Posts Tagged ‘career as a credit repair specialist’

How To Make A Career As A Credit Repair Specialist?

Though a career as a credit repair specialist can be highly rewarding, there are several things that you need to take into your careful consideration. The credit repair industry these days is booming. As per the latest report published by the Federal Reserve, the total revolving debt that US consumers are carrying at present is a whopping $976 billion dollar. The main task of a specialist who provides credit repair services is to help their clients to improve their credit worthiness by working as a mediator between them and their creditors and the credit bureaus. There are many companies out that are always on a look out for professional credit repair experts with specialization in economics, personal finance, and the applicable laws and regulations. Here’s a brief step-by-step guide on how to make a career in this field.

Obtain A Degree In Economics Or Finance

When it comes to making a career as a credit repair specialist, the first thing that you have to do is to obtain a degree in economics or finance from a 4-year college. After that, it will be better to get yourself enrolled in continuing education programs in credit repair and small businesses. This will help you get some practical knowledge about the industry and your role and responsibilities as a credit repair expert.

Obtain Certification

Some states in the United States of America require you to be duly certified before you can start offering credit repair services. Therefore, if applicable in your state, you must obtain this certification first. For example, Michigan and several other states have introduced strict regulations in this regard with an objective to protects the rights and interest of consumers and to make sure a credit repair specialist offers his/her services fairly and illegally and without getting engaged in any kind of unethical behavior.

Take Out A Surety Bond

A surety bond is crucial, as it protects you in situations, where some of your clients have to suffer losses because of fault on your part (such as, a wrong suggestion). You can purchase this bond by accepting to pay a monthly premium toward the same. Every state follows some guidelines when it comes to license distribution to credit service organizations. The Department of Consumer Affairs in any state usually does not issue license to a credit repair specialist unless the specialist meets the certain minimum bond limits.

Acquire Knowledge About Application And Complaint Procedures

The exact procedures for application and complaints to various credit repair agencies may vary. Therefore, it will be better to get yourself prepared in advanced. Do a thorough research and prepare form letters related to every agency so that you do not have to work from scratch whenever you have to file a dispute with a particular credit bureau on behalf of your client.

Prepare The Contract Papers

You must also have a readymade contract paper that must outline all the terms and conditions of you service, such as repayment schedules, consulting fees, and other such things. There are certain federal and state level standards that the contract must meet. Therefore, if required, you may like to consult with a specialized attorney to assist you in preparing the contract.

Establish Business Relationships With Banks And Other Financial Organizations

As a credit repair specialist while you are helping your clients to improve their credit score, you sometimes may have to suggest them to borrow low rate loans in order to ensure timely repayment so that further damage to the credit score can be stopped. Such suggestions can be useful only if you can also help you clients qualify for some low rate loans with affordable repayment plan. Therefore, it will be wise to establish business relationships with local and national chain banks and other financial institutions in this regard.

Last, but not the least, you must always adhere to the strict code of ethics while making sure that you are not violating any laws while working as a credit repair specialist. Overall, if you follow the above steps thoroughly, you place yourself on the right path to a rewarding career.


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