 5: Register Your Business
Registering your business is an absolutely crucial step — it’s the prerequisite to paying taxes, raising capital, opening a bank account, and other guideposts on the road to getting a business up and running.
Step 6: Register for Taxes
The final step before you’re able to pay taxes is getting an Employer Identification Number, or EIN. You can file for your EIN online or by mail or fax: visit the IRS website to learn more. Keep in mind, if you’ve chosen to be a sole proprietorship you can simply use your social security number as your EIN.
Step 7: Fund your Business
Securing financing is your next step and there are plenty of ways to raise capital:
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Credit Repair Secrets: Learn the Strategies and Techniques of Consultants and Credit Attorneys to Fix your Bad Debt and Improve your Business or Personal Finance. Including Dispute Letters
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