WAHM > Stay at Home Mom Work Ideas > Selling a Service > Start a Credit Consulting Business from Home

How to Start A Credit Counselling Business

What you will be doing.  Consumers spend more and more money each year.  A lot of this money is in the form of borrowed credit from banking institutions.  The interest rates on credit cards are upwards of 20% or more per card.  It is very easy to go into debt quite fast.  As a credit counselor, you will help individuals to repair damage that has been done to their credit. 

How to start.  Someone who works in credit counseling needs to understand the process.  Learning all that you can about how credit companies assign their ratings to individuals, what is reported, and how consumers can go about raising their scores is all valuable information.  Taking a course may be appropriate to stay current on new procedures. 

Starting costs.  A home office will be your base of operations.  Equipment such as a computer with Internet access, telephone, fax machine, and printer will be needed.  Financial software can be useful as a teaching tool when setting up payment plans and sample budgets with clients. 

The cost should remain low, in the range of $3,000 depending on what equipment you already own.  Investing in filing cabinets, a desk, comfortable chairs, and a small conference table, are beneficial for client visits. 

Skills needed.  A credit counselor talks to people on a daily basis to solve complicated problems.  Communications skills are vital to this career.  Communicating to the client what can be done and to the creditor what needs to be done requires tact and savvy.   

All questions cannot be anticipated.  If you can take the pieces of a puzzle, any puzzle, and find a way to fit them together to form the picture you need, then your clients will be well served.  Remember, how well you do in this business depend on how well you perform for your clients. 

Marketing.  There is no shortage of people in financial trouble that could benefit from a credit counselor.  The object is to get your name out there and advertise what you can do for clients that are over and above the rest.  Use the Yellow Pages, newspapers, and ads in job trade magazines and newsletters.

Using a website will market your skills to a larger audience.  When using a website, you may want to provide a business number for teleconferences with potential clients.  You can charge an upfront fee for the initial paperwork and then a percentage of the debt to be paid when the debt is resolved.   

Credit counseling will be needed as long as there are credit cards.  If you have a way with words, problem solving skills, and a passion for helping people, this could be the business for you.

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