Do you need to consider Credit Repair?

For some folks, it’s not as easy as simply paying down the balances on a few credit cards to improve their score to where they need it to be.

Sometimes, a person needs professional help to get credit scores back to where they should be.

Everybody sells their real estate book by talking about this being a business you can get into with no cash no credit. They don’t say this because it is not important to have cash and credit, they say it because there are more people with no cash and no credit than there are people with good credit and some cash. In essence there are more people to sell their books to. The problem is that this is a credit business. Just like you can be a singer without being able to sing but it is not the norm.

Credit is the major tool to be in real estate. You regularly hear people that since they are in construction they want to do real estate. A more appropriate statement would be that I always pay my bills and can keep track of 50 things at once so I want to go into real estate. Remember that credit is your most important tool. Do you think Donald Trump can lay a straight line of tile? But he has a $1Billion in real estate.

What everybody needs to do is understand how credit works and how to build it back. Any credit course you take that does not teach you how to do it your self is not worth taking. If they say give me some money and I will fix your credit it is not wise to use them.

I usually keep this to myself, but I am not very sympathetic to those who spend like drunken sailors, don’t pay their bills, and then expect the world to hand them a fortune with no money down, no credit, and no work ethic.

Bluemoon is correct. Real estate is a business and in order to succeed in business, you have to be organized, be willing to put in some hard work, pay attention to details, take the time to learn your business, and have a reputation for reliability (which means that others can trust you to pay them what you owe them.)

Unless you are the only nephew and heir of a very rich uncle, the world isn’t going to just hand you a millionaire’s lifestyle just cause you think you are a great guy. You have to make it happen, and that means more than just wishing for it.

When attempting to repair your credit, the very first thing you should do is get copies of all your personal credit histories and scores from the three major credit reporting agencies: Equifax, Experian and Trans Union. Once you receive your reports, be sure to carefully review all of them for inaccurate information or errors. Also, be sure to check your credit report for unauthorized inquiries into your credit history and make sure to write all of the errors, inaccuracies or unauthorized inquiries on a notepad.

and then??? this thread sounds like a sales pitch…

It just sounds like good advice to me. But don’t use “FREE CREDIT REPORT.COM”, the singing guy with the guitar. It’s not free.

Instead write to the credit agencies directly, or do it online. I am rejected every time online, too many mortgages, so a simple letter works better.

It’s a good place to start.