Credit Repair
Does anyone here own or work for a Credit Repair company?
If so i would like to talk to you, i want to start my own credit repair company but not sure about all the technicalities. I help repair credit as of now but on the side out of my house, usually on the weekends.
Public Comments
- I would like to know the same thing because I am knowledgeable but not degreed in it. Good Luck!
- If you haven't yet, you need to study the FTC and your states statutes on CRO's. The FTC and individual states are making stricter laws, and harsher penalties, for CRO's because of the underhanded tactics used by many of them. You would probably need to be licensed and/or bonded in your state to be a CRO. AND, you should definately KNOW the FDCPA, FCRA, FTC, etc., etc., along with your own states credit statutes.
- Speaking as a nationally known credit score and lending expert (book, radio shows, newspaper columns, etc.)... Read an easy to read federal law. If you do not follow it exactly, you will be an illegal operation. The FTC shuts down a lot of illegal credit repair operations every week. The short concept to be a legal operation is: 501 (c)3 non-profit organization per the IRS AND licensed and bonded within your state. Prepare to post $25,000 to $100,000 CASH to obtain your bond. Otherwise, drop this income scam. Google: "credit repair organizations act"+ 1987 . You will see the non-profit MUST exist in order to charge money for the service ANY time before you have COMPLETED the service. It is plain English.
