What a bold statement! Saving the Economy with Credit Repair! Credit Repair is one of the most misunderstood aspects of the real estate business. And yet, without credit worthy clients the market cannot recover. This is one of the reasons that our recovery will be much slower than previously thought. As an example, if it takes 2-5 years after a short sale or foreclosure to qualify to purchase a new home it makes sense that in the beginning stages our recovery will be slow. However, over time our markets will gain momentum as more people who were forced into a foreclosure can again purchase.
Credit repair will play an important part in our recovery. Just because the loan guidelines say we can purchase a new home 2-5 years after a foreclosure does not guarantee that the individual will be able to qualify for a loan. Many people become paralyzed after a financial crisis and refuse to use credit thereby stalling their own personal as well as the country's recovery.
Here are some guidelines to think about if you have had a short sale or foreclosure or have clients who have.
- Make sure that you keep at least 2 credit cards open and have other installment loans in order to rebuild credit after a short sale or foreclosure.
- Make sure you pay all of your accounts on time.
- Dispute negative items on your credit reports with the credit bureaus.
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