2) Most credit repair companies do not involve you in the process. They do not show you the items being disputed. Therefore, you don’t know what is being done or where you’re at. You have no way of checking your credit score on a regular basis to see if they are getting you the results you desire.
3) Most credit repair companies only do credit repair and do not help you with other services that could increase your credit score as well. Credit repair is a great service if done correctly. But it isn’t the only thing that can be done to increase your credit score.
So, you have two choices. You could call several companies and interview them. If you do this now, you know the questions you should ask them. See if you can find one that disputes all items right away. Try and find a company that will inform you every step of the way so you know you’re getting the best service possible. Ask if they provide other services that will increase your credit score as well.
Credit Repair San Diego County
Or, for credit repair San Diego County you could book a phone appointment with us. Click below. Look at our calendar and pick a day and time that works for you.
– Talk to a company that will fully explain the process to you right over the phone.
– We challenge all your derogatory items right away insuring you’ll get the fastest results possible.
– We will share with you how you’ll get online access to all the information about your account.
– We let you review the letters written about your negative accounts so you know what items are being handled.
– We also will provide other services to increase and protect your score.
– And, we provide you with knowledge about credit so you can maintain a high score in the future.
You will receive the best credit repair service available in America today for a one time activation fee of just $99 and only $89/month. In addition, you’ll have an online account showing you all your negative items and the results of those items as they occur. You’ll have online credit monitoring so you’ll see changes in your credit score and get pull your own credit anytime you like. You’ll also receive recommendations as to what you can do yourself to increase your score. And, you’ll have LifeLock to protect your identity and credit score. Again, for only $89/month.
ERA Credit Services is backed by industry experience since 2004 and an A+ rating with the Better Business Bureau.
Many consumers want to know if credit repair really works.
Does credit repair work? Yes, it does. Or, more correctly stated, credit repair can work depending on many factors regarding the specific account(s) on a consumer credit report. In fact, the process of credit repair is dictated by the Federal Trade Commission in a law called the Fair Credit Reporting Act. The premise of this law is that creditors must verify the accuracy of the information they’ve previously placed on a consumer credit report.
Because this is a federal law, credit repair works for consumers in all 50 states. Therefore a consumer seeking credit repair in Tampa has the same rights under federal law as a consumer seeking credit repair in San Diego.
To learn the answer to the question, “does credit repair work?”, it’s vital to understand how credit repair works.
When a creditor places information on a consumer credit report there’s a chance the information is incorrect or will become outdated and incorrect over time as the status of the account changes. If the creditor doesn’t fix or update the information there must be a mechanism for the consumer to challenge that information and have it corrected. One of the main purposes of the Fair Credit Reporting Act is to give the consumer a resource and process to follow to have the information corrected.
In this process the creditor is under obligation by federal law to validate the information they have previously placed on a consumer credit report. If the account listed is erroneous or inaccurate the creditor must correct it. If the account is obsolete (more than 7 years from the date of the last activity or 10 years in the case of a bankruptcy) the item must be removed by the credit reporting agencies (Experian, Equifax, Transunion).
Here’s the key to understanding that consumers can potentially have items reported within 7 years removed as well.
If the creditor cannot or does not verify the information previously reported on that account within a 30 day period, the federal law requires that the credit reporting agency remove that account from the consumer’s credit report regardless of the age or status of that account.
What are some scenarios where the creditor cannot or does not verify the information previously reported?
– The creditor no longer is in business
– The creditor has sold the account to a collection agency and that collection agency does not have the complete or accurate information on the account
– The account is old (even if not yet 7 years old) and the creditor cannot locate the information or chooses not to
– The outstanding balance has since been paid, and therefore the creditor has no incentive to respond to the inquiry from the credit reporting agency
Does this mean that all derogatory or negative items will be deleted from a consumer credit report through the credit repair process? Certainly not. Here’s what will be:
1- Erroneous accounts
2- Obsolete accounts
3- Those accounts that the creditor does not verify as accurate when contacted by the credit reporting agency when that item is challenged
Credit repair is not a panacea or fix for all past credit problems of a consumer. But by going through this process it can clean up a consumers report and increase their score. It may give them enough of a credit score increase to qualify for a purchase and simply look more credit worthy to a future creditor.
