Credit Repair Business Tips from Experts

Credit Repair Business Tips from Experts

Credit repair is the process of fixing a bad credit report. The credit repair industry has a huge profit potential. It mainly includes small businesses. No single company accounts for over 5.0% of the credit repair industry revenue. The US total annual revenue for the credit repair industry accounted for $6.0 billion in 2015.

Are you starting your credit repair business? Here are key points to focus on when entering the industry:

  1. Have a clear, memorable and professional name for your company
  2. Decide whether you will operate as a sole proprietorship/partnership, C-corporation, S-corporation, LLC, or maybe a non-profit
  3. Have a website to bring on new clients easily
  4. Offer simple and affordable pricing
  5. Use credit repair software to easily scale and manage your credit repair business
  6. To process credit cards, open a low-cost and reliable credit repair merchant account with a reputable high risk credit card processor and business funding provider like First American Merchant. FAM is an award-winning high risk payment processor that has an A+ rating from the BBB
  7. Prepare business cards, flyers, brochures, etc.
  8. Don’t be reachable only a few hours per week. Make it a full-time job to be taken seriously and build a profitable business
  9. Create a well-thought business plan covering the top 4 areas – finances, sales, marketing, and operations
  10. Decide on the type of your potential clients
  11. Never stop learning about the credit repair industry, strategies, and history. Apply for credit repair business trainings, attend events, establish relationships with other credit repair professionals, etc.
  12. Work with people with different skill sets who can help you makebusinessConsider hiring an operations professional or getting an assistant.
  13. To get clients and scale your business fast, build strong affiliate partnerships with, e.g., mortgage brokers, car dealers, and other lenders.This is especially important in the initial stages of launching your business.
  14. Educate your affiliate partnerson how your services work and what types of leads you need to target
  15. Figure out your Cost per Acquisition bytaking into accountthe time, money, and resources you’ve spent on acquiring leads. Your audit fee should be based on this figure.
  16. Your operational system should be clear and transparent and include your client intake process, how you will pull credit reports, when clients will be charged, email automation, etc.
  17. Educate your clients on the waycredit works, how they can contribute to the credit repair process, pay down balances, and more. Help them get rid of their bad credit/debit habits.

Launching a credit repair company is an exciting undertaking. To start it successfully and gain profit, follow the steps outlined above.

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