Credit Repair Business – Tips to Get Started
The credit repair business will always be profitable regardless of economic conditions. The current economic climate is a case in point – during this recession, while many other businesses have struggled to survive, the credit repair business has thrived.
American society depends heavily on credit to fuel the economy. About one in every 3 or 4 American citizens have financial problems, that results in bad credit. Given that fact it should come as no surprise that the credit repair business is so popular with entrepreneurs.
Besides continued demand, there are a great many other advantages to the credit repair business. It can be started with very little investment, provides one a great deal of satisfaction, is very lucrative, and can be done with very little advertising. Word-of-mouth referrals are often all that is needed.
OK, let’s move ahead!
To began, you must have copies of your clients credit report from the three major credit bureaus. Use any of these methods:
* Visit each credit bureau website
* Call 877-322-8228.
* Visit your favorite search engine and enter “free credit report.” There will be a surprising number of results.
This next step is the most important of all, because a surprising number of credit reports contain mistakes – up to 90%, according to the Charles Givens 0rganization. These mistakes are often why people are unable to acquire credit. As a credit repair business you should know how to instruct your client to get these free reports, and know how to read them.
Carefully look over the credit report with an eye for errors. Be on the lookout for unpaid loans your client believes may not be his. This should be an issue that alerts you to the possibility of identity theft. Lots of these kinds of thefts involve small amounts, the idea being to avoid raising suspicion. While the crooks walk away with the cash, their victims still has negative accounts and a low credit score.
Dispute mistakes by mailing the credit bureaus asking that the errors be corrected. If at anytime you expect identity theft, contact the police immediately; doing this will to an extent, absolve your client of responsibility.
Your success interacting with the credit bureaus will contribute largely to how well your business prospers. The majority of people hire a credit repair business because they would rather save time and effort by entrusting someone else to fix their credit. Because of this, it’s essential that your very first priority is always to act in your clients best interest. Make no mistake; this is the number one means to ensure the prosperity of your business.
Look out for specific credit repair software so you can use your time more effectively. Work smartly, because it will bring more business and consequently more revenue. But don’t rely only on your software; a machine will never take the place of human judgment.
Market your credit repair business vigorously, on and off the Internet. Advertise, and offer bonuses to raise awareness of your business – such as a free credit report and credit score evaluation, counseling, useful information and so on. Continuously put your clients best interest ahead of everything else. If you will do that, you will find that making money in your credit repair business is not all that difficult.
Start out by helping family and friends, and do your best to do an exceptional job! Your outstanding service will result in additional leads through word-of-mouth “advertising”. To launch your credit repair business with a “bang” offer a limited time discount for your services; and be certain that you do the best job possible, so that you will get more business through recommendations.
It bears repeating that your business will be the most profitable if you do all you can to make sure your clients are happy. The profitability of your business will follow. Lastly, do not let greed get the better of you, make promises you cannot keep, or ever consider using means that are illegal, because that will lead to disastrous consequences.