Consumers considering this process should consult a professional company that has a successful track record and an A+ Better Business Bureau consumer rating. They should also seek a company that will educate them and make specific recommendations on what they can do to increase their score and keep that score as high as possible in the future.
A How to Guide to Choose the Best Credit Repair Company in Tampa, St.Pete, Clearwater
If you did a search on the internet to find the best credit repair services Tampa several companies were listed in Google, Yahoo or Bing. What now? Do you contact each of credit repair companies listed on page one? Below is some helpful information that will save you time and help you find the best credit repair company in Tampa, St. Pete and Clearwater.
Should You Choose a Local Credit Repair Company in Tampa, St.Pete, Clearwater or a Large National Company?
In most cases you should find a local credit repair specialist. However, you should also be aware that the credit repair industry in not regulated as heavily as other industries. There are no licenses required and many of those listed on the internet are not companies per se. They are one person operations that have “fixed” their own credit perhaps and decide to try and make a go of it doing it for others. They do not necessarily know about and follow the proper state and federal laws that are in place. Their resources and expertise are limited and you must check their history and track record to be sure they’ll be in business moving forward.
Working with a large, national company does give you more ability to check their background and know that they have been around for a while and will continue to be in business. However, they typically have less than stellar customer service. What can you do if you don’t get results? Is there someone you can talk to?
The Solution – To get the best credit repair service Tampa, ERA Credit Services is both local and national. With a credit repair office in Clearwater and owners that live in Largo you are provided the personal customer service you should expect from a local company. ERA Credit Services is a credit repair company that is a member of the Central Pinellas Chamber of Commerce. You also can have confidence that ERA Credit Services will get you results because they are backed by a national company, Financial Education Services, that has 13 years experience and a credit repair company with an A+ rating with the Better Business Bureau. You get the best of both worlds.
Credit Repair Pricing
Of course, this is a major deciding factor in choosing the best credit repair services Tampa credit or St. Petersburg, Clearwater or any other city in the country. In the credit repair industry there are 2 pricing models.
Monthly Payments for Credit Repair Only – Many credit repair service companies charge a set up fee and then a monthly fee. This can appear to be the best way to go. However, typically companies that charge this way do not address all your items right away. They will address them one or two at a time dragging out the length of time it takes to get you a result. Be sure to ask if all items are addressed right away.
Pay Per Deletion – Companies using this pricing model charge you when they have removed items from your credit report. This actually sounds pretty good, doesn’t it? However, you are usually charged a set up fee in order to pull your credit and give you an estimate of the fees you’ll pay. Companies using this model typically charge between $25 and $500 per item. The difference in price depends on the type of item. For example, a cell phone bill might be $25. However, a bankruptcy or short sale could be as much as $500 per item. And, it’s per item per credit bureau! So, you actually get charged 3 times for removing an item from all 3 bureaus. Therefore, some items could be as much as $1,500.
ERA Credit Services Pricing – ERA Credit Services provides the top credit repair service in the country. They work on all 3 major credit bureaus (Experian, Equifax, and Transunion), address all your derogatory trade lines immediately (first results usually within 45 days), and any type of account including bankruptcy, foreclosure, short sale, judgments, liens, credit card charge offs, medical bills, student loans, late payments and more. Your starting fee is a one-time set up fee of $99.00 and just $89.00 a month with no minimum time period.
Credit Repair is Not Enough
Credit Repair is great but you need more than just credit repair. Here’s what ERA Credit Services provides for just $188 to start and $89/month:
The industry leading credit repair service
Online monitoring of your service with timely updates
Online credit monitoring through Smart Credit™. Get your credit score and updated credit reports 24/7
Credit and identity theft protection through Lifelock™
An analysis of your credit history with recommendations on other ways to increase your score
An online debt payoff system
A will, living trust, medical & financial power of attorney
Online service where you can list all your important personal and financial documents for your loved ones in case of an emergency
Best Credit Repair Services Tampa, St. Pete, Clearwater
After a search on Google, Bing or Yahoo in an attempt to find the best credit repair company San Diego you have probably found several listings. Every one of them tells you they’re the best and most effective. Calling all these companies is very time consuming so here are some answers you want to get before proceeding.
