Starting A Credit Repair and Financial Counseling Business???

Posted by admin on July 8th, 2008 at 12:00am

Question:
Starting A Credit Repair and Financial Counseling Business?I currently work as a mortgage broker who specializes in bad credit loans. I have helped many of my clients know their credit reports and what they can do to improve their credit. I love this part of my job, am good at it and would like to turn it into a source of income.

I would like to take a credit repair client, obtain their credit reports and explain the information contained in them in detail. I would give recommendations about what they can do to raise their score and a detailed step by step plan of action. For an additional fee, I would dispute incorrectitems on their behalf. I plan to keep my prices low and offer honest, sensible advice specific to the individual’s state and goals.What certifications or licenses do I need to start a business that does this?

Answer:
-This is an excellent idea, I plan on doing this myself .. You need to check out your state laws for “Credit Repair!
Organizations” There are regualtions you have to go behind. You can get a bond throught most insurance agents, but if you dont have a business it is based on your personal credit.

But agian FIND your state laws.. There are regs regarding what your contract must state(You have to have a contract) you will need a limited power of attny.. and other things. -I have no idea, but that sounds like a wonderful plan. I’m sure there are lots of people who could use your help. Maybe you could google it or ask jeeves to find an answer. -You might do a search for credit counseling licensing and bonding.

You also should read your states statutes concerning credit therapy. Since so many shady credit counseling services have popped up, many states have started to have stricter laws concerning them now.

Under Credit Repair