Credit Repair

I was breaking my head, reading blogs to come up with one brilliant idea that i can use to set up my business (though I have no idea of what a brilliant idea is!), when this thought crossed my mind. How about helping the average American deal with the credit crunch in these tough times! As we all know - financial literacy across the world is a little uncommon, and riding this wave of bankruptcies, coming out unscathed is never going to be easy without some basic understanding of how credit works.
My idea is to start an online consultancy that helps people to restructure their portfolios. To make it clearer, I’d call it credit repair (as the problem is for those burdened with costly credit). It just sounded superb (at least to my earsJ) – a flawless business idea. What else can sell better?
Then I type in “creditrepair.com” into my browser and hit enter, to check the availability o the domain name. Believe me; I had no idea of this! There exists a web already – creditrepair.com, which offers the following services:
· How to manage you debt efficiently
· Buying a home with poor credit
· What you need to know about bankruptcy
· Getting rid of high interest credit cards
· How to recover from Identity theft, Innocent errors
· And many more....
I felt shocked and at the same time embarrassed about my ignorance of not expecting the world capital in finance not to come up with such idea for so long. But it was goo to know of such a service, though I don’t have the slightest idea of how successful this site has been in helping innocent borrowers come out of their financial problems.
Now I think again; what’s wrong in having a similar service for us – the Indians? Yes; there are big differences in the way credit is disbursed here and the non-existence of the concept of credit score. But so what? We can make an attempt at bringing an order to the whole credit system.
I envision a day when I walk into a bank and give my id (could be my PAN) and request a loan; and the teller can immediately tell me if I’m eligible for such an amount of loan for such a purpose, without asking for sureties, or asking me to make another round to the bank saying that the manager isn’t around and so on.
The point is that credit in India is available in pockets and accessible to people with contacts (it’s not necessary that these people have a great credit position). There is huge need to make credit superfluous, as long as the borrower has decent rating against his name. I believe that is the day business will happen at the speed of light.