A National Company vs. a Local San Diego Credit Repair Service
Which should you choose? It’s seems like it would be best to work with a local company. But many local credit repair companies are one person operations that have limited resources in their abilities and have no backup should something happen to that one person such as illness, vacation, closing their business and worse. What happens to your account and money? The national companies typically have poor or no personal customer service. And, what’s your recourse should you not get the results you’re looking for?
Solution – ERA Credit Services is local and national. We have been providing credit repair services to San Diego consumers since 2012 and pride ourselves on giving the personal service you expect. However, we are also part of a national credit repair company with 15 years experience and phenomenal customer support. You have the best of both worlds. And, you get our Customer Satisfaction Guarantee that will be honored no matter what happens to us locally.
Pricing – It’s simple. There’s one time account set up fee of just $99.00 and a monthly fee of $89.00. Here’s the key. Many companies that charge a monthly fee drag their feet. They prolong the process needlessly costing you more monthly fees. We aggressively try to remove all your derogatory items immediately reducing the amount of time you’ll be on service with us. Our goal is to be the best credit repair company San Diego. And we’ve proven for since 2012.
How Can You Stay Informed About the Progress of Your Credit Restoration?
Most companies send and receive communication directly to and from the credit bureaus. You are not part of the process and therefore have no way of knowing what’s happening with your account.
– We Just Had a Birthday!
It’s amazing how quickly a year goes by. ERA Credit Services just celebrated one year here in the Tampa Bay area. After taking San Diego and southern California by storm starting in 2012 and becoming the best of the best credit repair companies on the west coast, it was time to build credit repair services Tampa.
Before we made this big decision we looked for credit repair companies in Tampa, FL. Not only that, but fast credit repair services in Tampa. Just as we discovered 4 years ago in San Diego, we didn’t find any. So, we set out to provide credit report repair services in Tampa.
But we looked further in all of Florida and saw that the entire state was in need of a reputable company with a lengthy track record and documented results for Florida consumers. So, we set our goals even higher to become the #1 Florida credit repair company.
So, today if someone that needs help removing derogatory items from their credit report to increase their credit score searches on Google, Bing or Yahoo for “credit repair services tampa”, as an example they’ll find us on page 1 most likely. That’s great and we are so thankful for the impact we have already made in the Tampa/St. Pete/Clearwater area.
This question may come to mind.
How can a credit restoration company come to Florida and surpass other companies that have been here for years?
The answer lies in our business model and how we provide service.
Most credit repair services Tampa, and credit repair companies in Florida and around the country deal directly with the credit reporting agencies and bypass communication with the client. Not only is this not best for the client, but it does not follow the process outlined by federal law.
Our clients, including our Florida credit repair clients, receive an online account listing all the negative items affecting their credit score and can use this account to follow the progress. They are in the loop every step of the way. We also send correspondence to the client for their signature before it goes to the credit bureaus. This guarantees the most effective process and ensures that our client will receive updated credit reports directly to their home.
Perhaps the most important factor with regard to clients results and what allows us to be amongst the best credit restoration companies in the country is that we dispute every item for the client immediately. The fact is that most companies do not do this. They only dispute 1 or 2 items every 45 to 60 days which lengthens the process and fattens the fees they charge the client.
The fact that our goal is to remove as many items as possible as quickly as possible not only gives us the ability to provide fast credit repair services in Tampa, it allows us to work with real estate agents and brokers, mortgage companies and banks because they want the quickest credit restoration results for their clients as well.
So we say thank you Tampa, St. Petersburg, Clearwater and Largo. You have recognized our efforts to become the best Florida credit repair company. We will continue to work hard to earn and keep your trust.
