|
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 |
