Am planning to start a Credit repair business in India. I would like to know the procedures and the process to make it successfull. The objective of my business is to provide service to the people who is suffering from bad debts as well as save them from Harassment from Bankers. In india most of the people are suffering from these issues. Kindly help me in establishing the same.
I think this concept is rather novel in India. But even in USA, FTC has forumulated a few guideliness on a self-help basis. Check out this hyperlink http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm and I think as a service you may be restricted to do a counselling only and I don't think you can do anything on behalf of the client as you are dealing with customer-confidential data. Just my two cents.
In india there is no system idenifying its people such as social security or social insurance number and there are no credit burough hence credit repair wont work there. Indian political system is such that they interfere every where. Indian blood is corrupt and everyone there if they get chance they will accept bribe from shipoy to chief minister. Look Adarsh scandle, 2g spectrom, commonwelth games etc. Ruling party as well as opposition party all are corrupts hence no one will give dam to such credit repair service. It will be west of time and frustration.
@Mahesh: I completly agree with you. But how long will this continue? I finaly got a loan approved (Which I dont need)despite of my credit score. I think by repaying this loand I may be able to increase my credit score. I will post the updates in comming months whether my credit score increases or not. This may be one of the way to repair a bad credit score
I had a similar problem with CIBIL. I got in touch with Credit Sudhaar( www.creditsudhaar.com ) They are a crack team run by professionals from the financial services industry. Excellent responses, always available to take my queries.. These guys at Credit Sudhaar are ever reliable. you can contact them on 022-67886788