*Loan,banking and credit>>>credit repair

Should I officially start a credit repair organization?

I have been assisting several individuals with improving their credit. I know most companies are rip offs. However, unlike someone who takes your money and runs off doing nothing. I sit down and map out how to approach removing the credit issues. What I explain is anyone of course can provide these services. I am familiar with the FCRA, FDCPA, Statue Of Limitation Laws, etc. Last year in helping people I help 20 people acheive their goals. I feel I have something legitmite to offer people. I guess my question is I've checked with my state (MD) and I found there were no applicable licence for my business type. I only would have to be licenced and bonded if I act as one of these debt consolidation which I choose not to be. However, in networking I spoke to someone who advised my state is leary of that term....Does anyone know for sure if this is legal?

It probably all depends on how you approach it. What's wrong with a debt counseling consultant or a letter writing helper or maybe as a para legal for debtors? If you are legitimate, you most likely wont have any problems.

Do not advertise as "credit repair". What you described to me is credit assistance with the emphasis on assistance. The request for credit alterations needs to come from the consumer, not your "company". California has very strict laws regarding "credit repair" and you can not receive payment in advance of services, only after the fact. You probably don't care what is going on in California but it gives you an indication of the problems in the industry. Check your state laws. Credit Repair companies usually sell "education" and say the CR file correction is a free service. They also seldom last long as the ftc is looking for the cons.

I also recommend you get some formal credit education. I've been doing for 4 years and I'm still learning new things. The primary reason I don't approve of repair companies is that they are trying to exploit the loop-holes in the FCRA without regard for what is really in the consumer's best interest. If an item's investigation takes longer than 30 days, the bureau will remove it, then put it back later if it becomes substantiated. Consumers have spent thousands of dollars for items that return after a few months. If you are interested in helping with correcting incorrect entries, you also need to understand the impact it will have on a persons score and the purging criteria. I can recommend a course thru the ICFE. They have an extensive Credit Report Reviewer certification program. You can locate more information on their website at www.ICFE.info. They will have information about marketing yourself as part of the course.