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How To Start Your Own Credit Repair Business
by Jay Peters
More Banking Articles
Published on this site: July 23rd, 2009 - See
more articles from this month
Judging by the newspaper headlines, there is a large, untapped
customer base for credit repair businesses. The combination of
higher unemployment rates and the ever-tightening credit squeeze
will push more Americans over the edge into financial trouble.
This might well be the perfect opportunity for you to become an
entrepreneur and start your own credit repair business. In this
article, we will provide the information you'll need to get
started.
- Experience Counts: Successful businessmen usually "go with what
they know." If you have had experience in fixing your own credit
problems, then you may be an ideal candidate for running a
credit repair business. Maybe you worked on raising your own
credit score, you successfully negotiated repayment plans with
your creditors, or you had incorrect information removed from
your credit report. These all represent valuable experiences you
can use when helping others repair their bad credit.
- Create a Plan: It is critical that you understand the potential
market for your business before you commit to a major career
change. You should do some research to determine the typical
services offered by existing credit repair companies, and create
a table that compares the fees they charge. How many other
companies are offering credit restoration services in your area?
Be sure to list the expenses you will face. Will you need a new
computer? Where will you advertise? How about office supplies
and a new phone line? If you commit to the business fulltime,
remember you may lose health insurance coverage from your
current employer. Include the cost of paying your own premiums
in your plan.
Determine the potential customer base for your new company. We
know that bad credit is a national problem, but how many
families are looking for credit repair services in your local
area? Your local newspaper may be a good source of statistics
and other information on unemployment, bankruptcy, and
foreclosures.
All of the research you collect should be compiled into a
business plan. It will help you determine whether your company
will be successful, and it should plot your course for at least
the first two years you are in business.
- Build Your Skills: Good written communication skills, and the
ability to talk persuasively on the phone are critical to the
success of a credit repair professional. Computer literacy and
adequate math skills will also come into play. Low-cost adult
education courses are often available locally if you need to
further build your skill set.
- Practice Makes Perfect: Before you open the doors of your
credit repair business you might offer your services to any
family members or friends who are in need. This will give you
valuable practice in applying your skills in a real world
environment. And you'll be helping those close to you with their
financial problems.
Whether you start your business part-time by "moon-lighting" or
jump into it full-time is up to you. But you will be sure to
succeed if you follow your business plan, and apply your skills.
Your reward will be measured not only in income, but in the
knowledge that you are helping other people improve their lives.
Jay Peters: To learn the inside secrets to fixing your
credit fast... including valuable tips for credit repair
professionals, visit the author's website at:
http://credit-secrets-bible-online.com.
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