Hi all, what are the possibilities of running a credit repair business and how is the business run. What are the legalities and formalities involved in that so that one can make the arrangements to start his own credit repair business?
Unless you have a knowledge of the fcra,fcdra,and the cra's it would be rather hard to have sucess.Because you can't be 100% sucessful.
Besides the laws mentioned above that you need to be extremely knowledgeable of, then there is the CROA that tells you how you must run your business. Its full of landmines.
Isn't it amazing how people think they can read a couple of web sites, read the FCRA and FDCPA and start charging people? Just because more people are having credit problems doesn't mean it's going to be easy to make money repairing credit. Especially when you get sued and lose more than you ever made.
I'd agree with the above and we're in the business. Of course, there are numerous consumer errors during the process that destroys or mitigates even a good CSO's efforts on half the occasions.