Poor credit can be one of the biggest obstacles for real estate investors.
If you're a real estate investor with a FICO credit score under 600, credit repair is crucial for your success.
Without a good relatively good credit score, it is virtually impossible for real estate investors to get traditional financing.
While many investors use private money, you never know when you'll have to use your own credit to finance a deal.
Don't Let Poor Credit Stop You From Being A Real Estate Investor The good news is that you can improve your score with credit repair.
The bad news? It takes a little time.
This isn't meant to discourage you, though.
Many people don't like to tackle their credit problems.
They see the collection notices in the mail, but won't open them.
Unfortunately, real estate investors often let their credit stop them from becoming real estate investors.
If you want to be a successful real estate investor, you'll need to tackle your problems head on.
What To Do If You Have Bad Credit Don't guess if you have bad credit.
Know for sure.
The first step is to get a copy of your report.
This is very important.
Many people don't regularly check their credit reports, which often contain lots of errors.
By religiously checking your credit every six months, you can eliminate a lot of errors.
Get a copy of your credit report from the three major reporting bureaus: Trans Union, Equifax, and Experian.
You are entitled to a free copy of your credit report if you were denied credit or credit bureaus charge a small free for a copy.
Become A Credit Repair Specialist Now, compare the credit accounts listed on all three of your credit reports.
It's very easy for credit reports can contain different, sometimes erroneous, information.
If you find a mistake, dispute it.
If the creditor can't prove that you legitimately owe the debt in 30 days, they are required by law to remove it.
If you don't have the time to dedicate time to your credit report, you may want to consider hiring a credit repair company.
You may want to consider paying off charge-off accounts.
Important: Get any correspondence with creditors in writing.
If you negotiate a payment settlement or pay an account off, get a letter from the creditor.
By being diligent, you can get negative items removed from your credit report and boost your credit score.
Within no time, you'll have a good credit score.