Credit Repair


T1 Payments can set your business up with a hassle-free credit repair merchant account, with chargeback mitigation tools and the ability to set up recurring payments.

PAYMENT SOLUTIONS FOR CREDIT REPAIR COMPANIES


Amid a global pandemic and economic recovery, credit repair has never been more important.

For many struggling to access banking or purchase their first home with a bad credit score, credit repair companies are an essential service. T1 Payments has deep knowledge and expertise with credit repair merchant accounts, and we’re here to help you navigate and optimize your services for growth.

Unfortunately, many acquiring banks will refuse to work with your business, as credit repair is considered a high-risk industry. However, as a specialist in high-risk payment processing, T1 Payments understands the credit repair business model, which is why we offer bad credit merchant accounts that allow for the acceptance of credit card payments from clients. With T1 Payments, you can open a credit repair merchant account in no time and help millions of customers improve their access to banking, housing, and other parts of their lives.

HOW T1 PAYMENTS CAN BENEFIT CREDIT REPAIR COMPANIES:


  • Experience and understanding of the credit repair industry to help you to quickly open a credit repair merchant account and start accepting credit card payments from customers
  • Secure payment gateway and cart integrations fully compliant with PCI DSS Statements
  • Recurring payments
  • Chargeback mitigation tools to prevent chargebacks with the latest technology
  • We help you maintain good standing for your business with the card networks to ensure your credit repair merchant account longevity

WHY IS CREDIT REPAIR CONSIDERED HIGH RISK?


While a credit repair company is designed to help improve the credit scores of its clients, in the eyes of an acquiring bank, there is no guarantee that all cases of bad credit have been caused by reporting errors. At T1 Payments, we know that the concept of working with clients that present undesirable credit scores is something that holds an element of “risk by association” for the merchant, so we are able to offer bad credit merchant accounts to more businesses.

HOW DO CREDIT REPAIR COMPANIES WORK?

Credit repair companies start the repair process by requesting a copy of their client’s credit report from the three main credit bureaus: Experian, Equifax, and TransUnion. Once received, the company will then review the report to check for any derogatory marks, including charge-offs, tax liens, or bankruptcies.

The credit repair company then sets a plan for disputing any errors and working with creditors to remove the items. Typically, this plan can include credit dispute letters to the credit bureaus, requests to validate information in the report, or cease-and-desist letters to debt collectors.

T1 PAYMENTS WORKS WITH THE FOLLOWING CREDIT REPAIR MERCHANTS:


  • Debt consolidation
  • Credit consulting
  • Dispute management
  • Settlement assistance
  • Credit re-establishment

A SNAPSHOT OF THE IMPORTANCE OF CREDIT REPAIR


Credit report errors are common. According to the Federal Trade Commission, one in every five consumers in the US has an error on one of their credit reports, making them appear riskier than they are. When combined with the fact that 12% of the US population has a poor FICO credit score of 550 or lower, there are millions of individuals being punished by credit score inaccuracies.

Source: https://www.creditknocks.com/

IMPORTANT TERMS


  • Credit Bureaus – Private companies that compile an individual’s credit history and provide credit reports to lenders and creditors to help them make important decisions based on creditworthiness.
  • FICO – A type of credit score created by the Fair Isaac Corporation.
  • Charge-offs – A declaration by a creditor that an amount of debt is unlikely to be collected.
  • Tax liens – A legal claim against the assets of an individual or business that fails to pay taxes owed.

With the economic conditions encouraging many people to buy a home this year, we know this presents a unique opportunity for growth for many companies to open a credit repair merchant account and jumpstart their business.