Are you wondering how you can run your own credit repair business? This document will provide you with the information you need to feel confident about the legality of credit repair.
We will also provide you with the basic steps of the credit repair process. At Credit Repair Cloud, we have made it easy for you to help people fix their credit reports using our software.
Table of contents:
Is Credit Repair legal?
The Fair Credit Reporting Act (FCRA) gives you the right to dispute the accuracy of any item on a credit report. Credit bureaus have 30 - 45 days to verify the disputed item, or they must remove it. This process is the basis of credit repair.
Credit Bureaus make mistakes
Nearly 8 out of 10 Credit Reports have errors! It is no surprise that the three credit reporting agencies are often the top three most complained-about companies to the Consumer Financial Protection Bureau. The vast majority of complaints involve errors in consumers’ credit reports. Credit report errors can come off quickly, usually after one dispute letter. You just need to know the rules.
Basic steps for credit repair - Using Credit Repair Cloud
Step 1
Your client orders reports from all three bureaus: Equifax, Experian, and TransUnion.
The reports import into Credit Repair Cloud.
Together you identify all the items you wish to dispute.
Step 2
Send a dispute letter to each of the three credit bureaus.
Dispute up to 5 items on each letter within 30 days.
This is called Round 1.
Step 3
Within 30-45 days, the bureaus will respond with a letter explaining the outcome of each investigated item and indicate if the items have been deleted, corrected, or verified.
If your client has a credit monitoring subscription, you can re-import the results with one click using Credit Repair Cloud.
The results will determine your next steps.
What's next?
If the bureaus deleted the items, that’s awesome! You can dispute additional items using the same Round 1 Letter.
On the other hand, if the bureaus verify any of the items or ignore your disputes, Credit Repair Cloud makes it very easy to find the correct letter to use for every possible situation.
Over time negative items are corrected, and the consumer’s score goes up!
How do successful Credit Repair companies make a profit?
They provide awesome service
Provide Education / Training
Deliver what they promise
They are transparent
They have an Affiliate Program
Just remember, if you keep your existing clients happy and add a few more clients each month, your revenue will grow LARGER every month.
Credit Repair Cloud is an all-in-one business solution to handle every part of running, managing, and growing a profitable credit repair business.
What you can do now: