Credit Business

[TrendSetter]

So I recently joined here, and am in the process of starting a credit repair business based out of nashville, TN. I am aiming to have a high online presence as well, and already have the domain names in place, but that will all come with due diligence and will start locally with minimal overhead and startup costs to begin with.

Things I am working on with the business this week are as follows.

• Research 800 numbers, find the cheapest route, and the actual Number.
• Figure out which entity the business will be under, s-corp, LLC etc.
• Research Business accounts with various banks...

The list is small, but I have two other partners who are working on other things. We already have the software in place that we will be using but starting a business from scratch is new to all of us. If anyone has any info on web marketing, any good ebooks on it or marketing to people in debt let me know, my experience in real estate immediately tells me to search for people being turned down by agents and loan officers who have bad credit, as well as people looking to finance cars who are unable to do so... Anyhow, any constructive critisism/advice/input is welcome! Thanks guys!

 

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[phlgirl]

Man, is this going to be in demand (probably already is)! Great idea!

I would hand out your cards to as many realtors and mortgage brokers as possible. They will be interacting, first hand, with your potential clients - immediately after they have been rejected for financing to buy. You might even want to offer them something, at least to get you started.

Keep us posted and good luck!

 

[jokerGN]

It is a good business to be in right now. I started a credit repair based business about one year ago now and I am still working on growing it. The biggest and most expensive hurdles you are going to incur are legal. Also the out of the box software isn't usually compliant, so I went the extra mile and developed custom software. This is a very heavily regulated industry make sure you do your home work before you proceed most companies are shut down with in two months of opening for non-compliance issues.

-Mike

 

[fanocks2003]

So I recently joined here, and am in the process of starting a credit repair business based out of nashville, TN. I am aiming to have a high online presence as well, and already have the domain names in place, but that will all come with due diligence and will start locally with minimal overhead and startup costs to begin with.

Things I am working on with the business this week are as follows.

• Research 800 numbers, find the cheapest route, and the actual Number.
• Figure out which entity the business will be under, s-corp, LLC etc.
• Research Business accounts with various banks...

The list is small, but I have two other partners who are working on other things. We already have the software in place that we will be using but starting a business from scratch is new to all of us. If anyone has any info on web marketing, any good ebooks on it or marketing to people in debt let me know, my experience in real estate immediately tells me to search for people being turned down by agents and loan officers who have bad credit, as well as people looking to finance cars who are unable to do so... Anyhow, any constructive critisism/advice/input is welcome! Thanks guys!

License: Don't forget it. Costly mistake. I guess you have thought about that already?

 

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[TrendSetter]

It is a good business to be in right now. I started a credit repair based business about one year ago now and I am still working on growing it. The biggest and most expensive hurdles you are going to incur are legal. Also the out of the box software isn't usually compliant, so I went the extra mile and developed custom software. This is a very heavily regulated industry make sure you do your home work before you proceed most companies are shut down with in two months of opening for non-compliance issues.

-Mike

Mike, what are these business not in compliance with? Are you talking about the FCRA?

 

[jokerGN]

FCRA is more for consumers and people reporting to the bureaus. Check out the CROA as well as all local and state laws where you are operating.

 

[chuff1026]

mike
wassup
do you run a credit repair business now?
i run a business credit blog
pretty much the only successful business credit blog online
well at least the most successful
i am looking for a reliable credit repair company to do business with
do you have a website?

 

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[TrendSetter]

FCRA is more for consumers and people reporting to the bureaus. Check out the CROA as well as all local and state laws where you are operating.

Mike, thanks for the info, its greatly appreciated. Did you get into credit repair straight out of the auto business? I am always interested in knowing how people wind up whatever business they are pursuing. What business entity are you under?
-Jami

 

[jokerGN]

Jami,

I started this business after getting out of the automotive industry. I have a background in finance also. The company is set up as a S corp. What software did you and your partners decide on going with?

 

[TrendSetter]

We are looking at aquiring credit money machine which is made my the guy that did the mortgage calculator software, loan modification software etc. They have been in business for a while and have a good product that is compliant with mostly everything governing this business..

 

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