When faced with money problems, it’s hard for anyone to hide the stress and hardship that follows. And, when financial strain hits families in your community, the children —who have little control over their family’s financial position — usually endure the most painful byproducts of financial issues.
Luckily, credit heroes have the skills to change people’s lives and get to practice their special powers every day. By starting a credit repair business, you’re able to help families get out of debt, and improve the outlook for children in your community.
Credit Repair Helps the Whole Family
Many families fall into debt because of medical bills or other factors outside of their control.
While it's understandable how families can get into debt and poor credit scores, it's time to see how urgent and important your work to help families get better credit is. Especially when considering how deeply children are impacted by poor credit scores.
Lack of Job Opportunities
Poor credit affects someone’s ability to land a job.
Without good credit, it can be impossible to purchase a car. And, without reliable transportation, the number of jobs someone can take might be limited to locations within walking distance, or along a public transportation route.
That’s not the only way poor credit affects job seekers either:
- Debt collectors can contact employers directly, which can impact the way someone’s boss perceives them. Inadvertently this could lower the odds of receiving a raise or promotion within a company
- A growing number of employers now review credit reports as part of their background checks on potential new hires, which can affect someone’s ability to land a job in the first place
Without a job, a stable income is impossible. And without money coming in, children in your community have a harder time obtaining the essentials they need to survive and thrive.
By helping families in your community improve their credit score, you can help them get back on track and finally land the job they’ve been trying for. And, thanks to your help as a credit hero, families in your community can comfortably afford essentials in life.
Increased Financial Stress
According to the American Association for Marriage and Family Therapy, financial hardship can have devastating effects on families. And, the common responses to financial strain are heavy:
- Feelings of detachment
If parents are stressing over debt, or showing the above responses, children can absorb the pain, and it can affect them for life.
However, with help from credit repair businesses like yours, families can have the space to focus on providing a better quality of life for their children by having mental energy (and financial means to) support:
- After-school sports
- Trips to fun locations
- Academic tutors and other resources for kids who need it
As a credit hero, you not only can fight off financial woes for your clients, but you can help improve the quality of life for the children in your community.
Inability to Secure Housing
Without a strong credit profile, obtaining a mortgage is practically impossible. Even worse, signing a lease for an apartment or rental home can also be challenging. Even if someone with poor credit can find an apartment, they can expect to pay more to turn on their utilities because of their risk factor.
Not only is it more difficult and expensive to find housing when you have bad credit, but it also creates instability for the children in your community.
Don’t let a housing crisis impact members of your community. As a credit repair business owner, you can put a halt to insecure housing. Improving your client’s credit, the entire family reaps the rewards of affordable living.
Damage to Future Credit
Poor credit can also have a direct impact on a child’s ability to secure financing in the future. When a child gets older and needs to finance major purchases like college or a car, they might be required to have a cosigner. For children who grew up in financially unstable homes, it can be difficult or impossible for them to land their first line of credit, which perpetuates the cycle of financial distress.
Luckily, credit repair business can perform work that helps your community pull themselves from the debts disparity and into a more financially stable future that will benefit every member of the family for years to come.
How Credit Repair Businesses Improve the Lives of Children in Their Community
Repairing your client’s credit scores through tactics like dispute letters is only one way you can help your clients. To make for a brighter future for your entire community, consider the following outlets:
- Educate your clients on the basic principles of personal finance so they can overcome, and stay out of debt forever.
- Teach financial literacy in schools and at community events to inform children about wise financial habits that may not be modeled in their own homes.
- Provide resources to families who may not know how simple it can be to get themselves out of debt.
- Teach members of your community how to monitor their credit score, and how to check for errors on a credit report. (Did you know that 79% of credit reports have errors on them?)
- Continue to educate your community on the power of good credit.
Helping your clients means helping their entire family afford lifestyles we all deserve.
Are you ready to learn what you can do to help your community get back on the right track with their finances?