Jump to content
The forums have been archived and are now read only. Years of great info saved for your reading pleasure. Thank you! Visit us on Facebook: https://www.facebook.com/NakedInvestor/ ×
The Naked Investor Forums
lhenley

Credit Repair Services

Recommended Posts

I know John works with a local credit repair service to help inprove his TB's credit score, which will allow them to qualify for a mortgage sooner. I was wondering if anyone is doing this themself and providing this service either as part of your program or an add-on?

 

I've found a couple of companies which will sell you a software package to start your own credit repair service. I was wondering if it would be a good add-on product to offer or if it would be best to leave that to someone else.

 

Lynn (FL)

Share this post


Link to post
Share on other sites

In my opinion it's a personal decision, Lynn. It certainly can't hurt to offer the service if that's what you want to do. But I'm leery of any company that is selling some program with regards to this. Many bogus outfits in the credit repair industry these days. Do your due diligence before opening your wallet.

Share this post


Link to post
Share on other sites

Also keep in mind the laws that must be followed to be in compliance. Credit repair companies have been under the microscope after years of fraud, so you just have to do your homework.

Share this post


Link to post
Share on other sites

Michael and John,

 

Thanks for your feedback. I've been thinking more about it, and I think I'll leave it up to the "experts", and spend my time finding properties and tenant buyers.

 

Lynn (FL)

Share this post


Link to post
Share on other sites

Lynn (FL)-

 

I offer a Home Ownership Program with what I do. It is the Next Step for tenant/buyers when they have been approved for a property. The program is designed to start at the beginning of the lease term and everything is set up and ready. All the tenant/buyer needs to do is jump in and participate. This program offers credit restoration; establish additional credit, first time home buyers, creating a budget, or if the tenant/buyer is just wanting to organize a plan of action to work through during the lease term. It is one-on-one coaching and mortgage finance counseling, using my preferred lenders. These lenders have other companies that can work with the tenant/buyer if they need credit restoration. So, although I do not do the credit restoration myself, I have a team that can and are motivated to work with my tenant/buyers.

  • Like 1

Share this post


Link to post
Share on other sites

Lynn (FL)-

 

I offer a Home Ownership Program with what I do. It is the Next Step for tenant/buyers when they have been approved for a property. The program is designed to start at the beginning of the lease term and everything is set up and ready. All the tenant/buyer needs to do is jump in and participate. This program offers credit restoration; establish additional credit, first time home buyers, creating a budget, or if the tenant/buyer is just wanting to organize a plan of action to work through during the lease term. It is one-on-one coaching and mortgage finance counseling, using my preferred lenders. These lenders have other companies that can work with the tenant/buyer if they need credit restoration. So, although I do not do the credit restoration myself, I have a team that can and are motivated to work with my tenant/buyers.

 

Hi Steve,

 

Do you have a list of contacts you can provide that are on your team, especially the "credit restoration" and "establishing additional credit" team members? Hopefully they are national (I am in Oklahoma). I checked with my mortgage broker & he didn't have any recommendations for credit services.

 

I have some future tenant/buyers whose scores are in the high 500's. Obviously they have a ways to go, but I want to be able to get them going.

 

I have already emailed and am waiting to hear back from Rachel Robertson (Envision Financial) at the recommendation of John Jackson here on the forum.

 

If anybody else has any good contacts for Credit Improvement business I would appreciate them.

 

Thanks,

Erik

Share this post


Link to post
Share on other sites

Hey Erick-

 

The credit restoration company I had, was referred to me from the lender I was using back at that time. This company was local. Anymore, I let any potential tenant/buyer consult directly with my mortgage broker and he directs them with a plan on how to increase their score and how to fix their credit to get into position to obtain financing. With any lender I recommend, they need to understand my business model and have the heart of a teacher when working with a referral.

 

Over the last couple of years it has increased the number of houses being sold.

  • Like 1

Share this post


Link to post
Share on other sites

Here in the States they are as numerous as illegals in innertubes reaching our sandy beaches. Many are crooked. I'm guessing they are prevalent in Canada, too. Just do your research before attaching your name and reputation to one.

Share this post


Link to post
Share on other sites

×
×
  • Create New...