A Home Business That's Both Realistic And Very Lucrative
The problem with most every home business is it's
either too expensive to set up, takes too long to begin showing
a profit, or the "learning curve" is just too difficult or too
time consuming for the average person.
Even worse, a lot of offers related to home business that you
find in magazines, your mail, and on the Internet are outright
rip-offs. That's not to say they take your money and don't
deliver the product. They deliver the product all right; it's
the product that doesn't deliver. Why? Because the home business
"program" was designed to make money for the vendor, NOT the
purchaser.
But there are ways to make money in a home business that are
realistic, don't cost an arm and a leg, and can be quickly
learned with just a little time and effort. The business of
Credit Repair is one such business.
Now the very name "Credit Repair" may sound intimidating to
some, probably because there are high priced agencies and
attorneys who practice it and charge thousands of dollars for
their services.
But that doesn't mean they do anything the average person can't
do himself, given the proper knowledge. Nor does it mean credit
repair can't be done as a home business, rather
than from an office with dozens of employees.
Before we continue, some explanation is in order. To start
with, there are 3 major agencies in the United States who keep
records of the credit histories of hundreds of thousands of
Americans. These
agencies are called "Credit Bureaus" and their names are
Experian, Equifax, and TransUnion. They're private agencies,
have no connection with the US (or any) government, and are a
billion dollar a year industry.
Do you want to take out a mortgage? Your lender will be checking
your credit history with one or more of the credit bureaus. And
once you get your loan, he'll be reporting your payment history
to the agency as well. And based on the information in the
credit bureaus' records, you'll be assigned a "credit score"
that lenders look at to determine your credit worthiness. The
business of credit repair involves contacting the bureaus in an
attempt to improve a client's (or your own) credit score. The
process really isn't that difficult, and involves a few simple
steps.
1. Have the client get a copy of his credit report from each of
the 3 bureaus. This can easily be done online at
http://www.annualcreditreport.com
2. Write letters to each of the 3 bureaus and dispute negative
information on the credit reports.
By law, the bureaus then have 30 days to verify the disputed
information with the original creditor, or they must delete it.
They must then report their findings to the consumer, and also
send a copy of the revised credit report.
3. When the credit bureaus respond, examine the revised reports
and continue to dispute additional negative items.
You may be thinking "So is that it?" Well, while this
explanation may be a bit oversimplified, generally speaking, the
answer is "Yes, that's it!"
If you perform credit repair for pay, there are some legal
matters you need to deal with to avoid running afoul of the law.
For instance, some states require you to be bonded or licensed.
You're also required to inform clients of their legal rights,
and to give them 3 days to rescind their decision should they
decide to accept your services.
But these steps aren't anything you can't do as a home business
entrepreneur. They're intended to protect the consumer, and in
general, are good practices that any ethical business person
should be following anyway.
So if it's that simple, why do agencies charge thousands of
dollars for their services? Very simply, because they can get
away with it! Most people just aren't aware of how uncomplicated
the process is, or would ever believe they can do it themselves.
Now if you're looking to start a home business that
will make you rich overnight without any effort, then credit
repair isn't for you. But then, neither is anything else. You'd
do better to embrace more realistic expectation, or you'll be
forever wasting your money on the home business
"programs" we mentioned earlier.
But if you're willing to invest some time and effort in a
realistic home
business, you might want to take a closer look at credit
repair. Compared to just about every other home business it has
all the advantages. It's one of the easiest to learn, least
expensive and quickest to start up, there's a huge demand
(nearly 1 of every 3 Americans have some credit problems), and
you can make some very, very good money. You can also choose to
do it part time or full time. The choice is entirely yours.
To get started, you'll need to do two things.
1. Get a good book on the process of credit repair and spend a
little time familiarizing yourself with the process.
2. Do some research into the laws pertaining to credit reporting
and credit repair companies, specifically, the "Fair Credit
Reporting Act" and the "Credit Repair Organizations Act."
Both can be researched online.
Finally, once you've launched your home business and
begun repairing people's credit, you'll have the good feeling of
knowing you're helping people in need. And you can charge them
way less than the big agencies and STILL make an extraordinarily
good living. That's a win-win situation for everyone ... EXCEPT
the credit bureaus and overpriced repair agencies.
Gives you a good feeling, doesn't it?
(c) 2005 eBusiness Power
About the author:
Jim Eastman is the support contact for www.CreditRepairBiz.com
. Credit Repair is an easy-to-learn Business well suited to the
Home Business Entrepreneur. For more information on Credit
Repair as a Home
Business, visit the site and sign up for a free mini-course.
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