How Credit Repair Works for Real Estate Investors

One of the most critical steps in getting started as a real estate investor is making sure your credit score is up to par. A good credit score makes it easier to get financing, and while most lenders accept anything from 620, you should always aim to keep yours on 670 and above. So here’s how to improve your credit score.

Obtain Credit Reports

Credit reports are important documents, and they’re crucial for understanding your credit score. You should check your credit report regularly to ensure there aren’t any errors that could lower your score. You can check your credit score with Equifax, Experian or TransUnion.

Pay Up Debts and Settlements

For any outstanding debts, taxes, or settlements that you have, it’s essential to pay them up as quickly as possible to avoid any negative impact on your credit score. If you’re having trouble obtaining loans due to an unpaid debt from years ago, consider hiring a credit repair specialist.

Dispute Incorrect Information

If there is any information on your report that is incorrect, you can dispute it with the credit agency. This usually involves sending a letter to the agency in question detailing why the information is incorrect and requesting that they correct it.

Monitor Your Progress

Once you’ve started on the path to repairing your credit, it’s essential to monitor your progress to ensure that the steps you’re taking are actually paying off. You can do this by requesting a copy of your credit report from all three major agencies every four months or so.

Need Help With Credit Repair?

If you find the process of credit repair to be overwhelming, you might consider hiring a professional to help. A professional has the expertise necessary to correct any errors in your report and improve your credit score. And if you plan to buy a property, fixing your credit records will guarantee you better mortgage rates. So call us today at (616) 929-0799, and we’ll be glad to help improve your credit score.