If you’re considering getting into the credit repair industry, there are two main considerations. The first is timing. Is it the right time to start a credit repair business? We’ll explore that here. And the other has to do with the business model you choose. If you’ve started a business before you already know that your business model is key. We’ll break down the difference between starting your own credit repair business from scratch and going with a credit repair agency model which are the two main business models in the credit repair industry.

Is 2023 a Good Time to Start a Credit Repair Business?

All signs point to the fact that it is a good time to launch a startup credit repair business. The economy is struggling, the real estate market has slowed significantly. Interest rates have risen significantly. And auto dealers have seen the rate of prospective car buyers getting turned down for a loan jump to 14%. Inflation and rising interest rates are making it difficult for consumers. The average consumer credit score did not increase in 2022 for the first time in years. And it looks as though 2023 will be the first year in a while that credit scores tumble. So yes, 2023 is a great time to start a credit repair business.

If You’re Going to Do It, Do It Now!

It takes time to establish any kind of business. A credit repair business is no different. So, if you’re going to do it you should do it as soon as possible. The time it takes you to get everything set up and ready to go will largely depend on the business model you choose. Then it will take time to get the word out through marketing, get comfortable with what you’re doing, develop relationships with people in credit-related industries that can give you referrals, and more. The longer you wait the more of the market needing to repair their credit that you'll miss.

A Credit Repair Agency or Start It from Scratch?

Most people don’t know that there is a credit repair agency business model. Think of it like a State Farm Insurance or another type of insurance agency. You can become an insurance agent and simply market your business to find clients without worrying about how to write policies. You’ll have a staff to handle the administrative work and can focus your efforts on building your business instead of setting up and managing the infrastructure.

What is Needed to Start a Credit Repair Business?

Here is a fairly extensive but perhaps not complete list of what you need to start a credit repair business on your own.

  • Software- you’ll have to find a credit repair software company like DisputeBee or Credit Repair Cloud and purchase their software for churning out dispute letters.
  • Merchant Services- merchant services companies facilitate your ability to take credit and debit cards. The problem is that many merchant services companies don’t like doing business with small credit repair business owners. But you can find them even if they’re expensive.
  • Credit Reports- you have to find a way to get credit reports for your clients. This is also difficult as credit report brokers have been instructed by the credit bureaus (Experian, Equifax, and Transunion) not to furnish credit reports to credit repair companies. Many small credit repair business owners ask their clients to set up an account with a credit monitoring company like Smart Credit. Then they ask the client to give them their login credentials so they can go into the account and pull the credit reports. Not the smoothest and most professional approach.
  • Time- If you're going to do this on your own then it means you're going to do all the work. Marketing, sales, admin, and customer service. You'll need ample time for all of that and be good at all of it.

Here are just some of the marketing tools that you must have

  • A website that has solid content with rich keywords so that you’ll show up in Google for your area.
  • A Facebook, Instagram, and LinkedIn business account and post regularly.
  • Business cards, brochures, flyers, and other marketing collateral.

There are other marketing tools that would nice to have as well like professionally produced videos. Speaking of videos you may want to consider a YouTube channel.

Credit Repair Business Training

The software company you choose will perhaps share how to use their software and some credit repair law with you. That will get you by. But unless you’ve been in credit repair before, you need credit repair training to learn how to build a business in this industry. They don’t provide that, so you’ll need to learn on the fly. Why not learn the business the right way through our online credit repair classes?

The Credit Repair Agency Model

Everything I listed above is required to start a successful credit repair business. To start it on your own will take months and cost thousands of dollars. However, starting a credit repair agency takes no time at all. You can actually get started today theoretically and take just a couple of days to set up your website and some other things and you’ll be ready for business.

What is listed above is provided to you from day one, with the exception of social media business accounts. But you will have a library of social media posts that you can use. And that includes the essential credit repair business training.

Here’s the other important factor. You can get started for less than $300.00.

I have been a credit repair agency owner for 11+ years. I have earned hundreds of thousands of dollars and I work my business from my home along with my wife.

If you want to learn more, watch the video below that will explain the details to you. If you like what you see, you can then book a phone appointment and we’ll talk. We’ll answer your questions and share our experience with you.

Don’t Take a Short Cut to Your Future. Make Sure You Watch the Video Before You Book an Appointment.

Please Note- Appointment Calendar is Set for Eastern Standard Time 

This article which was originally posted in 2021 is updated regularly and was last updated in July 2023.