let’s understand how credit repair companies help people in fixing the credit score.
Most of the credit repair organization work with their clients personally and analyze their banking statements along with credit card statement. They try to find out which particular factor is affecting the client the most and they first try to eliminate the very same debt. They also recommend clients to pay the pending dues on time. Some Credit repair companies may also have tie-ups with few Debt Consolidation companies. Debt consolidation is the process of consolidating all the debt and paying a fixed amount each month.
They also discourage clients from signing for any new credit card until the credit repair process is complete. Usually, the changes will not appear immediately. It takes time for the changes to appear on the credit report. The timeframe may be anything between 45 days to 120 days.
Credit repair Industry Facts and Figures
The credit repair industry is experiencing a decline in the annual revenue. There are two reasons for this decline. The first reason is the consistent growth of the US economy and the second reason is the decline in the US unemployment rate. In other words, people face credit rating issues in case if they are not financially sound. If the economy is economically sound and the unemployment rate is minimal, then people by default start experiencing better credit score.
As per IBISWORLD Credit Repair Services – US Market Research Report, the annual revenue of the credit repair industry is around 4 billion US dollars and is experiencing a negative growth of -4.9 %. This industry employees around 101,1 15 employees and they are roughly about 90000 small, medium and large credit repair companies in the USA.
Impact of transaction information on Credit Repair Merchant Account
This is extremely important to understand and it will help you to use the account for a longer period of time. on the merchant account application, you will see multiple fields. Out of the many you will also find these Maximum
Credit Repair Industry Codes and Classifications.
The SIC, NAICS, and MCC code for the industry is mentioned below. Before approving a merchant account for a Credit repair business, the payment service providers try to identify which the specific MCC code that is closely related to the SIC and NAICS.