What do people mean by a credit repair business and how do we get that started?
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What do people mean by a credit repair business and how do we get that started?
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Federal law, and sometimes state law, controls. What they do is try to box in the credit reporting services into a corner so that they have to remove negative ratings. They write a letter to the reporting companies disputing the amounts. If the company cannot obtain verification from the creditor within 30 days, then the reporting company MUST remove the negative rating. If they do obtain verification, you are hosed.
2 options:
You have people mail their money to you and you make their payments each month. If they don’t have enuf, you visit with the creditors and work out a minimum payment plan for each account.
Or:
You don’t collect any money. You call each creditor and negotiate a "settlement" which might be a lump sum payment or a payment-plan..