What is required to open a credit repair business?

Question

I Want to start a Credit Repair Business In Texas

I need help as were to start off...... I am looking to open a credit repair business (Texas)

However I dont know what the law is regarding this type of business

, Is there any special training or licensing required?

any education (classes)?

Is this regulated by a specific office?

Answer 1

Data Recovery-http://flinchumonline.com/

Answer 2

Since most credit repair business are scams, there are no requirements.  You just have to advertise and draw in suckers, take their money, and learn to live with yourself.

Answer 3

Credit repair is a SCAM . So there shouldn't be any requirements.

No one can legally remove accurate and timely negative information from a credit report. The law allows you to ask for an investigation of information in your file that you dispute as inaccurate or incomplete. There is no charge for this. Everything a credit repair clinic can do for you legally, you can do for yourself at little or no cost. According to the Fair Credit Reporting Act (FCRA)

if your one of those people who believe that there is a magical credit repair company. YOU ARE SO WRONG!!!

if you don't believe please go to Federal trade commission website  http://www.ftc.gov/bcp/conline/pubs/cred...

Answer 4

How To Succeed With A Credit Repair Business

There are many more instances today of people having more debt than is good for them and so they need to get help, because more often than not, it could be driving them to the very edge of becoming bankrupt. What's more, with President Bush legislating new bankruptcy laws, things have never looked quite as rosy for anyone thinking about getting into the credit repair business as at present this form of business is certainly booming.

New Laws Have Boosted This Kind Of Business

The boom in credit repair business can be attributed to the fact that the new laws require a borrower to get them counseled for consumer credit so that they can gain eligibility to make a claim for bankruptcy. And, when filing for bankruptcy, they must need to know that Chapter 13 bankruptcy requires the formulation of a repayment plan by the bankruptcy judge, which the borrower must follow to the letter.

Thus, with such a new law coming into effect, the doors for succeeding in credit repair business have opened up to allow for greater opportunities, especially if you are considering operating such a business from your home. However, you will still need to know about various State laws and requirements including insurance for companies and also their licenses and also certifications, and it would also help you to learn as much as you possibly can about credit repair business and visiting libraries and reading up available literature on the topic will stand you in good stead in your ventures with credit repair.

You may even need to undergo training in credit repair business and achieve necessary certification before you can proceed further, and becoming a member of federal and State level organizations will also prove advantageous to you, as it will add to the credibility of your credit repair business. And, once you marry credibility with sound professionalism, you will have a good recipe for success and even getting an idea about how other credit repair businesses are functioning will be good for you so that you can come to understand exactly what is required to succeed in this line.

To grow your credit repair business, you may also need to print credit repair business flyers and also your own business cards, and provide information about your services and also your contact numbers on the flyers which should be widely distributed, and for even more coverage, you could also advertise in local newspapers as also periodicals.

Another important feature you can add to your credit repair business is to begin providing counseling and even holding classes will allow others to become acquainted with what is required for them to get out of debt and avoid bankruptcy.

You could also start your credit repair business locally before thinking of expanding your horizons, and remember to stay open and honest in your dealings with clients and give them good service so that they come to trust you and do further business with you.

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Answer 5

My answer to you is not intended to insult or be demeaning, but if you want to become a credit repair business you first have to learn how to do research on your own.  You must know where to find the proper information regarding state laws, federal laws, the FDCPA, the FCRA as well as the US Code and the UCC.

You would also need to retain legal advisement in case of law suits, have contacts with the various lenders and know how to properly negotiate.

Some people think credit repair is an easy business but there is more to it then many know.  You should first contact your secretary of state to see what is required as well as contacting the Attorney Generals office.  You will most likely have to be bonded (insured).

Hope this answers your question and good luck on your venture.

Answer 6

I wish I was level 2 so I could rate BDancer's comment up.

With the internet and the FCRA, there is now no longer any compelling, legitimate reason to run a "business" around the idea of helping people repair their credit. This information should be provided to people for free.