Everything You Need to Start Your Own Credit Repair Business
Have you ever dreamed of owning your own business? The self-employment route can be an excellent choice for recent college graduates or those stuck in low-level jobs who want to make more of their lives.
Unfortunately, running your own company can be overwhelming, especially if you have never done it. If you want to make money while working from home and doing something that helps people, becoming a credit repair business owner could be the perfect opportunity for you.
This comprehensive guide will teach you everything you need to know to start your credit repair business.
The Basics of Credit Repair
Credit repair identifies, disputes, and removes inaccurate information from a person’s credit report.
It is typically performed by a company licensed by the Federal Trade Commission (FTC) as a credit repair organization, or CPO for short.
Different Types of Services
One of the most important things you will need to do before starting your own credit repair business is to understand the different types of services and how they work.
There are three main service categories: identity theft protection, debt settlement, and bankruptcy assistance.
How to Start Your Own Credit Repair Business in 5 Easy Steps
Here are five easy steps to start your own credit repair business.
1. Follow All Credit Repair Laws
Credit repair laws vary by state, so be sure you are up-to-date on the regulations for your area. There are some things you can do without a license, but if it involves interacting with the consumer, like negotiating settlements with creditors, you will need to have one.
Generally, it is best to have an attorney look over any agreements before signing them. If you think it might help and you don’t have an attorney, call a lawyer and ask if they would be willing to review your agreement.
2. Get the Best Credit Repair Software
One of the best pieces of advice we can give is that you need good credit repair software. The software should be able to do everything for you and make it easy. You will save time, money, and frustration.
List of best Credit Repair Software:
Many different credit repair software programs can be used to help clean up your credit report.
The best thing about the online versions of these programs is that they are easy to use and offer helpful customer service representatives who can walk you through the process step-by-step. Some of the most popular and reputable credit repair software companies include:
- Debt Consolidation: This company has helped more than 1 million people fix their credit reports since 1992. One feature that sets this software apart is its debt consolidation service, which helps clients consolidate loans with one monthly payment. Client reviews rave about how this program got them out of debt in less than two years.
- Credit Versio: Credit Versio is credit repair software that helps you find errors, make corrections and resolve disputes with the three major credit bureaus (TransUnion, Equifax, and Experian). The software is web-based and can be accessed anytime, anywhere.
- Dispute Bee: Dispute Bee is an easy-to-use credit repair software that provides everything you need to fix your credit. Dispute Bee allows you to automate the dispute process for all of your negative items with just one click.
- Credit Repair Magic: It is an easy-to-use and free program that guides you through starting a credit repair business, from drafting contracts to repairing the client’s credit. This software will help you start your own business and give you all the tools necessary for success.
3. Set Up Your Business
Now that you have decided on your credit repair software and are ready to start, the next step is figuring out where your business will be. For this, you will need office space.
The type of office space you decide on will depend on the type of work that you do and how often it needs to be done. For example, if you are working as an online consultant, it may be okay if your office space is just a computer with internet access at home.
4. Market Your Credit Repair Business
Start by building your website. You will want something that reflects the professionalism of your company and offers plenty of information about what you offer and how you can help.
Once it’s built, make sure that it is designed so that people can easily find you when they search on Google, Bing, or other major search engines.
Your website should also include contact information like your phone number, email address, and physical address, so people know where to reach you if they have any questions.
5. Stay Compliant
Staying compliant is critical when you’re running a business. You must stay up-to-date on your taxes, open and maintain the correct type of accounts, and ensure you’re following any industry regulations.
Use this five-step plan as a guide, and you can start your own credit repair business online from home. In no time, you will be able to get back on your feet and have the peace of mind that comes with good credit.