Hi all, what are the possibilities of running a credit repair business and how is the business run. What are the legalities and formalities involved in that so that one can make the arrangements to start his own credit repair business?

You will need to check your specific state law, in some pure "repair" groups are not legal. Also in others firms my not charge a fee for the service legally. Checking with the attorney general of the state you live in would be a start.

Remember you are merely providing a service they can do for thierself free, is they knew what to do. And you can not legally remove valid negative info ( no matter how much people tell you that you can, since you are not suppose to challenge valid debts.

On the surface, jonathan, it sounds like a great idea but when you think of it, how many ways can you repair a person's credit ? There are already several businesses out there who provide counselling and debt consolidation. Other then that, abstaining from spending after you get yourself back on track, I don't think there is much opportunity or any more viable suggestions on how you would run a business like this.

Of course as far as legalitities, this would only encompass, I think, the confidientiality act for your clients, and as far as formalities, don't think there would be any.

Just my thoughts.