Credit Repair Project in a Nutshellฎ:
The main goal of the Credit Repair Project is to build an intelligent web system
and an organization that provide services that help Consumers and Commercial companies
repair and maintain their credit worthiness and credit standing.
This page presents our project for both technical and non-technical audiences.
The Site Pages:
This site is a prototype with only four pages:
Home (presenting the Business Type)
,
Project (Credit Repair Project Doc)
,
Architect (Project Architect)
and
Contact us
.
The Problems:
The recent survey about the bad credit position in the United States indicates the bitter fact more that 70 million citizens of the United States are involved in bad credit problems.
Personal bankruptcy filings reached 1.25 million in the year ending June 30, up 34 percent from the year before, as Americans continued to grapple with debt, unemployment and devalued homes, according to figures released Thursday by the Administrative Office of the U.S. Courts.
Beginning in October 2005 and with the ongoing IRS crackdown on questionable agencies, there may be a shortage of legitimate credit counselors, making an already bad situation even worse.
Debt Settlement Companies may negotiate and reduce 30% - 60% of credit card debt, but consumers will end up being charged registration or initiation fees plus monthly fees which may be 25% of the settlement payment. Debt Settlement Companies are setup as non-profit organization.
Credit repair and consulting scams are on the rise.
As the economy improves the number of consumers and commercials companies will need to repair and/or improve their credit and credit scores to get better rates and save money.
Schedule and Timelines:
Looking at the current US and world economic situation, the news: the US is
out of the recession and US and world economy are improving, we do have a window
of five years of booming business. The faster we bring our system and institution
to a functional reality the greater the return on the investent.
Experian has more than 215 million people; Equifax Inc. gathers and maintains information
on over 400 million credit holders and TransUnion services 25 countries and millions of people.
The commercial credit is starting and growing on the same level as the consumers accounts.
The average bad credit repair case will cost the client anywhere from $800-$1200 and you can
even charge a whopping $2000 if the case is particularly bad or complicated.
The fees charged for professional credit repair services vary depending on the
type of repair program chosen. Typically, the costs of repair programs are charged
monthly. Understand that the law states that no legitimate credit repair company will
charge fees upfront, and it is not legal. Despite the laws, these companies charge
registration fees plus monthly fees as upfront fees.
The total business with the assumption that the goal of our business is to service 100 million consumers and commercial:
100,000,000 X $500 Average Cost = $50,000,000,000 (50 Billion)
One percent of the our goal:
1,000,000 X $500 Average Cost = $500, 000,000 (0.50 Billion)
Proposed Business
In a nutshell, our business is reselling data in any format, reports and analysis-computer
services. We basically will provide any services associated with credit and debt.
Data Reseller we get the row data from the three bureaus, store it, validate and create any form of reports-records/analysis (our own reports or customized by the clients).
Credit repair
Credit Counseling
Debt Settlement
Application Services Provider (ASP)
Plug-in
Subcontract to credit services
Our Intelligent System
We will built an intelligent computer system that parses credit reports, interviews clients with questions based on the parsing, errors and data inconsistencies found in the clients credit reports.
It prepares letters and forms and prepares and step-by-step time schedules with questions that would be asked by the clients dealing with credit bureaus.
It also helps Toll-free analysts and call centers perform their tasks.
It executes a set of dynamic business rules that help keep the system current and dynamic.
It keeps statistics and modifies the business rules with exceptions based on the statistics collected.
It handles exceptions and errors in real-time.
We have built an intelligent computer system that builds an automate profile of each individual consumer or business based on all data retrieved from credit reports, laws in effort, interest rate, creditors and our clients interviews. Within minutes, the automated profile can be tested by our analysts with any of our programs, different options and scenarios and comes up optimum solutions that fit each case. This saves time, money, errors, any guessing or trial and errors games.
Our system is also scalable, expandable and dynamic
Our Analysts
There is no replacement to human intelligence that is why our Analysts examine the clients credit reports, computer prepared cases, letters and reports.
They are courteous, knowledgeable, and helpful and understand the embarrassments, and the stress that individuals and families are going through.
They contact clients and discuss details and options.
They prepare the cases and setup the needed Programs and that saves time and money.
Our Toll-Free service is designed with analysts that have access to our computer system.
They would help clients with their sign up, questions and concerns.
Our Attorneys
Our attorneys bring the real-world experience necessary to effectively guide our clients through the complicated maze of inaccurate, incomplete and questionable items on credit reports.
We achieve this by making full use of your credit rights as established by the Federal Trade Commission (FTC) under the Fair Credit Reporting Act (FCRA) and other federal laws.
The fact is an experienced Group of attorneys will make a great difference in saving time, effort, money and bring peace of mind.
They will be involved in building the business rules, forms, letters, processes and contracts with data venders including the bureaus.
They have responsibility of any courts cases and legal aspect of the business.
They are engine for all legal issues.
Investors
The ideal investors would be a total of 100 attorneys who will be the Owner/Operator.
They have both the challenge of building and prompting their own business.
They will be the engine that runs all the legal aspects of the business rules and our system.
Credit business venders or data venders who are looking to automate all the processes
and go paperless and need speed processes with dynamic business rules which will
be implemented by our computer system. We also provide guidance on business
and management processes.
The credit bureaus can partner with our company to be their front-end seller of their data.
We would be a separate division that functions independently from existing structure and free
from big corporate red tape. Our company basically would be a new branch of their corporate system
similar to the case of Accenture and Arthur Andersen.
Mortgages and finance institutions that want to get into the credit repair business and data-information system.
Data center providers definitely can use a company like ours where they provide more than hosting but
possible Application Service Provider (ASP) for credit repair companies, banks, attorney offices, broker or any vender interested in having a virtual system with intelligent processes that are paperless.
