The problem with most every home business is it’s either too expensive to set up, takes too long to begin showing a profit, or the “learning curve” is just too difficult or too time consuming for the average person.
Even worse, a lot of offers related to home business that you find in magazines, your mail, and on the Internet are outright rip-offs. That’s not to say they take your money and don’t deliver the product. They deliver the product all right; it’s the product that doesn’t deliver. Why? Because the home business “program” was designed to make money for the vendor, NOT the purchaser.
But there are ways to make money in a home business that are realistic, don’t cost an arm and a leg, and can be quickly learned with just a little time and effort. The business of Credit Repair is one such business.
Now the very name “Credit Repair” may sound intimidating to some, probably because there are high priced agencies and attorneys who practice it and charge thousands of dollars for their services. But that doesn’t mean they do anything the average person can’t do himself, given the proper knowledge. Nor does it mean credit repair can’t be done as a home business, rather than from an office with dozens of employees.
Before we continue, some explanation is in order. To start with, there are 3 major agencies in the United States who keep records of the credit histories of hundreds of thousands of Americans. These agencies are called “Credit Bureaus” and their names are Experian, Equifax, and TransUnion. They’re private agencies, have no connection with the US (or any) government, and are a billion dollar a year industry.
Do you want to take out a mortgage? Your lender will be checking your credit history with one or more of the credit bureaus. And once you get your loan, he’ll be reporting your payment history to the agency as well. And based on the information in the credit bureaus’ records, you’ll be assigned a “credit score” that lenders look at to determine your credit worthiness.
The business of credit repair involves contacting the bureaus in an attempt to improve a client’s (or your own) credit score. The process really isn’t that difficult, and involves a few simple steps.
1. Have the client get a copy of his credit report from each of the 3 bureaus. This can easily be done online at http://www.annualcreditreport.com
2. Write letters to each of the 3 bureaus and dispute negative information on the credit reports.
By law, the bureaus then have 30 days to verify the disputed information with the original creditor, or they must delete it. They must then report their findings to the consumer, and also send a copy of the revised credit report.
3. When the credit bureaus respond, examine the revised reports and continue to dispute additional negative items.
You may be thinking “So is that it?” Well, while this explanation may be a bit oversimplified, generally speaking, the answer is “Yes, that’s it!”
If you perform credit repair for pay, there are some legal matters you need to deal with to avoid running afoul of the law. For instance, some states require you to be bonded or licensed. You’re also required to inform clients of their legal rights, and to give them 3 days to rescind their decision should they decide to accept your services.
But these steps aren’t anything you can’t do as a home business entrepreneur. They’re intended to protect the consumer, and in general, are good practices that any ethical business person should be following anyway.
So if it’s that simple, why do agencies charge thousands of dollars for their services? Very simply, because they can get away with it! Most people just aren’t aware of how uncomplicated the process is, or would ever believe they can do it themselves.
Now if you’re looking to start a home business that will make you rich overnight without any effort, then credit repair isn’t for you. But then, neither is anything else. You’d do better to embrace more realistic expectation, or you’ll be forever wasting your money on the home business “programs” we mentioned earlier.
But if you’re willing to invest some time and effort in a realistic home business, you might want to take a closer look at credit repair. Compared to just about every other home business it has all the advantages. It’s one of the easiest to learn, least expensive and quickest to start up, there’s a huge demand (nearly 1 of every 3 Americans have some credit problems), and you can make some very, very good money. You can also choose to do it part time or full time. The choice is entirely yours.
To get started, you’ll need to do two things.
1. Get a good book on the process of credit repair and spend a little time familiarizing yourself with the process.
2. Do some research into the laws pertaining to credit reporting and credit repair companies, specifically, the “Fair Credit Reporting Act” and the “Credit Repair Organizations Act.”
Both can be researched online.
Finally, once you’ve launched your home business and begun repairing people’s credit, you’ll have the good feeling of knowing you’re helping people in need. And you can charge them way less than the big agencies and STILL make an extraordinarily good living. That’s a win-win situation for everyone … EXCEPT the credit bureaus and overpriced repair agencies.
Gives you a good feeling, doesn’t it?
(c) 2005 eBusiness Power