Reasons to Start a Credit Repair Business
Owning your own credit repair business is a great way to do something meaningful for your community and work on your own schedule with unlimited growth potential.
Benefits of working from home
Working from home seems like a far-off dream to many office workers. Here are a few of biggest benefits of working from home:
- Autonomy and flexibility: If you have to get to your daughter’s dance recital or meet up for a game of basketball with friends, you can leave early and finish work later without faking sick
- No commute
- Save money on office rental: Not only do you save money on a rental space, you can also write off a portion of business expenses (like electricity, square footage of your home used, etc.) on your taxes
- No dress code: Wear yoga pants and bunny slippers every day if you want (of course, client meetings or community events are a big exception here)
Benefits of Running a Credit Repair Business
- It is profitable - see how much you could make with this credit repair business calculator
- Credit repair is a recurring revenue business
- The business is scalable: especially with the support of credit repair business software
- It is not dependent on economy because credit is key in any financial climate
- You genuinely help people improve their financial well-being
- Your business grows itself through referrals and affiliate relationships
7 Steps to Starting Your Home Credit Repair Business
1. Integrate Your Credit Repair Business Software
Running a credit repair business without software is possible, but our credit repair business owners have found the benefits of using our credit repair business software are pretty astounding.
When my husband showed me the video where the credit report was imported and the first round of letters were created in literally 1 minute flat, I thought, "Oh, my gosh, this is going to take our business to the next level!"
- Trisha Rushing, Co-founder of Rush Credit Repair
- Rush Credit Repair is a credit repair company that gets quick results (usually 60 days compared to typical six to eight months) for its credit repair clients
- When co-founder Trisha Rushing decided to take the home business up a notch, she invested in credit repair business software and saw a 400-percent increase in revenue in just over a year
Some of the benefits to having your own credit repair business software include:
- Easily manage events and contacts
- Capture leads
- Organize clients and track progress on each credit inquiry
- Seamlessly export contacts for email marketing and client newsletters
If you’re wondering how to start a credit repair business from home, we think starting out with a proven model is a smart first step.
2. Understand the Credit Repair Process through Training and Certification
Get trained on the basics of credit repair and learn where to invest your time early on.
- Read Credit Repair Business Training: Where to Start and What You Need to learn how to become a trusted resource for clients
- Join the Credit Hero Challenge to arm yourself if important information, such as:
- FICO scores range from 300 to 850, with the goal being at least above 720
- Removing a false item can increase the credit score immensely
- The largest and most successful credit repair companies only dispute 2-3 items per month
Learn advanced tactics like negotiating with a bureau after an investigation is deemed complete and how to time letters for maximized effectiveness.
3. Get Your Business in Order
How to start a credit repair business from home:
- Create a solid Credit Repair Business Plan
- Have employees sign an NDA to ensure your training is for your business
- Set up your recurring payment platform (Chargebee) and learn How To Avoid Credit Card Processing Pitfalls
- Formulate a client agreement that protects your business and establishes a solid client relationship
4. Build a Website that Attracts and Converts Visitors
- Free Consultations: Like opt-in resources, a free consultation not only gives you contact information for follow-up on an interested lead--it also boosts the prospects’ level of investment at a subconscious level and indicates a higher level of interest
- Track leads and sign-ups: Maximize your credit repair business software’s capabilities and turn on the Client Sign-up Form feature (under My Company>Web Site Tools)
5. Set Up Client Communication Platforms
We all know there are no second chances for first impressions. Avoid common communication mistakes made by credit repair home business newbies:
- Set up a business voicemail: 75% of business calls are not intercepted on the first try, so setting up a professional voicemail is key to establishing credibility from the first contact
- Use a professional email address: Set up an email with your domain name (the part in “@____.com”), not gmail.com, hotmail.com, etc.
- Have a business phone number: Similar to your business voicemail, you need to have a dedicated line for your business
- Use your credit repair business software’s communication tools:
- Timing: Credit Repair Cloud’s credit repair business software takes away the guesswork of when to reach out to a client by tracking progress on key areas like credit inquiries
- Marketing: Export existing contacts and easily add new contacts with the email integrations
- Customer experience: Let each client know you care about their particular situation by pulling up all relevant client information through your credit repair business software’s CRM features
6. Train Employees to Help you Run your Business Well
Employees should have a working knowledge of:
- Phone etiquette: We’ve all used sales scripts - consider using customer service phone scripts so your employees know what to say (even when they don’t know the answer)
- Email responses: Use templates for common responses
- Emails should have a professional tone, which means they are not off-the-cuff, even when they have a friendly tone or personalization
- Client information database: Every employee needs to know how to find important information in Credit Repair Cloud’s credit repair business software
7. Meet Regulatory Requirements
- Bonded and Insured: Check your state’s regulations to make sure you are properly bonded and insured to meet requirements
- Get your business license
- Remember Quarterly Taxes: If you’ve never worked from home or run a business, you need to know when and how much to pay so you don’t get hit with fees for late payments of quarterly taxes
How would you like us to hold you by the hand as you launch your very own credit repair business?