Credit Repair Laws for New Jersey
This page contains information about starting a credit repair business in New Jersey in addition to legal information and Credit Repair laws for New Jersey.
Need laws for a different state? Click here for a listing of credit repair laws for all states. For Federal information, please see Credit Repair Organizations Act. We also suggest reading Statute of Limitations for Debt Collection (by state). If you would like learn how to start a credit repair buisiness, click here for our products.
How much money can I make with a Credit Repair Business?
The average credit repair company charges clients $79/month. Multiply that by 1000 clients and you've got recurring revenue of $79,000 a month. Scale it from there and you've got an empire. Some of our Credit Repair Cloud users have as many as 10,000 clients. This is why the monthly recurring model works so well for credit repair. Want to see the profit potential of the recurring revenue model? Click here www.creditrepaircloud.com/calculator
How do I classify my services? There are many ways to use your credit repair knowledge to enhance your existing business. Many mortgage brokers, loan officers, realtors and auto dealers use our professional credit repair business software to offer "credit enhancement" for free in order to generate new qualified leads and close more loans (instead of charging for "credit repair services"). While we cannot offer you "legal advice," we do list the information we've gathered from each state.
Can I charge upfront for Credit Repair Services? In a few states you’re not allowed to collect money up front for credit repair. How do you make money that way? Easy: Get paid for the work you do! Yes, this is how all successful credit repair companies get paid. They import a report and send off a round of letters (about 10 mins of work) and then they charge a 1st work fee. Then every month they send off another round of letters or click to update status of items that were removed (about 5 minutes of work) and they charge a monthly fee.
Are Licenses or Bonds Required? We're not aware of any states requiring a "credit repair license" but a few states do require a surety bond (at the time of this writing most states do not require a bond). If your state does require a bond (read below for details of your state), you are not required to secure your bond from your same state. Bonds are a minimal expense (usually under a few hundred dollars) because you order them from a bond service and pay only a small fraction of the bond yourself. A Credit Repair Services Organization Bond protects you. For more information about Credit Repair Services Organization Bonds, contact our source for surety bonds "Bonds Express" at The American Credit Repair Academy: Resources page.
Want to learn how to build a lucrative credit repair business?
Download our free guide: recipe for a lucrative credit repair business. Need professional credit repair software? Visit Credit Repair Cloud for a free trial. We also offer credit repair training courses and certification at American Credit Repair Academy.
Unlike most other states, the State of New Jersey does not post laws about Credit Repair Organizations. All we have found for New Jersey is this consumer pdf: http://www.state.nj.us/lps/ca/brief/credpair.pdf
It's possible that New Jersey simply defers to Federal Law for Credit Service Organizations.