what you need to start a credit repair business

What You Need to
Start a Credit Repair Business

For several years I have been blogging and producing videos about how to, and what you need to start a credit repair business. If done correctly the credit repair business can be an incredibly lucrative and rewarding home-based business.¬†However, it’s all about the business model. If someone chooses the wrong business model it can be a failure before it gets off the ground.

The reason I am qualified to share this information is that I started my own credit repair business in 2012. Today that business produces nearly $1 million in annual revenue and provides me a very comfortable 6 figure income. I have worked from home the entire time and control my schedule. My wife and I travel whenever we like. I can decide to work while traveling or have someone on the team work my business for me and shut down completely.

The revenue, income and time freedom I enjoy are all a result of the business model we chose. I cannot stress this enough. You can choose to go it alone and start a credit repair business all on your own. I contend that if you choose this type of business model you will never generate the revenue, income and time freedom you perhaps desire.

What Are You Trying to Accomplish?

I believe that in order to start a successful credit repair business you must look at what you want that business to accomplish for you before you start it. You must also think about what you need to start a credit repair business. What are all the components of a credit repair business? Then decide how you’re going to implement them.

The chart below is a list of items you must consider before you begin any work on starting your business. As you will see there is a lot to think about. You can easily compare starting a credit repair business on your own versus joining our company as an independent credit repair agency owner.

Please note that an independent agency is a business that you own. You can sell that business or will it to your heirs just like starting your own business by yourself. However, as you can see, the advantages are many.

If you want to explore more about owning an independent credit repair agency I give you the process of doing that below the chart.

Considerations

Start Your Own Business

Own an Independent Agency

Surety Bond if Required by Your State

Cost can range between 1% to 15% of the bond amount depending on many factors including credit score. Click here to learn more about surety bond amounts by state and costs

No Surety Bond Required as you will represent a 501(c)3 non-profit credit repair company which is exempt from CROA

Business Territory

Can only do business in the state for which you have a surety bond or are registered

Can do business in all 50 states and U.S. territories (Puerto Rico, U.S. Virgin Islands, etc.)

Software to Generate Dispute Letters

Cost and benefits will vary. Training is required to operate the software. Click here for several credit repair software choices

No software is required as you will have a dedicated staff that generates dispute letters for your clients

Website for Marketing

Build it yourself or pay someone to do it for you. Costs will vary depending on size of site and technology incorporated

2 websites are provided for you (Customers & Business Development) at no cost. You can brand yourself or a company name. Websites can be set for 6 languages.
Website for Customers
Website for Business Development

Online Marketing Tools for Lead Generation

Must develop yourself or purchase

Individually branded sales funnels and phone apps provided at $20/month with the potential of getting it free

Merchant Services (the ability to take credit & debit cards)

It is very difficult to find a merchant services company that will work with a credit repair company especially when new and not established

Provided by the company at no charge

Pulling Credit for Clients

It is very difficult to find a credit report broker willing to work with a credit repair company. Most small credit repair companies ask the client to pull their own credit

Provided by the company at no charge

Marketing Materials (Brochures, Flyer, Folders, Business Cards) compliant with Federal Trade Commission & state law

Create yourself or pay someone to generate FTC and state compliant marketing materials

Provided by the company at a nominal fee

Capital Required to Get Business Started

Estimated to be between $2,500 and $10,000

$288

Time Required to Get Business Started

Could be weeks or months depending on owners commitments to a job or other business

Be in business today

Credit Repair Training

Online or seminar courses. Costs will vary

Training on the credit repair process and federal laws, and the probability of item removal provided at no cost

Business Training

There doesn’t appear to be any specific training available on how to build a successful business

Online video training, live weekly training through the internet, and one on one coaching provided at no cost

Online Client Progress Reporting

There doesn’t appear to be any specific software available to give clients online access to their credit repair progress

Provided to the client and the independent Agency at no cost

Client Services Provided

Typically only removal of derogatory items limiting the increase in clients credit score (Payment History 35% of score)

10 services in addition to credit repair provided to increase, monitor and protect 100%  of clients credit score at no extra charge
Click for details

Customer Support

Provided by business owner or staff must be hired. This can be a challenge if business owner is committed to a job or other business, or working with new clients

Provided by company at no charge 9 am to 9 pm Monday – Friday Eastern time in English & Spanish

Referral Reporting

Keeping referral sources, such as real estate & mortgage professionals, up to date on the progress of the clients they refer to you can be a challenge. There doesn’t appear to be any specific software available for this

Referral sources receive an online portal linking them to progress reports of the clients they refer to you

Business Growth Potential

Limited based on the owner doing all the credit repair admin work, marketing, sales, and all other aspects of the business. If staff is hired it reduces profits generated from clients

Unlimited for 2 reasons. The company and staff provide all work and materials except marketing & sales. And Agencies, at no cost to them, can bring on an unlimited number of independent Agents to expand the business throughout the country. As the number of Agents grow so does the revenue & profit from the business

Experience Required

Because all knowledge of credit repair and building a business must be acquired at a cost, it is beneficial that the owner have as much previous experience as possible

No previous credit repair or business experience is necessary. Of course, if the Agent has previous experience in either it will help their business grow faster

If You Want To Learn More About Joining Us
as an Owner of an Independent Credit Repair Agency
Watch This Video for Details

If You Like What I Shared in the Video About Working with Us
in the Credit Repair Business, Lets Talk!

Click the icon below and pick a day and time that works for you.
I’ll call you at that time.
We’ll have a conversation to see if this credit repair business model is the right fit for you.