If you are paying monthly, or are considering paying monthly for credit repair, this is great information for you. Credit repair or credit restoration, as we like to call it, is the process of removing obsolete, erroneous, and other items that the creditor does not verify as listed accurately on a credit report, from that credit report. The result of going through this process in most cases is an increase in a credit score, sometimes a significant increase.
You, as a consumer can go through this process yourself. That is how the law is set up. However, it is not as simple to do as the credit reporting agencies (Experian, Equifax, and Transunion) make it seem. First, you’ll need to have a copy of your credit reports. You can receive a free credit report from all three credit bureaus at www.annualcreditreport.com
Ultimately, if you decide that you do not have the knowledge, expertise and time to go through this process on your own you can enlist the services of a company to do it for you. Presumably a company that focuses on providing credit repair for consumers has a much better chance of success with the process in addition to saving you time.
How companies charge for their credit repair services and why.
The majority of companies in this industry charge monthly fees to provide the service. The intent by these companies is to make it appear more affordable. However, in many cases it can be more costly while paying monthly for credit repair.
Most credit repair companies that have you paying monthly for credit repair will not dispute all of your derogatory items immediately.
They will only dispute a small percentage of them initially. The process of contacting the credit reporting agencies, then those agencies contacting the creditors reporting those derogatory items, and getting a response back takes about 45 days. However, in most cases you will not be made aware of this time frame nor will you have access to information about how many items are being addressed, or when this first process has ended. It’s quite possible that the credit repair company may choose to take much longer to go through this first phase of the process.
The credit repair company hopes to provide some level of success so you will continue to pay the monthly fee. But if they don’t have any success initially how will you know? Then the credit repair company will address the items that were not removed initially, and address more remaining items, but not all. By the time they address the next set of items you could be going into your 4th month of service. This process is repeated over and over again until all items are eventually addressed.
Credit repair companies charge a wide array of monthly fees ranging from typically $60 per month to over $100 per month. These companies also typically charge a set up fee. Usually the higher the set up fee the lower the monthly fee, but not always.
Contracting a company to provide you with credit repair in this manner can cost well over $1,000 and take a very long time, a year or more. But there is an alternative!
Our company addresses all items immediately. Our goal is to remove as many items as possible and increase your score as quickly as we can.
The reason we do business this way is because, in addition to working directly with consumers, we also have relationships with companies in industries that need credit worthy clients such as real estate, mortgage, banking, automobile dealers, solar companies, and more. In order to help them get people qualified to purchase through these companies and their agents we have to perform quickly. We have to show these companies that we can get a client of theirs in a position to buy from them as soon as possible.
We also report everything we’re doing to our customers though an online portal that we set up usually within 24 hours of the customer starting with us. You’ll see every derogatory item you have with all 3 credit bureaus and can follow the progress including dates of when these items are addressed. We also send you the correspondence that goes to the credit agencies. You are informed in every step of the process.
Paying Monthly for Credit Repair – Our Program
Our monthly fee program is $89.00 per month after a one time activation fee of $99.00. Your first payment to us is $188.00. However, with our monthly program we also offer online credit monitoring so you can see the change in your credit score and credit report 24/7. We also provide identity theft protection through LifeLock and additional services as well. And remember, we dispute all your items immediately. All for $89.00 a month.
Give us a call. We’ll discuss your specific situation and walk you through how it all works free of charge. You can choose which payment option is best for you. Then you can monitor everything we’re doing for you 24/7.
We have offices in San Diego, CA and Clearwater, FL. However, we work with clients from all 50 states.
We get so caught up in the process of earning income to pay our bills, that we don’t take the time to protect the very valuable assets that what we have and the people in our lives such as our identity, credit, children, spouse, and plans for retirement in our to have financial peace of mind.
It may take a life changing event such as marriage, divorce, or birth of a child to assess what type of protections we have in place for our future. This is aNO BS 10 Point Plan to protect what you have and plan for the future.
