Become a Credit Repair Specialist and Help Others Fix Their Financial Woes
A credit repair specialist negotiates with the credit bureaus to help people repair their credit. Here are some tips on how to become a credit repair specialist.
Are you looking for a new job? If you are a master negotiator with great customer service skills, you may want to consider a career as a credit repair specialist. As a credit repair specialist, you help people repair their credit by negotiating with the three credit bureaus.
No specific degree will train you how to become a credit repair specialist, but you should at least have a bachelor’s degree in business or finance. You can also take programs to get certified in the field.
How much do credit repair specialists get paid?
According to ZipRecruiter, the national average income for credit repair specialists is $46,040 per year, which equates to about $22 per hour. However, credit repair specialists can make as much as $95,000 annually, depending on where they live and how long they’ve been in the business.
You could potentially earn more as a credit repair specialist if you start your own business versus working for a credit repair company. But if you are just starting in the credit repair business, it might be a good idea to work for a company and learn the ropes before opening your own business.
What credentials do you need to be a credit repair specialist?
To become a credit repair specialist, it helps to have a bachelor’s degree, preferably in a finance-related field such as business, economics, math, or finance. Because the job requires you to negotiate with the credit bureaus — Experian, Transunion, and Experian — you should also have excellent communication skills and a knack for the art of persuasion.
Becoming certified in credit repair consulting can also give you a leg up in the industry, although it isn't necessarily required. The credit repair industry has many federal and state laws it must adhere to, so it's also essential that you know these laws before you start to work with clients.
The most important federal laws you’ll need to know to be a credit repair specialist are the following:
Fair Credit Reporting Act (FCRA)
Fair Debt Collection Practices Act (FDCPA)
Credit Repair Organizations Act (CROA)
Typically, credit repair companies train their employees on the necessary insurance and licensing requirements of the job. If you’ve had your own experience with improving your credit score, you can use your experience to help others get their credit back in good standing.
Is credit repair a good business to start?
Starting your own credit repair business may be a good option if you want to help others and be your own boss. You can start a credit repair business as a side hustle or a full-time job. Working for another credit repair company can help you gain the knowledge needed to start your own business, but it isn’t a requirement.
As your own credit repair business, you’ll need to acquire credit repair software which can help you manage your clients, audit client credit reports, and send dispute letters to the credit bureaus.