This is the final installment of our 3 part series on credit and your real estate investing business. In part 2, I discussed making payment arrangements with your creditors. In this post I’ll talk about what you need to do if the creditor doesn’t contact the credit agencies to update your credit report.
Once you’ve paid off or satisfied your accounts, the updates may not be shown on your credit report and your score may not increase automatically. To prevent this from happening, the creditor must contact the credit bureaus with the new account status. As I’ve stated earlier, sometimes the creditor will send the updated status information and sometimes they won’t. If they don’t, it’s in your best interest to provide the updates yourself. This means you will contact the credit bureaus or risk the chance of your score remaining the same. Remember those letters you requested from creditors verifying the accounts had been satisfied? Well, they’re going to come in handy now. You’ll need to dispute each account on your credit report that’s inaccurate. This can be done online through any of the credit bureaus’ websites. Once you file a dispute, the credit agencies have 30 days to research the account. If the creditor informs the credit agency of the update then your credit report will show the update within those 30 days. If the creditor for some reason does not forward the change in status, your letters will be your backup to prove the account was paid in full. You’ll have to forward this information to the credit agency and contact the creditor again with your proof of payment. This should be enough to aleviate the problem and your credit report will be updated.
Hopefully this short series on credit repair was helpful. I’ll be going into much more detail and cover all aspects of credit as it pertains to your real estate investing business in our eBook, so stay tuned. In the meantime, please send me any credit questions you have via our Contact Us page or leave a comment on this post.
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