Here is a 10 point plan to gain overall financial health and financial peace of mind
1. Know your Credit Score
Today our credit score is like a vital sign of our overall financial health. A low credit score can impact paying higher interest rates & insurance premiums. You can be denied the ability to purchase a home, buy a car, rent an apartment or even be denied a job. And reports show that 4 in 5 credit reports have errors on them causing a lower credit score. Credit Reporting Agencies pay millions of dollars each year in fines for not accurately verifying information and therefore report erroneous items to your credit file. Get a free copy of one or all 3 of your credit reports by visiting www.annualcreditreport.com (Experian, Equifax and Transunion).
2. Get your credit score to 750 or above so you can save the most money and have the most control over your financial future
Having a credit score lower than 750 can cost you over $200,000 and upwards of $1 million over the course of your lifetime! If you do not have a 750 score, the good news is that you can restore your credit score. You can potentially remove obsolete, erroneous, and unverifiable items from your credit report through the credit restoration process. There are solutions, education & systems on how to maximize your credit profile and boost your score.
3. Establish online credit related tools that enable you to monitor your credit reports and credit score, learn positive credit habits, and remove derogatory items from your credit reports
There are several online tools available today to help you in these areas. But it’s best to find a suite of tools available in one place to help in all these areas. Many online tools don’t give you a clear picture or work on a real time basis and therefore alert you when it’s too late. Having the right tool is key.
4. Have all of the following in place: Last Will, Living Trust, Health Care and Financial Power of Attorney
Having these vital documents in place can protect your family and save them the excessive cost of Probate. A Will alone without a Living Trust does not avoid Probate. A Will can be contested causing a financial & emotional strain on your family. Having all 4 documents in place allows peace of mind that your wishes are followed. It will also relay your medical and financial wishes should you not be able to do so yourself.
5. Have all of your personal and financial documents and information organized in a place that the people you designate could easily find if something were to happen to you $58 billion per year goes unclaimed in life insurance, pensions, stocks, bank accounts and other assets because loved ones simply don’t know they exist or where to find them.
6. Have Identity Theft Protection
Every 3 seconds an identity is stolen. The IRS has established a division to deal with nothing but identity theft. The FTC says 10 million Americans will have their identity stolen. It’s not a matter of if, it’s a matter of when you will have your personal and financial information compromised.
7. Have a budgeting and debt payoff tool, game plan, and time frame of when to be debt free Living our lives in debt is not something we have to do. The fact is that we can use the same amount of money we are paying out in debts right now and get ourselves out of debt. We can know that exact date we will be out of debt, and do it in nearly half the time. There are online tools available to help you with accomplish this.
8. Have $100,000 minimum in life insurance
$100,000 doesn’t go as far as it used to but it still will pay for final expenses, any outstanding miscellaneous debts such as credit cards, and not put any financial burden onto our loved ones.
9. Have a second income stream
In today’s economy one of the riskier things we can do is depend on one income whether it be a job or business. Options are critical to have if something unforeseen were to happen with our primary source of income. Reports show that if the average American were to lose their job, it would result in financial turmoil in a matter of weeks. The average debt per household is over $225,000 with many having less than $500 in savings.
10. Educate your children on matters of personal finance
Our school systems have never taught students how to be responsible with their finances as adults which is why many have learned the hard way. Schools today are no different. It is up to us, as parents, and older family members to educate our children how to take care of their finances.
We hope you found this information helpful.
If you would like to download a copy of this guide click below.
Real Estate Agents, Real Estate Brokers, Mortgage Brokers, Loan Officers, Bankers
Do you have clients with a low credit score? Take just a minute and calculate how much income you have lost over the last few years when a prospective client didn’t have the necessary credit score to qualify to do business with you. That number can be staggering. But what can you do? You can turn lemons into lemonade!
Here are 4 options if your prospects have low credit scores.
The first option for clients with a low credit score is to do nothing and move on to the next prospective client. Hopefully these people will either be able to increase their score on their own, or will come back to you when the derogatory items pulling their score down drop off their credit files with Experian, Equifax and Transunion. But think of it. How many times has that happened?
