Credit Scores Are Important for Investors Too


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Real estate investing doesn’t have to be difficult. However, finding financing for it can be quite a challenge. There are many other avenues for financing besides the traditional routes. Those are also made easier by one thing…a decent credit score. If you are a real estate investor, it may be time for you to discover what your credit score is and what is written in your credit report.

Why should investor’s research their credit score and report? These are the two most crucial pieces of information that public and private lenders use to determine your credit worthiness. It is used to double check your personal history as well as how responsible you are for repaying your debts. As highly regarded as these pieces of information are, they are not infallible. This means it is up to the individual to check to make sure the information is correct.

There are three major credit bureaus that must be checked for discrepancies. The one most companies use is Equifax, but the other two Transunion and Experian are just as important. These bureaus keep track of all previous aliases, addresses, and phone numbers as well as your history of open and closed accounts and your payment history. Most payment information drops off after three years, but items such as defaulted accounts, foreclosures, and bankruptcies can last as long as ten years.

If there are discrepancies on your reports, the good news is they can be corrected. All three bureaus can be accessed online. Once you view your report online, you can immediately notify them of any problems. Sometimes, it is as simple as removing addresses and phone numbers associated with your name that have never been yours. In other cases, the may be accounts that got associated with your name that are not yours. Verifying this information also gives you the chance to catch any identity theft before it becomes a major problem for you, your family, and your business.

Once you report any problems, the agency may take up to six weeks to investigate the facts. Usually, you will be notified of the bureaus findings and resulting actions. An interesting tidbit, if the credit bureau fails to take action within thirty days regarding the discrepancy, the information must legally be removed from your credit report.

Your credit is one of the most valuable tools an individual has at their disposal. Take care of it by paying your bills on time every month. A good credit score makes financing future real estate investments much easier. For more information on real estate investing, call or visit us today at Homevestorsfranchise.com. We are the nation’s number one home buying franchise. We have a large assortment of real estate franchise and real estate investment opportunities available. Call or visit us to see how we can help you grow your real estate business.

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