Is starting a credit repair business worth it?
Starting a credit repair business can be great business to start if the industry interest you. Like all businesses it helps to have a passion for what you are doing. if you are wondering is it worth it to start a credit repair business the answer is, yes it is.
If you are interested in starting a credit repair business from home you can read the full guide here.
The reason it is worth starting a credit repair business is due to the massive opportunity out there. Credit card debt is at a all time high, and everyone needs to qualify for loans like mortgages, student loans, and vehicle loans. By helping clients clean up there credit from mistakes and errors you can help them improve their credit score which in turn will help them qualify for a loan.
Pros and Cons to starting a credit repair business
There are some pros and cons to starting a credit repair business.
- Unlimited income opportunity
- Easy to start
- You can start with just you and expand as needed
- Provide massive value to your clients
- Freedom to work around your schedule
- Everything you need to know can learned through training online
- Freedom to work wherever you want
- Need to follow CROA
- Need to obtain a surety bond and licensing
- Can be hard to get your first customers
- Considered a high risk business for credit care processing.
Is credit repair a high risk business?
Credit repair can be considered a high risk business thanks to all the fraud and lies that customers are told when they sign up for credit repair services.
Payment processing companies do consider credit repair a high risk business, and this has to do with all the refunds that are requested and the charges that are disputed.