The Credit Restoration Business Basics
First and foremost, thank you for visiting my website and requesting more information on this wonderful business. I have experienced great success in this business. I spent years looking for a suitable home based business with low start up costs. I faced several failures and scams before finding my lifesaver. The most frustrating thing I have ever been faced with is trying to crack the code of running a successful home based business. My desire kept me up at night, and filled all my thoughts during the day.
In retrospect, I started off looking for a home based business for all the wrong reasons. I was the victim of lots of scams and frauds because I truly believed in their promises of making millions within a short span of time with little to no work. These promises only come true in the fantasy picture they paint you with their sales ads.
I learned the hard way that you must align yourself with the right values before you can see the riches you desire. Have you ever heard of the saying “If you can figure out as way to help enough people get what they desire, you will be experience financial and spiritual riches.” The statement is very true. Once I started looking for a home based business that would help solve a problem in my community, things turned around.
This mini-training course will give you an idea of how the Credit Restoration Business works. The full program goes more into detail of course, but this will give you the general idea of how it all works. I am not an English major, so please excuse me for anything spell check does not catch.
Step One: Starting your Business
Start up costs for most Credit Restoration Services are very low. Here are the necessities you need to start your business:
• Choice of Structure
• Business License
• Choice of Name
• Business Plan
• Business Cards
Choice of Structure
First you will have to choose the structure of your business. This is mostly for tax and liability purposes. The basic structures you can choose from are sole proprietorship, partnership, corporation, limited liability company. Each structure has pros and cons. You have to pick the one that saves you the most on taxes, and provides you with protection from civil liabilities you may face. Once you choose your structure, filing should be quick and easy. You may have to consult a lawyer, but you can do most of the paperwork for each structure on your own as I did. The training manual goes into more detail about each structure.
Business License
Obtaining a business license should be another fast and easy process. The training manual contains links for business licenses in all states. Business licenses are not very expensive, but you must have one to run a business in your state or county.
Choosing a Name
Believe it or not, choosing a name is one of the most important things you will do for many reasons, which are explained in the training manual.
Business Plan
Your business plan is very important to the success of your business. After I realized I actually had a chance to start a real business, I sat down and wrote out a business plan. It took me about three days, but it was well worth it. It was not extensive. As a matter of fact it was very basic, but it gave me a sense of purpose with my business.
Business Cards
Business Cards would probably be your most expensive start up cost if you did not know that you could get them for free at www.vistaprint.com.
Step Two: Learn the Law
The most important part of this business is learning the laws associated with it. The laws are very easy to understand for the most part. It took me about a day to read and understand the laws. It’s a very cut and dry industry. It’s either you can do it, or you can’t. There is no grey area. The training manual goes into detail about the laws you must learn, and the interpretation of each law.
The Fair Credit Reporting Act gives us the opportunity to restore a client’s credit, and the Credit Repair Organizations Act governs all credit restoration companies. You will need to have a general idea of how these two laws work. The training manual will explain how each law works, and the major things you must remember from each.
You will also learn more about the forms each client must sign, and I will even give you the same forms I use today!
Step Three: Understanding Credit
In order to effectively restore someone’s credit, you must understand how credit works. The manual will give you a complete history of credit scoring. It will also show you exactly how our credit scores are determined. Did you know that the balance on a credit card should never be above 50% of the credit limit? Facts like this will help you restore credit!
Step Four: The Credit Repair Method
The manual will go into detail about how to use Congressional law to restore bad credit. Here are a couple of facts you will learn about Credit Restoration:
• The Seven Year Rule: An account cannot be reported on your credit profile for more than seven years of inactivity.
• Debt validation: Any account on a credit report can be investigated for validity at any time. If the creditor cannot provide proof of the debt being owed to them the item must be removed immediately.
Believe it or not, there’s even more rules and facts that will help you restore credit that will be discussed in the manual.
Step Five: Finding Clients
This is the best part. Here are the three easy ways I find clients:
• Work – I built my business at my place of employment. I had the advantage of working in a large office, and word of mouth travels fast.
• Real Estate Professionals – They have more clients than you can imagine. 75% of the referrals they get have bad credit, which means they can’t get paid. They will welcome you with open arms if you call and ask if you can look at some of their dead files. I have obtained many clients this way.
• Referrals – I work solely on referrals now. My phone rings at least 15 times a day from clients, realtors, and mortgage brokers I have done business with in the past. It’s the best way to find business.
Step Six: Take the First Step
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