Good credit helps businesses and individuals to establish new loans and credit accounts, which allows these businesses or individuals to make purchases such as vehicles, real estate and equipment. If you have a background or experience working with business owners or individuals in a finance-related field, then opening your own credit repair business or credit collection agency may be a natural progression in your career path.
Write a business plan. Create a business plan that lists the details of the type of credit business you intend to open, whether it is a credit collection business or a credit repair business. The plan should describe the ideal customers for the business, business goals and objectives. Also included in the plan should be details on the marketing strategies you intend to use to attract and convert customers.
Name the credit business. Pick a name for the business that illustrates what type of credit business you intend to run. For example, a credit repair business name might be “Credit Repair for You,” while a credit collection agency may be called “ABC Collections Agency.”
Register the business with the state. Contact the office of the secretary of the state to submit the documentation you need to register with the state where the business will operate.
Contact the department of licensing. The city or county where the business is located also requires you to register the business locally. For a home-based credit business, you may also have to obtain a home office permit from the zoning department.
Identify your lead sources. A credit collection agency may make contact with businesses that offer credit accounts, such as a music company that sells CDs or a doctor’s office that has lists of patients who have not paid. A credit repair business may obtain leads from real estate agents or lenders that work with borrowers who need good credit in order to obtain a loan or mortgage.
Create letter templates. Whether you are running a collection agency or a credit repair business, create templates of the letters you will use to contact debtors for a debt owed, or the creditors you are negotiating with on behalf of a customer whose credit you are trying to repair.