Nate Kennedy asked: Credit repair is a must for homeowners with credit blemishes and low FICO scores, but did you know that it’s just as important for real estate investors? Credit – or lack of it – can make or break your career as a real estate investor.
Your success as a real estate investor depends on your ability to buy property quickly, with little cash. Now, anything that hampers your ability to do that will make it that much harder for you to be successful in real estate.
Sure, there’s private money and other sources to get financing, but many times it’s easier to get financing on your own. If your credit is bad, it will be harder to make your deals happen.
If you have bad credit, credit repair is a must. It’s a process, and it won’t happen overnight. With a little patience, you’ll soon have good credit that will make it easier for you to complete your deals.
Improve Your Credit With Credit Repair
Let’s look at a few ideas for credit repair.
First, get a copy of your credit report. This is the first, most basic step that you will take. You’ll need credit reports from all three credit bureaus. If you were denied credit, you can legally get a free copy of your credit report.
Now, take a close look at your credit report. Chances are, the errors will cost you in terms of a lower credit score. Most credit reports are full of errors: closed accounts are reported as open, charge-offs are inaccurate, payoff amounts are wrong; on-time payments are reported as late. I’d be willing to that most people can find at least one thing wrong on their credit report.
Make a list of all the inaccuracies. Make a list of everything that’s wrong on your credit report. The three major credit reporting bureaus are required by law to maintain files for debtors, and creditors most supply information.
Barbara
