The credit repair business will remain profitable regardless of the state of the economy. The present recession proved this point – while many other businesses have been struggling, the credit repair business has been more successful than ever. Credit in our society has become a near necessity for existence.
Roughly three quarters of Americans have some or other problem with their finances, which negatively affects their credit score and credit worthiness. Should it surprise anyone that the credit repair business is one of the top choices for home business enthusiasts?
There are more advantages to this business other than being always in demand for repairing bad credit. The capital required is very little, it offers great personal satisfaction, it’s a great way to make money and word-of-mouth recommendation is often all that is needed in the way of marketing.
OK, let’s move ahead!
Have your client get his credit report from each of the credit bureaus. Use any of these methods: Visit AnnualCreditReport dot com or call 877-322-8228. Alternatively search the Internet for “free credit report”; you’ll have thousands of choices.
This is critical to do, 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 should know how to instruct your client to get these free reports, and know how to read them.
Go through the documents very carefully and identify all the information that is entered wrongly. First look carefully for signs of possible identity theft; this could be any accounts that may not be your clients, particularly loans that have been unpaid. The thief may try to avoid raising suspicion by taking out loans in small to moderate amounts. While the thieves make money, the victim is left with negative entries and a bad credit score.
Mail the credit bureaus and dispute the errors you have found. If you believe there has been identity theft, inform the police ASAP; doing so will help absolve your client, to a degree, from responsibility.
You credit repair business will prosper based on your success as an intermediary between the bureaus and 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 the interest of your clients must always be your first priority. Make this your number one priority, and successful follow.
Find a good credit repair software so you can use your time more effectively. Work as efficiently as possible, as the more effectively you use your time, the more clients you can serve and the higher your profits will be. While use of the software is recommended, do not ever rely on it totally; when a judgment call is required, so is human intervention.
Promote your credit repair business actively both online and offline. Advertise, and offer bonuses to raise awareness of your business – for example, useful information, free consultations, free credit report analysis, and so on. You’ll have no trouble making money if you remember to put your clients needs ahead of everything else.
A good way to start is by helping people you already know. And make sure you do the best job possible for them! You will be rewarded for your good work by floods of clients obtain through “word-of-mouth marketing” and endless leads. To get your business rolling right off the bat offer a limited time discount; ensure that you do an outstanding job for those who opted for the introductory offer.
And once again, if you wish to make money do all you can to please your clients. The rest will simply fall into place. Finally, never be greedy with the fees, make promises that are just not realistic, or be tempted to use illegal means, since to do so spells disaster.