The second option is to try and help prospects with low credit scores yourself. But do you have the time and expertise to do so? Are you familiar enough with the Fair Credit Reporting Act to follow those guidelines to successfully get obsolete, erroneous or unverifiable items off their report? And, what kind of time will that take from your marketing to new credit worthy clients.
The third option for clients with a low credit score is to refer that client to us. We have been in this industry since 2004 and have successfully removed over 875,000 derogatory items from consumer credit reports including over 100,000 public records (bankruptcy, foreclosure, tax lien). After over 200,000 clients we have an A+ rating with the Better Business Bureau. And we have services beyond credit repair to help your prospects increase their score as quickly as possible. Simply put, we provide the best opportunity for any consumer to have derogatory items removed from their credit profile and increase their credit score. We also add you as a ‘Referral Source’ and give you access to monitor the progress of your clients deletions and credit status.
The fourth optionis to work directly with us, sell our service yourself, earn the income yourself, and stay that much more connected with your client. Many real estate, mortgage and banking professionals have not only closed more of their primary business as a result of offering our credit restoration service to their clients but have earned a significant income from selling our services. Think of the other professionals in your industry that have credit challenged clients that you could contact.
Many people in your industry have turned this into an income that exceeds what they earn from real estate, mortgage or banking. Many have developed a team of other Independent Agents in their area and around the country and now earn a substantial income from the production of those Agents.
Mike Watson– former top producing Keller Williams Agent in Eastlake, CA is now an Executive Sales Director with FES and now has over 100 Independent Agents around the United States.
Miranda Harris– real estate broker in Columbia, SC has become one of the top producing Agents with our company and earned the title of Vice President. She is also a member of our Six Figure Club. Our average Vice President earns over $24,000 per month.
Derrick Smith– former owner of 2 ReMax brokerage offices in Maryland is now a Regional Vice President. He is also a member of our 6 Figure Club. Derrick became a Vice President with our company within a year.
Cynthia Davis– former branch manager for CitiBank in Las Vegas, Cynthia has become a Regional Sales Director and has left the 9 to 5 banking world to develop her own business with FES.
Clients with a Low Credit Score
These are just a few of the stories that have been written within our company by people who first looked because they had clients with a low credit score. You don’t have to change careers and strive for the type of income these people earn. You can simply work with us on a part time basis to assist your clients with their credit score and close more real estate, mortgage and banking business.
You have to agree, we’re worth taking a look at. You can turn lemons into lemonade. Whether you simply want to refer folks to us if your prospects have low credit scores to increase your closed business, or you want to learn more about developing an income by selling our services and possibly developing a team of Agents contact us today!
More and more people are interested in starting a credit repair business. And, there are many companies out there selling software, websites, training certificates and more to those that want to start a credit repair business. In their advertising these companies make it sound so easy to use their products and make a lot of money. But think about it. Maybe the reason these companies are selling other people their products and are not in the credit repair business themselves is that they realize starting a credit repair business isn’t that easy. In fact, most credit restoration businesses fail in the 1st year.
It is true that about 43 million American consumers have a poor credit score. It’s also true that 4 in 5 credit reports have errors on them. And, with the criteria for lending having tightened dramatically, it would seem that people would be knocking down the door of anyone claiming to know how to solve their problem and increase their credit score. But it’s not the case.
Here are several reasons why the chances of starting a credit repair business and making it a success are not good at all unless you work with a company that provides all the infrastructure.
#1– People can live with poor credit their whole lives. Not everyone with a sub 600 credit score has the need or desire to increase their score. The only time they’ll feel the pain of a poor credit score is if and when they attempt to purchase or lease a car or get a loan for a mortgage. With regard to buying a car they’ll still be able to make that purchase albeit with a higher interest rate. The bottom line is that you have to work hard and be a savvy marketer to find clients. Then you have to be a very good salesperson to convince your prospect to do business with you especially if you’re just getting started because you have no track record.
