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3 Reasons Tax Preparers Might Consider Offering Credit Repair Services

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The tax off-season can be a challenge for some tax preparer trying to maintain a steady income. Like many of your personal finance and small business clients, you are trying to reach a stable financial state and comfortably afford your mortgage, your kids’ braces, and, hopefully, a vacation or two a year that don’t involve visiting family on the opposite coast.

Some tax preparers even take alternate jobs in the financial industry to supplement their income May through December. These opportunities can be quite stable. The most common ways tax preparers bolster their revenue in the off-season are:

  • Tax representation for clients as an IRS enrolled agent (EA)
  • Running payroll for small to mid-sized businesses
  • Freelance bookkeeping for other companies

Others invest their time into selling securities with their Series 6, Series 7, and Series 63 licenses, sell other financial products, or maintain another job during the slow months.

All of these side-incomes have commonalities: they require investing a lot of time (and money) to become trained and licensed in yet another financial services field, completing continuing education requirements, and provide very little control over the products or services you are providing to clients.

Some tax preparation specialists have chosen a different path in the off-season that they find profitable year-round: credit repair services.

As a credit repair consultant, you can work when, where, and how it best fits your lifestyle and financial goals. You will keep your bread-and-butter tax preparation business income and do credit repair services for existing clients.

Here are three reasons why professionals supplement their tax preparation income with credit repair services:

1. Everybody needs credit repair

Similar to the fact that everyone needs to file their taxes, you would be hard pressed to find a friend, family member, or neighbor who would not want their credit score to be higher than it is. The main difference between tax preparation and credit repair is that the former is a once-a-year source of income for you where the latter is ongoing and there is a need all the time.

Most people in the United States can benefit from a better credit score. Whether they are in debt, in need of a new car, or trying to pay less over the life of their mortgage, people in your community deserve to understand how credit works and get the help they need. Read this article on the 15 Reasons for consumers to repair their credit from personal finance expert The Balance.

●     79% of credit reports contain errors – in fact, the Brookings Institute recently unveiled that this significant flaw in our credit system causes many consumers to appear riskier than they are

●     The National Consumer Law Center found that “credit bureaus have little economic incentive to conduct proper disputes or improve their investigations” which means that consumer may give up after one failed attempt to remove faulty items

●     Credit repair takes about 6 to 8 hours to learn and five minutes a month per client after the initial credit audit

2. Build upon your existing business

Many credit repair business owners are surprised at how many clients come pouring in once they open the floodgates of offering credit repair services. In fact, almost all of your existing tax preparation clients can improve their financial situation with credit repair services.

Source: on 2018-03-12 13:03:45

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