All Forum Posts by: Paul Ritter

Do you want to be a Realtor/Real Estate Investor or a credit repair specialist? I am the only person crazy enough to own a credit repair company and be a Real Estate Investor. What I have found is it is very cumbersome to do both. Be careful where you spend your valuable time. The only reason it works for me is I employ 12 people to handle my credit repair business and 2 who help with Real Estate Investing. Also I have been doing credit repair for about 20 years so I don't have to learn it. There is not a lot of money in credit repair and the opposite is true for Real Estate Investing. PM me if you want to off load your leads to someone who will help you build a buyers list. I don't offer $ for those leads but I do provide credits toward our tenant screening and credit repair services.

Docupop is a great student loan evaluation, consolidation and forgiveness tool.

There is a company who serves our Real Estate Investor industry. They:

1. Perform a debt to income ratio analysis in consideration of futuristic circumstances. They look at the prospect’s current and potential future income. They provide disclosures to you, which hold the tenant / buyer accountable for their representations of earning capacity.

2. Provide a professional action plan for a tenant / buyer to follow. The action plan is designed to bring their credit score to a mortgage ready range. They provide disclosures to you, hold the tenant / buyer accountable for their commitment in following the customized credit enhancement action plan.

3. You will be provided access to track and measure the success of the action plan. You will have an on-line secure login to a portal so you can track results on-line, real-time 7/24. If the tenant / buyer withdraws from the service you will be notified.

Message me if you want more info.

Paul Ritter

Credit repair is legal. Message or email me. I am an expert and FICO certified. I will provide a free analysis of your report.

Be careful on your advice. Dodd Frank legislation may oppose your position. If you don't mind losing your deposit money and 3 years of rental payments then you may want to fly by the seat of your pants. Otherwise you may want to do your due diligence and have a professional third party handle calculating out the debt to income ratio like www.screenthetenant.com. They will also set your client up with credit repair and allow you to track the results. There is no fee to you for these services.

Here is a short video about do it yourself credit repair. https://www.youtube.com/watch?v=OxJvQg956_w&feature=em-share_video_user

You may also want to view the segment which aired recently on the TV program "60 minutes" and depicted how the on-line, consumer based dispute process totally fails. Please go to: http://www.youtube.com/watch?feature=player_detailpage&v=HdMR2wYNmt4

It should not take more than 6 - 9 months. The problem with Lexington Law is they dispute one item per month. A person who got there credit done in a year you must have started with only 4 items on each of the 3 bureaus or less. Lexington Law also does nothing to help you build new credit. We dispute all inaccurate information with each 30 day pass. You call me directly, I am the owner of mycreditteam.com and I will provide you a free consultation. If you need my phone number please request to connect with me on this site.

To answer to your authorized user question Bill is mostly correct. It is rare to see a huge jump in score since they have changed the scoring algorithum. They are many complexities to the formula but let me see if I can simplify it's approach.

If you add an unbelievable trade line such as an 18 year old adding a 10 year old line of credit with a limit of $20K, no points would be awarded. Conversly if you have a person with the same last name add you to a trade line which fits within the realm of your former trade line limits, you will get a considerable bump in score. The key is to keep it consistant with former trade lines. So therefore buying a large trade line with a lot of history and a low balance-to-limit ratio works for only a small percentage. Furthermore the algorithum now awards points slowly (even if the trade line is consistent with your past history). In other words no large increase immediately, however the score will begin to push up after 4 - 6 months.

My information is based upon several former employees of the credit bureaus and one expert witness who has testified before congress on this topic.

Don't ignore the elephant in the room. Your major limitation is the quality of your credit. You need a specialist who will look at both the removal of negative items and help you build credit. Authorized user is not the answer. You need your own credit with high limits and you need it now. You also need the proper mix of credit. You don't need to apply for credit and be turned down which would drive up your inquires and lower your score further. I own and operate a credit enhancement company and will help you if you call me directly. I will provide a free consultation since you came to me through this forum. You will need to provide a copy of your credit report. I can be reached directly at 724 664-6078.

Based upon the number of response in a very short time, this appears to be a very hot topic. In my professtion, I have assisted thousands of people in boosting their score. As a credit expert I present on this topic quite frequently. I would like to share my presentation to the group in a webinar. The presentation is about 30 minutes and covers the factors which influence a credit score. It is both simplifed and content rich. I am new to Bigger Pockets and don't know how to navigate the system to share this knowledge. How would I go about setting up this up?