Credit Repair: A Home Based Business Option

The Federally Regulated Credit Repair Industry is Poised for Exponential Growth.

The worldwide tsunami known as the coronavirus has reached its peak. The water is pulling back to the sea. As it slowly recedes, just as with an actual tsunami, the wreckage and devastation that it has caused will become more apparent. As the tide subsides, the 40 million Americans who are now unemployed and who have had to triage their finances for months in order to keep their families afloat will now likely face a new, and more challenging threat. How do you get back to work, and pay the bills, when 40 million people are all competing for jobs that, in many cases, won’t be coming back. For the foreseeable future, millions of Americans are going to have to choose where they want their money to go. Do they pay their car this month, or buy food for their children?

Although this may sound extreme, people from all over the country have expressed that mortgages, rent, car and credit card payments, and every bill of every conceivable kind has likely fallen by the wayside during this pandemic. While some companies are willing to offer relief to their clients during this crisis, many are not, or cannot, without going out of business themselves.

Landlords may not have received all of their rent payments, car dealers may not be able to pay for the cars on their lots, restaurants and businesses of all sizes and types are reporting they may not be able to afford their business licenses. There’s a hundred ways from Sunday that the various scenarios caused by the economic shutdown will manifest in the coming months, and most of them are going to involve payments that were not made, and may not ever be made, from millions of our country’s amazing citizens, to millions of our country’s amazing businesses. And, for the most part, the vast majority of missed payments and cascading consequences will not be the fault of the average everyday American, and the companies, lawyers, courts and others trying to collect these back payments know this all too well. Unfortunately, when push comes to shove and the world gets back to normal in a month or two, many of these companies are going to start aggressive collection tactics to recover the money that was lost, and will likely never be recovered, due to the pandemic.

What is going to start to happen very quickly, if it hasn’t already, is that companies who are desperate to recoup lost payments are going to start to use the credit reporting systems (credit bureaus) to force many of their clients to bring their accounts current. Payment plans will probably be offered by some, but not by all. While many of these collection attempts and much of the information furnished to the credit bureaus may be legitimate, the sheer volume and complexity of these issues mean that the floodgates of unverifiable, misleading or inaccurate information that will be reported onto consumer credit reports is about to be propped wide open in a way never before seen in this country.

I expect to see, literally, hundreds of millions of instances of new derogatory information reported onto consumer credit reports in the coming months. Much of this will be due to the virus, but there will also be a months long backlog of credit reporting information that companies, and the credit bureaus, will be working to add onto consumer’s credit reports as fast as they possibly can. It’s the perfect storm, and creates the ultimate cover, for cash strapped businesses to start reporting everything they can to the credit bureaus. The new motto of companies reporting information to credit bureaus in order to stay in business might as well be spray and pray, and let the cards fall where they may.

Like all things that take a drastic turn for the worst, there is a silver lining in all of this, and the amazin thing is that this silver lining is available to everyone who has ever wanted to start their own business, and work for themselves.

The circumstances surrounding our current events create another perfect storm, and set the stage beautifully for a huge, exponential growth of the credit repair industry. It is my hope, that this need will be met by thousands of American entrepreneurs with the courage to face the situation head on, and to learn how to start their own successful, high-demand credit repair business to help the millions who desperately need it.