How to Open a Credit Repair Company in Georgia

Learn how to start a Georgia PC repair business.

Good credit helps borrowers obtain loans, credit accounts and mortgages. If you have experience working in the financial or credit industries, you may be interested in opening a credit repair business to help borrowers repair bad credit. Credit repair businesses must adhere to federal and state law, so if you are opening a credit business in Georgia, you need to know both.

Instructions

1. Name your business. You may want to choose a name that lets prospective clients know you are in the credit repair business, such as "ABC Credit Repair at Your Service." Choose some additional business names as a backup in case another company already has that name.

2. Establish a business structure. While it is not a requirement, some business attorneys suggest you open a credit repair business as a limited liability company (LLC). Other options are corporation or partnership.

3. Register the credit repair business with the state of Georgia. Contact the Georgia Secretary of State.

4. Obtain a tax identification number from the Internal Revenue Service (IRS). This is the number you use to obtain a business bank account and file federal business tax forms. You can obtain this number by calling the IRS at 1-800-829-4933, apply online at the IRS website or download, complete and submit Form SS-4 (see Resources).

5. Write a business plan. Include a description of the customers the company will serve, the company's goals and objectives and promotion plan to reach your target market.

6. Establish the fee for your services. Determine the price to charge clients for credit repair and write a description of exactly what the fee entails.

7. Build a credit repair website to promote your business. Describe the credit repair services you offer and provide contact information.

8. Write a client agreement or have an attorney draw one up. Provide one for every client's signature.

References

• Credit Aid: Georgia Credit Business
• Credit Aid: Statute of Limitations on debt collection by state
• Credit Aid: georgia Credit Repair Laws

Resources

• IRS: Apply for an EIN Online
• IRS: SS-4 Form