Credit Management has long been a major topic of discussion. But now credit coaches and managers are making some big money with this business. Today we will discuss who they are, what they do and why you might be interested in the market yourself.
Credit Services from the Big Names
Credit monitoring services already make money from protecting clients. But recently they have branched out into making money by helping clients fix their credit. Experian is one excellent example of a company trying to make money on both ends of the market. They have the major advantage of getting your scores before anyone else and being able to monitor them in real time.
The Professional Credit Counselor Market
There are two types of credit counselors: Those who learned from their own mistakes and those who learned from the mistakes of others. We’re going to go over Michele Lerner and Patricia Giankas as examples. Michele turned her credit mistakes into a writing career while Patricia has spent years in finance learning from the mistakes of other. The end result of both is a profitable career.
Michele Lerner spent her life making credit mistake after credit mistake. However she turned it around by cutting out bad habits and is now paid handsomely to help others turn their credit around. Now she writes for and coaches people all over the world.
Patricia Giankas has more than 20 years moving from various banks such as Citi Financial and Metrocap Mortgage Corporation. She now runs several businesses dedicated to rebuilding credit in Toronto. Now a great amount of her profit comes from helping people repair their credit.
Your Personal Finances
So what benefit is this information to you as a finance aficionado? If you are someone who is excellent at credit management you could have a very lucrative future job or side career. If you are someone who needs help the globe is now filled with people who can handle it for you.
The Technological Market for Credit Management
Credit management technology is also becoming big business as well. Many sites from small sites like score-up.ca to big names such as oracle.com offer a wealth of different ways to manage credit. Not to mention programs with integrated credit options such as Microsoft Dynamics and Salesforce.
The market is also filled with small Apps that do everything from give you advice to monitor your credit score. These can be quite useful with the downside being that it is easier than ever for someone to pretend they are you and use your credit.
What Credit and Higher Education Share
Another interesting trend this has caused is a “Fast-Foodization” of credit coaching. If you do a casual Google search you can see the trend for yourself. The market is flooded with sites that offer coaching for as little as $20 per session. The problem with many of them is that quite a few of them are scams as journalists have discovered. Unfortunately these people also make quite a bit of profit.
Learning from the New Market
There will always be money to be made in credit repair and coaching. No one is born knowing how to manage their finances efficiently. You can gain a piece of it yourself if you can find a way to work your software, skills or other expertise into someone’s budget. This is the chance of modern financiers to shape an emerging market and you have a chance as well.