Do you love helping people? There are many careers that let you do this, but here is one you may not have considered before: your own credit repair business.
You may not realize how important it is for someone to have a good credit rating. A bad credit rating can result from an honest mistake, but even worse is when someone has a bad credit rating because of an error that isn’t even their fault. A person’s name or social security number can be easily confused with someone else’s – someone who has bad credit.
Bad credit can prevent someone from getting a car, which means they don’t have a way to get to and from work. It can keep someone from getting a house or apartment. Nowadays, bad credit can even keep someone from getting a job. It can also mean garnished wages and harassing phone calls from creditors.
However, if someone has bad credit, it is quite possible they have no idea what to do about it. Credit can be very confusing, and repairing it even more so.This is where you come in!
When you run your own credit repair business, you have the chance to help people so that they can move past their credit problems and make their dreams come true!
But there are many other benefits to taking advantage of a credit repair business opportunity. It is a service that many people need nowadays, so there is no shortage of potential clients. It is a business you can begin with little start-up costs required, and one that can succeed even when the economy is not at its best. You can start out doing it just a few hours a week to earn some extra money and eventually make it your full time job if you would like to.
Problems with credit have gotten so widespread that the government has taken steps to help citizens who are the victims of credit errors. When the Federal Trade Commission (FTC) performed a study of the U.S. credit reporting industry, they found out just how many Americans suffer from credit errors, and the damage these errors can do:
- Five percent of consumers have errors on one of their three major credit reports. These errors could lead to them paying more for important things such as auto loans and insurance.
- One in four consumers identified errors on their credit reports that might affect their credit scores.
The study also found how credit repair businesses can help:
- One in five consumers had an error that was corrected by a credit reporting agency after it was disputed
- Four out of five consumers who filed disputes experienced some modification to their credit report
- Slightly more than one in 10 consumers saw a change in their credit score after the credit reporting agency modified errors on their credit report
At a Senate Commerce Committee hearing on inaccurate information on credit reports, both Sen. Claire McCaskill (D-Mo.) and Sen. David Rockefeller (D-WV, chairman of the Senate Commerce Committee) said that legislation needs to be enacted to protect the public and make changes in the credit industry.
Sen. McCaskillsuggested that the industry needs financial penalties to keep mistakes from happening. She testified that“Errors can mean the difference between obtaining a car loan or not, or paying a higher price for a mortgage. Errors can result in credit issuers, like a small town bank, declining credit to a potentially valuable customer, or issuing credit to a riskier customer than intended.”
Sen. David Rockefeller also testified.
“The credit bureaus have a legal obligation to take all reasonable steps to maximize the possible accuracy of credit reports, and when they do contain errors, provide consumers with the means to fix them,” said Rockefeller.“I expect this industry to do everything it can to ensure that the system works for the ones that it impacts the most – everyday Americans. If today’s hearing uncovers problems with the credit reporting industry, I urge these companies to tackle those problems with a sense of urgency.”
As you can see, the credit repair business provides an important service. So how can you take advantage of a credit repair business opportunity?
To begin with, it is important to realize that you don’t have to be an expert in the credit industry or a financial wiz. There are many ways to get credit repair business training. You can:
- Find someone who has been in the credit repair business for years and see if they will mentor you (perhaps they can mentor you in exchange for you helping them around the office)
- Get your own credit report and closely study it, and read as much as you can about credit repair
- Get credit repair business training without even leaving your home! Sign up for an online program such as the Credit Repair Summit, credit repair business training event.This kind of program is run by professionals who know all the ins and outs of the industry.
If you have a desire to help others, the credit repair industry is a great way to do just that! Having good credit is important, and people need someone to help when their credit has been damaged. That could be you!