After Reading Your e Book On Credit Scoring And Learning As Much As I Could On The Subject of Credit, I Am Very Interested In Starting My Own Credit Repair Business, How Do I Go About It?
This is a very interesting question and I am going to solicit as many opinions on this one as posable. If you happen to know about the credit repair business, please click on comments below and post your thoughts.
I have to admit (whether my readers will think I am crazy or not), I do believe in some financial conspiracies. I know for a fact, that the largest group of lobbyists in Washington are from the banking industry. This is why the bankruptcy code was changed a couple of years ago, no longer allowing people to discharge their credit card debt in bankruptcy unless they met a series of onerous requirements. The credit card companies can and do continue to issue credit cards to people that have no way of paying the money back. This even includes college students that have no income. On the one hand, it might be argued that people are adults, make their own decisions, and have to face the consequences of their actions. It can also be argued that credit card companies and banks are manipulating our elected representatives to craft a system that always gives them the upper hand with consumers, and leaves them with no responsibility for their actions.
Now, on to today’s topic. If you start a credit repair company in this country you may end up in jail. The credit industry does not want people to understand or receive assistance improving their credit. There are now a series of state and federal laws that make it a crime to provide credit repair services. If you don’t believe me, call your state attorney general or call the Federal Trade Commission and ask them what the law is on starting this type of business. If not for the First Amendment, the credit industry would probably ban books on the topic of credit repair. I am sure they would even ban my blog if they could. Here is the law that is used to put credit repair consultants in jail Credit Repair Orgainzations Act.
I am not for a minute advocating for dishonest scam artists that lie to people about what can be done to improve credit. There are already laws on the books to deal with people that lie and deceive consumers out of their money, it is called fraud. There is no reason to shut down the entire industry of credit repair due to a few dishonest operators. There are dishonest lawyers, but we don’t outlaw the practice of law.
A few months ago, I wrote an explosive e Book sharing the secret recipe on how credit scores are calculated. I assure you that this information is available nowhere else but in this e Book. Why? They don’t want you to know. If Americans understood how credit scores are calculated, the credit industry fears that the system would be too easy to manipulate. So, a person with a low credit score is left with no solution or direction as to what to do about it. If a person tries to open up a counseling service to help these people, they face being thrown in jail. Here are some articles that make my point:
FTC Shuts Down 20 "Credit Repair" Schemes
FTC Credit Crackdown Hits 43 Firms
To my friend wanting my advice on starting a credit repair firm, don’t do it. Instead write and lecture about the topic. We used to offer credit repair a few years back through Christian Money.com, but were forced to stop due to pressure from regulators. They can’t stop us from writing or talking about it, which we will continue to do.
Agree or disagree or have additional information to add, click on comments below. We do offer a credit scoring consultation, and I have not been arrested yet for doing so. It is the only credit related service we have been able to offer without any problems from regulators.
My main website is www.ChristianMoney.com
James L. Paris
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