Making a Real Estate Investors Credit Even Better
The first thing in getting started with any type of real estate investing is to find out whether you can invest or not. Do you have a lot of credit card payments. Can you pay them off? It doesn't make much sense to try to invest to get 11% on your return when you are making credit card payments that are 18%. Also one necessary bit of information is to get your credit checked. You can get copies by calling these three major credit companies. The information that is on your report is not always correct, so it is important to dispute the errors that are on it. At one point, one credit reporting agency had me living at 18 different places!
My Dispute All Technique for 10+ accounts
Here is one Creative Investor trick is when you have 10 or more creditor accounts in your name. If you don't have 10 or more accounts, this won't work because you need a credit history. Having 10 or more accounts, you need to make your good credit report better.
NOTEDon't lie about your default accounts if you really haven't paid them.
You have the option of disputing every single account on your report. The law states that the creditor company has to get back to the reporting agency within 30 days. If they do not, then that account dissapears from your credit report. I have had multiple accounts deleted from my report using this technique. This is not to say that I had bad credit but I used this technique to get the most current information from my creditors (I dispute loan balance). So when I go apply for a loan, they have the latest most up to date information about my credit not six months old info.
The last time I checked my own credit was
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Why wouldn't medical bills count against you?
Verne_J
They do when it turns from a bill to a collection or public record because then the party that is posting to your credit file is a collection agency or in the public record section of your credit file if they sue. Most medical will compromise their bills rather than turning it in for collection, so if you have some money, but not all, it is better to offer them a compromise and release.
Thanks jbtb990.
Even thought I don't have any outstanding medical bills on my record, this is good to know.
I think some negotiation on all past due accounts is worth a shot. BUT what jbtb990 didn't say is that when you negotiate to clear your account out, have them
PUT IT IN WRITING that they won't come back to you for further money that is due.
The reason is because anybody can become sickly ill and not afford to pay off their medical bills.
Good article, but one point I would like to make and it may be a mute point but I work for a collection agency and when we receive a dispute from Trans Union the verification form they send us only allows us five days to respond or the account is deleted from the report.
Hmmm. That is a good point to know. I though it was 30 days. Thanks for the post
Keep in mind it may be 30 days for the others but Trans Union is 5 days.
Since this article you can now opt out or in on the net at
https://www.optoutprescreen.com/
That is a pretty cool website. Thanks for sharing.
This is a great blog post. Keep up the great work!
Yeah. I agree. Although I think the best thing to do when trying to fix your credit is to actually pay off your debts that you owe.
Yeah. I agree. Although I think the best thing to do when trying to fix your credit is to actually pay off your debts that you owe.