One of the most frequent questions I get asked by new entrepreneurs who are just starting out in their credit repair business is – do I need a license to run my credit repair business?
I will explain everything in more detail in this post, but the simple answer is – no. You don't need a credit repair license to run a profitable, or even a million-dollar credit repair business!
It’s really easy to get started with your credit repair business and start changing lives. The best way to stay informed and become a Credit Hero™ is through credit repair business training.
The right training and education can make a huge difference in your business – I’ve helped thousands of people start, run, and grow highly profitable credit repair businesses. I’ve even helped 27 people (and counting) become millionaires by using our credit repair business software.
1. Check the Requirements For Your State
Credit repair exists in all fifty states, and each has slightly different laws and requirements for credit repair. You have to comply with the specific rules for your state, but it’s not that complicated.
Just use this cool interactive map to find out if you need to purchase a bond for your state. Clicking on your state tells you everything you need to know—the approximate cost for starting your credit repair business, whether or not you need a bond, and your potential average monthly profit.
If a bond is required for your state and you go through a bonds service, you just have to pay a small percentage of the total bond amount. You should also check to see if their city requires a business license, which is generally a minimal expense. Easy peasy.
2. Understand the Credit Repair Organizations Act – (CROA)
The CROA ... one of the MOST important pieces in your credit repair puzzle. It's what I advise all new credit specialists to look at BEFORE accepting a single client.
The Credit Repair Organizations Act - or CROA for short - is a federal law that all credit repair business owners need to live and breathe. This regulation is super important for consumers, because it protects them from the bad guys or gals in the credit repair industry.
Knowing CROA means that you are double and triple-checking that your business is operating LEGITIMATELY.
The CROA is part of a larger set of laws called the Consumer Credit Protection Act (which you’ve probably heard of). I'm not going to spew out the actual text of the act, because it's super complex, and changes often.
But an important point of the CROA is - and this is a big one - don't say you can do something that you can't. Even if you aren't sure - don't promise it! For example, don’t tell customers that you can get them a “fresh start” or a completely new credit profile, because it’s just not true.
If you don’t follow this important rule, it could mean big trouble for your business.
My credit repair business training will go over all of this with you in detail so you can make sure you’re following the rules and don’t get yourself into trouble when you’re starting out in your business.
3. Learn Successful Credit Dispute Tactics
Another thing that credit repair business training will help you with is learning how to write how to navigate the dispute process and write dispute letters that get results for your clients.
One of the reasons why I'm such a huge fan of credit repair software is that it helps you save time in the dispute process so you can help more clients and grow your business faster.
When I was building Credit Repair Cloud, I made sure to add in features that could make the dispute process easier - such as importing credit reports and running a credit audit in 1-click, dispute letter templates and follow up reminders. These features make the actual work of credit repair easier and leave you more time to focus on growing your business.
Another reason credit repair business training will help you in your business is because it will teach you how to dispute items legally. In other words, how not to get hit with things like “Suspicious Request” and “Frivolous Request”. Trust me, you don’t want that!
4. Keep Informed of Changes in the Industry
If I've learned anything, it's that the credit repair industry will keep you on your toes. To be the best Credit Hero you can be and help the most people, you need to keep informed of changes in the industry.
When I started my business almost twenty years ago, I knew nothing about credit repair. I had to teach myself everything, and I obsessed until I knew enough to to fix my own credit and start building Credit Repair Cloud.
Luckily for you, we’ve created lots of amazing resources to help you start building your credit knowledge:
- My free online credit repair business training will teach you the basics
- Our blog is filled with inspiring articles to help you learn all about running a credit repair business
- Attend live events! The Credit Repair Expo is an annual event that provides credit repair business training and networking opportunities, and it’s one of the most anticipated events in the industry.
Remember, I’ve taught thousands of people how to do this, and so far, 27 of them have already become millionaires. Every time there’s a new millionaire we give them a big award on the stage at the Credit Repair Expo.
With enough grit and determination, you could become the next!
5. Model Growth Trajectories of Industry High-Earners
Are you ready for the best part? Credit repair business training will provide you with credit repair business secrets straight from the industry’s most successful credit heroes.
Remember those millionaires I mentioned? They have some amazing stories, and are some of the most driven people I know.
One story that comes to mind is Ashley Massengill. Before she discovered credit repair software, Ashley was working at the post office.
She taught herself credit repair so she could repair her own credit. Then, she helped her friends and family repair their credit.
After seeing such great results just through word of mouth, Ashley started a credit repair business of her own. Building on that growth strategy, in just 18 months she had grown it to a million-dollar business! With that, Ashley said good-bye to her post office job.
Ashley isn't the only one! There are DOZENS of other amazing stories like Pretty Washington, Aaron Clarke, and Andre Coakley, to name a few. Thanks to hard work, the right technology, and the help of credit repair business training, all of these credit repair business owners have scaled their businesses beyond their wildest dreams, and they’re now millionaires.
By hearing these stories and modeling what successful people are doing, you’ll be able to make quick wins and grow your business faster.
Through credit repair business training, you can stay up to date and take your business to the next level.
And, right now we’re offering a value-packed 14-day training called the Credit Hero Challenge, which will teach you everything you need to know to pull yourself up from your bootstraps and get your credit repair business going!
- How to get your first clients even with no credit repair experience
- Fast-track credit repair business road map
- Credit repair business workbook
- Credit repair cheat sheets
And much more!
Join the movement today! Take the challenge or learn how to create a profitable credit repair business with our free online training.