Tools commonly used in the Credit Rating Correction Service industry for day-to-day tasks and operations.

• Credit report analysis software
• Dispute letter templates
• Credit monitoring services
• Credit score simulators
• Debt management software
• Financial counseling resources
• Identity theft protection services
• Legal resources for credit disputes
• Payment history tracking tools
• Score improvement calculators

Common products and services typical of NAICS Code 812990-11, illustrating the main business activities and contributions to the market.

• Credit repair services
• Credit counseling agencies
• Debt management companies
• Financial planning firms
• Loan modification services
• Mortgage brokers
• Personal finance coaches
• Student loan assistance providers
• Tax preparation services
• Wealth management firms

The specific certifications, permits, licenses, and regulatory compliance requirements within the United States for this industry.

• Fair Credit Reporting Act (FCRA): The FCRA regulates the collection, dissemination, and use of consumer information, including credit reports. Credit rating correction services must comply with the FCRA to ensure that they are not violating any consumer rights. The Federal Trade Commission (FTC) provides information on FCRA compliance:
• Credit Repair Organizations Act (CROA): The CROA regulates credit repair services and requires them to provide consumers with a written contract that outlines the services to be performed, the cost of those services, and the timeframe for completion. The FTC provides information on CROA compliance:
• Certified Credit Counselor (CCC): Credit rating correction services may benefit from having certified credit counselors on staff. The National Foundation for Credit Counseling (NFCC) offers certification for credit counselors:
• Certified Credit Report Reviewer (CCRR): The CCRR certification is offered by the National Association of Credit Services Organizations (NACSO) and demonstrates expertise in credit report analysis and dispute resolution:
• Certified Credit Score Consultant (CCSC): The CCSC certification is offered by the Credit Consultants Association (CCA) and demonstrates expertise in credit score analysis and improvement:

A concise historical narrative of NAICS Code 812990-11 covering global milestones and recent developments within the United States.

• The Credit Rating Correction Service industry has been around for several decades, with the first credit repair companies emerging in the 1980s. These early companies focused on removing inaccurate information from credit reports and helping consumers improve their credit scores. In the 1990s, the industry saw significant growth as more people became aware of the importance of good credit and the impact it has on their financial lives. The industry continued to evolve in the 2000s, with the introduction of new technologies and the rise of online credit repair services. In recent years, the industry has faced increased scrutiny from regulators and consumer advocates, leading to new regulations and a greater focus on transparency and consumer protection. In the United States, the Credit Rating Correction Service industry has a more recent history, with the first credit repair companies emerging in the 1990s. The industry saw significant growth in the early 2000s, as more people became aware of the importance of good credit and the impact it has on their financial lives. In recent years, the industry has faced increased scrutiny from regulators and consumer advocates, leading to new regulations and a greater focus on transparency and consumer protection. Today, the industry continues to evolve, with new technologies and innovative approaches to credit repair emerging all the time.

The anticipated future trajectory of the NAICS 812990-11 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.

• Growth Prediction: Stable

  The Credit Rating Correction Service industry in the USA is expected to grow in the coming years due to the increasing demand for credit repair services. The industry is expected to benefit from the growing number of consumers who are seeking to improve their credit scores. The industry is also expected to benefit from the increasing number of people who are becoming aware of the importance of maintaining a good credit score. The industry is expected to face challenges due to the increasing competition from other credit repair services. However, the industry is expected to overcome these challenges by offering innovative services and by providing excellent customer service.

Recent groundbreaking advancements and milestones in the Credit Rating Correction Service industry, reflecting notable innovations that have reshaped its landscape.

• Credit Repair Software: Credit repair companies are using software to automate the credit repair process. This software helps companies to identify errors on credit reports and to dispute them with credit bureaus.
• Mobile Apps: Credit repair companies are developing mobile apps that allow customers to monitor their credit scores and to receive alerts when there are changes to their credit reports.
• Artificial Intelligence: Credit repair companies are using artificial intelligence to analyze credit reports and to identify errors that need to be disputed.
• Online Dispute Process: Credit repair companies are offering online dispute processes that allow customers to dispute errors on their credit reports without having to mail in letters.
• Credit Education: Credit repair companies are offering credit education services to help customers understand how credit works and how to improve their credit scores.