• Start a Credit Repair Business

  • Hello this is Ty Crandall with Credit Suite and the short video were going to dive into how to start a credit repair business now the first step of get starting a credit repair businesses to choose your name now you want to make sure that you don’t try, try to stay away from names with credit or credit repair in them because credit repair like many financial service industries are considered to be high risk with a lot of institutions, you don’t have to want problems with our merchant processor or your bank so avoiding those type of words in your name could definitely help you avoid long term problems, you want to check with your secretary of state next to see if that name is available and if so you want to grab that name and then file for either a corporation or LLC try to stay away from sole proprietorships and partnerships because they make you personally liable, you don’t want to be personally liable for what happens in your business, so try to stay with the corporation or LLC you also want to get set up to collect payments for this you’ll need a merchant accounts setup.

    Now credit repair is a high risk industry it’s very difficult to find these kinda merchant accounts, so we actually put together a free resource or free pages for you to go to , to find to have a company work with the company that had a long term success working with credit repair companies this will save you hundreds of hours of time from trying to find a good resource now the link is businesfinancesuite.com/merchant/ check it out when when you have a chance businessfinancesuite.com/merchant, now there’s a lot of ways you can advertise credit repair to get new customers, okay we put together a great link a great resource for you, to get a lot of information about advertising there’s about 3 of 4 videos on advertising there’s a lot of other videos will teach you about the FICO score and other aspects of running a credit repair business, but there’s also other tools such as power points, email marketing content, social media marketing content you can use it’s all free creditsuite.com/creditrepairs to link, now my experience your advertising should reference what they want versus the repair itself, okay by this I mean instead of advertising for credit repair you should advertise that you’re going to help them get a mortgage even with bad credit more people respond to, that kinda messaging in your ads then they will for the repair itself.

    Now you also need to know CROA the Credit Repair Organizations Act because it is the law that governs the credit repair industry, so for example you need to have a contract signed with certain disclosures you need to have 3 cancellations notice, you can’t charge upfront or advertiser market across state lines. Okay is not much license to do so and more requirements are within CROA, so you need to make sure that you check out this law because this law governs what you can and can’t do in your business operations.

    So according to CROA again you can’t charge up front for repair you can charge initial consult fee so if you’re meeting with a client you could charge $150 that minute you can then turn around and charge them a 100-200 dollars a month and if you did so you charged him today for the actual um initial appointment and you charge them next month for the dispute after you’ve process the disputes then your charging in arrears and this keeps you in charging up front now another create another solution for pricing in credit repair to stay legal per CROA is to charge per deletion, so there’s a lot of companies out there that charge 10-50 dollars per item that they actually get deleted so you’re literally not charging the customer till after the item is removed and this actually could be really, really profitable to depending on how you set-up your payment structure both of these will keep you someone in compliance with CROA and their requirements for how you can charge now remember when it comes to credit repair disputes all comes down to the fact that the item must be 100 percent accurate, verifiable and timely, so when you’re running a credit repair business you need to know this, because the Fair Credit Reporting Act has this requirements on all items that report on a credit report they have to be a 100 percent accurate, they have to be 100 percent timely and verifiable, most items are which is why credit repair works because when you disputes this kind of aspects of the account then you typically going to find things entered to be, and accurate and therefore need to be deleted by the law, now you want to use other consumer laws also to insure creditors verify the data they have, use their violations as leverage to get these items deleted, remember nobody is required to report anything on a consumer credit report, so for example there are other laws out there such as the Fair Billing Act that requires that upon request the creditor supply’s substantial information to the consumer and a lot of cases they can supply this information so they can supply it the then you could use that as a leverage to get the item actually deleted now again on our YouTube channel we’ve got videos walkthrough really in depth information of how the credit repair process works and other laws you could use to basically challenge creditors to make sure that the information they are reporting is accurate, verifiable and timely and remember credit repair works, because if it’s not accurate verifiable and timely by 100 percent it has to get deleted that is the law, so hopefully you enjoy this short video on how to start a credit repair business if so like the video subscribe to our channel on our channel you’ll find 30 to 60 minutes long sessions where we really get in-depth we break down CROA we break down the dispute process we really explain step by step exactly how you can be successful running and operating a credit repair business don’t forget either click on this video to make sure you grab the fair resource or go right to the website creditsuite.com/ creditrepair I feel confident to say that on that page you going to find more free access to resources you can use to start and operate credit repair business you’ll find anywhere else so make sure you check that out and we look forward to seeing you on the next video thanks for watching.

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    As found on Youtube