Credit repair NAICS codes are one of the key elements to starting and running any successful business. They allow the government to classify your operation while also adding it to their expansive economic data stores and may help you qualify for loans – making this an essential consideration if you’re planning on opening up your own credit repair service provider.
Operating as a high risk merchant presents its own set of challenges. One such challenge lies in keeping chargebacks to an absolute minimum; to do this effectively it’s wise to ensure your company is easily reachable online/via phone should someone become disgruntled enough to dispute a transaction.
Another factor you should keep in mind is that the Credit Repair Organizations Act (CROA) governs credit repair companies. This federal law mandates credit repair services clearly disclose what they can and cannot do for clients, and disallows large upfront payments to credit repair businesses. Furthermore, contracts must be written out, giving consumers cancellation rights; keeping up with these laws will go a long way toward helping your credit repair business avoid chargebacks from processors or becoming ineligible to operate legally.
