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Are you thinking of building a credit repair business in Florida? Now is the time. It is a growing industry in the state as more and more people are seeking help to improve their credit score and fix their credit. Here’s a summary of Florida’s economy and credit standing. Plus, how to start a credit repair business in Florida. 

Florida is the 4th top state in America with the highest GDP, 1.11 Trillion as of 2022. It holds 5.30% of the GDP of the entire USA. Like California, which is at the number spot of the richest states, Florida is the home of many millionaires. However, if we take a closer look at the state we will see how Florida relies on credit.

Despite being one of the richest states, 12.7% of 22,177,997 Florida’s population lives below the poverty line. The state is ranked 8th with the highest mortgage delinquencies rate at 1.47%. The overall mortgage delinquency rate in the USA is 7.65%. The average credit score in Florida is 680. This is just slightly lower than the nation’s 690 credit score.

Here is a summary of Florida’s Average Credit 

Florida Average Credit

Clearly, many Floridians depend on credit to meet their needs and to maintain a lavish lifestyle. This means that a lot of the residents in Florida seek for services to maintain a good credit score and restore credit. Building a credit repair company in Florida is great and profitable. A credit repair specialist can earn from $40,000 to $135,000 a year. However, you have to do it right to stay on track. First, learn the law to avoid legal issues that can result in penalties and even closing down the business. 


Learn about the Florida Credit Laws


The Prohibited Acts of Florida Credit Repair Laws under Florida Statute

CREDIT REPAIR LAWS IN FLORIDAA credit repair company, its representatives, or independent contractor are not allowed to do any of the following:

  1. Received or charged money or any valuable consideration before the completeness of the services agreed to be performed for the buyer.
  2. Received or charge money or any valuable consideration for the referral of the consumer to the creditor who will or may extend credit to the buyer. If the credit that will be extended is upon the same terms as those available to the public.
  3. Make or advise the buyer to make a false or misleading statement to any consumer reporting agency or to creditors with respect to the buyer’s creditworthiness, credit capacity, and credit standing. 
  4. To omit any material fact or make false or misleading representations if the offer or sale of services of the credit repair company.
  5. Engage in any form of fraud or deception upon any person in connection to repair credit services. 
  6. Provide credit repair services without obtaining a surety bond ($10,000) and established a trust account at a federally insured bank in the state of Florida.

The Provisions of Contract under Credit Repair Laws Florida – Florida Statute

  1. A complete inaccurate statement of the buyer’s right to review any file on the buyer maintained by any consumer reporting agency.
  2. A statement that the buyer of any credit repair service may review his/ her consumer reporting agency file at no charge if a request is made to the consumer reporting agency within 30 days after receiving notice that credit has been denied.
  3. The estimated price the buyer will be charged by the consumer reporting agency to review his or her consumer reporting agency file.
  4. A complete and accurate statement of the buyer’s right to dispute directly with a consumer reporting agency the completeness or accuracy of any item contained in any file on the buyer maintained by the consumer reporting agency.
  5. A statement that accurate information cannot be permanently removed from the file of a consumer reporting agency.
  6. A complete and detailed description of the service to be performed by the credit service company for the buyer and the total amount of the credit repair service the buyer will have to pay.
  7. A statement notifying the buyer of his or her right to proceed against the bond or trust account.
  8. The name and address of the surety company which issued the bond or the name and address of the depository and the trustee and the account number of the trust account.

** Disclaimer: We aim to provide the most accurate information regarding Florida’s credit repair laws under Florida Statute. However, please note that the laws may change anytime. We recommend doing more research for further information. Or consulting a lawyer with regards to credit repair services law.


How to Start a Credit Repair Business in Florida?


  1. Obtain a surety bond in the amount of $10,000 from a surety company admitted to doing business in this state.
  2. Established a trust account at a federally insured bank or savings and loan association located in Florida.
  3. Register your new credit repair company in the state of Florida
  4. Get reliable credit repair software for record-keeping, CRM, and payment collection.

Not all credit fix software has all the tools you need to run the business smoothly. Here at Credit Money Machine Premium, we designed our software to meet all your needs so you don’t have to spend more money to buy other tools. It’s a premium credit repair software and credit dispute software that is incomparable to others. Visit CMMW to learn more about this powerful credit repair program.