Industry Analysis & Industry Trends
Over the past five years, many internet-savvy consumers turned to an increasing number of free online services, hurting industry revenue. Additionally, aggregate household debt slowly decreased over the period, along with the national unemployment rate, lessening the need for industry services. Revenue for the Credit Repair Services industry will continue to decline in the five years to 2020. As the economy improves and the unemployment rate continues to decline, the growth of consumer debt levels is expected to grow at a slower rate. Consequently, there will be a narrower scope for growth in credit repair services in the coming years.... purchase to read more
Industry Report - Starting a New Business Chapter
Given the industry's low concentration and low investment requirements, its barriers to entry are considered low. However, the increasingly strict regulation of credit repair services has led to increasing barriers for reputable companies.
Although low concentration and investment requirements make it relatively easy for small start-up firms or individual proprietorships to enter the industry, success is not guaranteed. Many firms rely on reputation and word-of-mouth recommendations to win new business. For a new firm, establishing a strong reputation and network can take considerable time, presenting a potential barrier to entry. In spite of this, the lack of big name competitors diminishes the importance of having a brand-name enterprise... purchase to read more