The trouble with nearly all home business is it is either extremely costly to arrange, takes too long to start showing a profit, or the learning curve is simply too complicated or too time consuming for the normal person.
Still worse, a lot of offers linked to home business that you find in magazines, your correspondence, and taking place the Internet are |absolute rip-offs. That is not to declare they seize your funds and do not present the product. They deliver the product all right; it is the merchandise that does not deliver.
Why? For the reason that the home business program was intended to make money for the merchant NOT the purchaser.
Nevertheless there are ways to make money in a home business that are reasonable, do not charge an arm and a leg, and can be immediately learned with simply a little time and effort. The business enterprise of Credit Repair is one such business.
At this point the very name Credit Repair may sound frightening to some, maybe because there are lofty priced agencies and attorneys who practice it and charge thousands of dollars for their services. However that does not signify they do something the normal person cannot do himself, given the appropriate information. Nor does it mean credit repair cannot be done as a home business, instead than from a workplace with dozens of employees.
Before we go on, some clarification is in order. To begin 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 Trans Union. They are not public agencies, have no connection with the US (or any) government, and are a billion dollar a year industry.
Do you want to obtain out a mortgage? Your lender will be checking your credit record with one or more of the credit bureaus. And once you get your loan, he will be reporting your payment history to the agency as well. And based on the information in the credit bureaus account, you will be assigned a credit score that lenders look at to establish your credit worthiness.
The business of credit repair involves contacting the bureaus in an effort to increase a client (or your own) credit score. The procedure actually is not that complicated, and involves a few easy steps.
- Have the client get a replica of his credit statement from each of the 3 bureaus. This can definitely be done online at
- Create letters to each of the 3 bureaus and challenge harmful information on the credit reports.
By regulation, the bureaus then have 30 days to verify the disputed information with the original creditor, or they have to delete it. They must subsequently convey their conclusion to the consumer, and also dispatch a |replica of the revised credit report.
-As soon as the credit bureaus react, examine the revised information and continue to challenge additional| harmful stuff.
You may be thinking, so is that it? Well, while this enlightenment may be a bit oversimplified, normally speaking, the answer is, Yes, that is it!
If you execute credit repair for compensation, there are a few officially permitted 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 are also required to inform clients of their officially permitted rights, and to give them 3 days to rescind their decision should they decide to accept your services.
But these steps are not anything you cannot do as a home business entrepreneur. They are intended to protect the consumer, and in general, are good practices that any ethical business person should be following anyway.
So if it is that simple, why do agencies charge thousands of dollars for their services? Very simply, because they can get away with it! Nearly all people simply are not aware of how uncomplicated the practice is, or would ever believe they can do it themselves.
Now if you are looking to begin a home business that will make you rich overnight without any effort, then credit repair is not for you. But then, neither is anything else. You would do better to embrace more reasonable expectation, or you will be forever wasting your money on the home business programs we mentioned earlier.
But if you are willing to invest some time and effort in a reasonable home business, you might want to take a closer look at credit repair. Compared to simply about every other home business it has all the advantages. It is one of the easiest to learn, least costly and quickest to start up, there is a huge need (nearly 1 of every 3 Americans have some credit problems), and you can turn out some very, very good money. You can |in addition decide to do it part time or full time. The choice is totally yours.
To get started, you will be required to do two things.
- Get a good book on the process of credit repair and spend a little time familiarizing yourself with the practice.
- Do some examination into the laws pertaining to credit reporting and credit repair companies, in particular, the Fair Credit Reporting Act and the Credit Repair Organizations Act.
Both can be researched online.
Finally, as soon as you have launched your home business and begun repairing people credit, you will have the pleasant feeling of knowing you are serving people in need. And you can charge them way less than the big agencies and STILL together an extraordinarily good living. That is a win-win situation for everyone EXCEPT the credit bureaus and overpriced repair agencies.
Gives you a satisfactory feeling, does it not?