CREDIT REPAIR LAWS IN FLORIDA

Are you thinking of building a credit repair business in Florida? Now is the time. It is a growing industry in the state as more people seek help to improve their credit scores and fix their credit. Here’s a summary of Florida’s economy and credit standing. Plus, tips on how to start a credit repair business in Florida.

Why Build Credit Repair Business in Florida?

Florida is the 4th top state in America with the highest GDP, 1.11 Trillion as of 2022. It holds 5.30% of the GDP of the entire USA. Like California, which is at the number spot of the richest states, Florida is the home of many millionaires. However, looking closer at the state, we will see how Florida relies on credit.

Despite being one of the richest states, 12.7% of 22,177,997 Florida’s population lives below the poverty line. The state is ranked 8th with the highest mortgage delinquency rate at 1.47%. The overall mortgage delinquency rate in the USA is 7.65%. The average credit score in Florida is 680. This is just slightly lower than the nation’s 690 average credit score.

Here is a summary of Florida’s Average Credit

Many Floridians depend on credit to meet their needs and maintain a lavish lifestyle. This means that a lot of the residents in Florida seek for services to maintain a good credit score and restore credit. Building a credit repair company in Florida is great and profitable. A credit repair specialist can earn from $40,000 to $135,000 annually. However, you have to do it right to stay on track. 

One of the first things you should consider when starting a credit repair business is to learn the credit laws. It’s crucial to avoid legal issues resulting in penalties and even business closing.

Learn about the Florida Credit Laws

The Prohibited Acts of Florida Credit Repair Laws under Florida Statute

Under Florida’s credit laws prohibited acts, a credit repair company, its representatives, or independent contractor are not allowed to do any of the following:

1. Received or charged money or any valuable consideration before the completeness of the services.
2. Received or charged money or any valuable consideration for the referral of the consumer to the creditor who will or may extend credit to the buyer. If the credit is upon the same terms as those available to the public.
3. Make or advise the buyer to make a false or misleading statement to any consumer reporting agency or creditors concerning the buyer’s creditworthiness, credit capacity, and credit standing.
4. To omit any material fact or make false or misleading representations if the offer or sale of services of the credit repair company.
5. Engage in fraud or deception upon any person in connection to repair credit services.
6. Provided credit repair services without obtaining a surety bond ($10,000) and established a trust account at a federally insured bank in Florida.

The Provisions of Contract under Credit Repair Laws Florida – Florida Statute

1. A completely inaccurate statement of the buyer’s right to review any file on the buyer maintained by any consumer reporting agency.
2. A statement that any credit repair service buyer may review their consumer reporting agency file at no charge if a request is made to the consumer reporting agency within 30 days after receiving notice that credit has been denied.
3. The estimated price the consumer reporting agency will charge the buyer to review their consumer reporting agency file.
4. A complete and accurate statement of the buyer’s right to dispute directly with a consumer reporting agency the completeness or accuracy of any item contained in any file on the buyer maintained by the consumer reporting agency.
5. A statement that accurate information cannot be permanently removed from the file of a consumer reporting agency.
6. A complete and detailed description of the service to be performed by the credit service company for the buyer and the total amount of the credit repair service the buyer will have to pay.
7. A statement notifying the buyer of their right to proceed against the bond or trust account.
8. The name and address of the surety company which issued the bond, the name and address of the depository and the trustee, and the account number of the trust account.

** Disclaimer:

We aim to provide the most accurate information regarding Florida’s credit repair laws under Florida Statute. However, please note that the laws may change anytime. Therefore, we recommend researching for further information or consulting a lawyer about credit repair services law.

Tips on How to Start a Credit Repair Business in Florida?

1. Obtain a surety bond of $10,000 from a surety company admitted to doing business in this state.
2. Established a trust account at a federally insured bank or savings and loan association in Florida.
3. Register your new credit repair company in the state of Florida.
4. Get reliable credit repair software for easy and fast processing time, record-keeping, CRM, payment collection, etc.

Not all credit fix software has all the tools you need to run the business smoothly. That is why we developed Credit Money Machine to have all the tools needed to run the whole business. From fast credit repair software, CRM integration to marketing programs. But that’s not all. The best part is it has four versions to meet your specific needs.

Whether you are just starting up, a veteran in this industry with thousands of clients, or an individual who wants to fix your own credit, we have the right software for you.

Read Credit Repair Laws in All States or navigate the map to read credit repair laws in other states.