I had really bad credit and studied hard, stayed organized, did research and have drastically improved my credit. After, my family asked me for help and advice and I was able to help them significantly too. A few close friends have asked for advice and I offered my expertise to them as well. There are many services that promise a lot, charge a lot and deliver little. I'd be more interested in educating people on how to take the steps I did and improve their own credit. My husband is a soldier in Iraq and when he gets back I know his soldiers will need some help too. Can I start a business doing this, if so what can I legally do and not do and how much should I charge for my time and services. Thanks!
2007-06-04 15:43:11 · 6 answers · asked by James and Ashley 1 in Business & Finance ➔ Credit
Opening that type of business you would be classified as a CRO (credit repair organization)
The FTC is cracking down hard on many of those since, as you stated, they promise a lot but deliver little and for other things as well. The FTC is making stiffer laws and penalties for CRO's.
Many states are already following in the FTC's footsteps and the rest of the states are close behind.
If you really want to do it as a business, you need to do your homework and learn what the FTC and your state requires.
You might start with the following FTC link about CRO's
http://www.ftc.gov/os/statutes/croa/croa.shtm
You should also check to see if the FTC has any updates on the CRO laws.
2007-06-04 15:58:43 · answer #1 · answered by echo 7 · 2⤊ 0⤋
from my personal experience credit repair is a joke. All those companies do is dispute items and hope the credit companies will take it off. Everyone can do it themselves for free. Find a better line of work to get into. paying bills and getting with creditors is the way to "repair" credit.
2016-05-17 04:09:53 · answer #2 · answered by ? 3 · 0⤊ 0⤋
If I recall correctly, if you want to legally charge people for your financial advice, you need to first take a test and get some type of license (the type financial advisors and brokers get). I wish I had more information for you. If I were you, I'd contact your city hall and ask them about this type of thing.
2007-06-04 15:52:47 · answer #3 · answered by Amina . 3 · 0⤊ 0⤋
If you start a business as a consultant it should be legal. You can start a consulting business, for "business" or "personal" consulting. I would get a business license, and some program for making invoices.
2007-06-04 15:50:13 · answer #4 · answered by Jamie 3 · 1⤊ 0⤋
You should probably have a degree in finance or accounting.
2007-06-04 19:43:20 · answer #5 · answered by Spirited Virgo 4 · 0⤊ 0⤋
get a job at h & r block man.
2007-06-04 15:50:16 · answer #6 · answered by jp_cosby 2 · 0⤊ 2⤋