#2– There’s a federal law called CROA. This law prevents a company that is not a 501(C)3 non-profit, attorney or bank from collecting up-front fees for credit restoration services. Yes, you can charge a nominal set up fee. Most people look at this and discount it’s affect because they wrongly assess that the monthly fees they’ll charge clients will eventually make up for it. Here’s the problem. Most people will not continue to pay monthly fees unless they see results quickly. People are impatient and want an increase in their score right away. If they don’t see it they will stop paying the monthly expense. Therefore you’ll have a cash flow problem, not see the return on your investment of time, energy and money, and likely fold within your first year. This creates more difficulty in starting a credit repair business.
#3– The days of charging thousands for credit repair are over. Ten years ago, even five years ago companies charged thousands of dollars for credit repair. Some still do but the tide is turning. Many companies like ours charge a lot less than even $1,000. Therefore the big profit margins in the industry just don’t exist. And, if you look at what you would earn per hour working on a client’s account you may as well get a part time job at a retail store and not have the headaches.
#4– There’s not enough hours in the day to build a successful credit restoration business from scratch. People severely underestimate the time it takes to promote their business, sell to clients, follow up with clients, dispute items to the credit reporting agencies, and everything else that goes along with it. This factor alone leads to most people failing in the first year.
There is however a way to start a successful credit repair business.
Work with a company that does all the back end work of analyzing credit reports, drafting dispute letters, providing customer support, and adhering to state and federal regulations. Our company does that and provides a website, an online tracking system, and training. As an Independent Agent our job is to market and sell. This frees up the hours needed. However, that’s not enough. You still have to do more sales volume than one person can do to achieve a significant income.
How do you achieve more sales volume than you can do yourself? Develop a team of Independent Agents. The fact is that no matter the business model chosen there simply isn’t enough hours in the day to make a credit restoration business work on your own. You need help. By developing a team of Independent Agents who are, in turn, building their own Agency you can develop a significant income into the tens of thousands per month. You could never do that on your own.
If your goal is to do credit restoration on the side and make very little money then go buy software and have a go at it. But if you want a long term career where you can earn a significant income and eventually stop working because you have a substantial team of Agents working for you, then contact us. The support you’ll receive will go a long way to help you in starting a credit repair business.
There are no guarantees in attempting getting a mortgage with bad credit. However, with pending rate increases and still a reasonable real estate market, it’s worth a try. And, if you work on a few things you can increase your chances for approval.
Stesps you can take to get a mortgage with bad credit
The amount of income is not necessarily “the” key factor. Mortgage lenders are willing to grant a mortgage loan with poor credit as long as the borrower can demonstrate their ability to make repayments for the 25 or 30 years of the mortgage term.
Typically a borrower has to have enough income and low enough existing obligations so that the amount of those obligations plus the mortgage payment represents less than 40% of their income. For example, with a monthly income of $5,000, if the mortgage loan repayments raise total debt repayments to less than more $2,000, then the application can be approved.
Even with a low credit score if other factors are in place, and the borrower is showing increases in their credit score the underwriter may look more favorably on it.
There are two ways to increase a credit score. One is to build positive credit by getting credit lines (credit cards, etc.) that will turn into positive trade lines on the credit report. The only issue with this just before applying for a home loan is that it may appear that the borrower is trying to access too much credit, and eventually have too large of a credit limit.
The other way to increase a credit score rather rapidly is though credit restoration or what some people refer to as credit repair. This is the process of getting older derogatory items removed from a credit report because the creditor does not validate or verify the accuracy of the account. This can be done by the consumer but it is advisable to use a reputable credit restoration company. Just as someone could represent themselves in court it isn’t the best use of someone’s time nor do they perhaps have the expertise necessary for success especially if you are trying to get a mortgage with bad credit.
There is no underestimating the advantages of providing a large down payment. Usually, about 5% is the minimum required. But when it comes to applying for a mortgage loan with challenged credit, it may require a substantial amount more. For example, a 10% down payment on a property worth $250,000 requires $25,000. The financial discipline required to get $25,000 together is significant. This kind of discipline is exactly what lenders want to see before approving a mortgage loan.