All Forum Posts by: Account Closed

Originally posted by Alina Nicol:

This information is flat out incorrect. I can't even believe how far off base you are. Stop giving advice out of the scope of your profession, you may end up misinforming someone at their expense. 75% of credit reports have errors on them and there is NO law that states a subscriber must provide proof of them item they are reporting so your claims that all items are accurate are ridiculous.

I really wish you would actually read what was written.

I never said everything in the credit files was accurate. If you are going to continue to misrepresent my writings you can continue this discussion with yourself.

Well, you are certainly entitled to your opinion.

However, opinions are like ***holes, everyone has one and everybody thinks everyone else's stinks.

Have a good one.

If you have proof you mailed them the check within the time required, you shouldn't have anything to worry about.

If you don't have said proof, you might want to send them a certified letter, return receipt requested, informing them of the deductions and then note the date the check was mailed, the check number, bank it was drawn on, etc. and state your bank will not honor a check that is more than six months old. Tell them if they have not received the check or lost it after receipt to contact you for a replacement.

Keep a copy of the letter, keep the mailing record and the receipt when it comes back - FOREVER!

The pros and cons really depend upon your particular situation.

If you already have them in your name, it probably does not make much sense to transfer them into your LLC. However, going forward it might make sense to buy future properties in the name of the LLC.

It often comes down to whether you want to build an investing business or just invest in some real estate.

Once you stop worrying about what others are doing or think about what you are doing a very liberating thing happens.

Then after awhile, you will stop worrying about what others have or make in relation to yourself.

Once that happens, you will find yourself free to pursue whatever makes you happy with worrying about how you stack up against others financially, socially or any other way you can imagine.

Once you reach that point, another very interesting thing happens. You might find yourself one of the ones others compare themselves to. :wink:

Originally posted by Jordan Sabo:

Originally posted by Taz:

Originally posted by Jordan Sabo:

Accurate information cannot and should not be deleted. The way you have accurate files and scores is to make sure the information is accurate. Using schemes and technicalities in the FCRA to "remove" things from your consumer report is pretty pointless unless you intend to only use lenders who rely solely on consumer credit reports.

They are all on the same page. They are all trying to predict how much risk they face in doing business with you.

Thats fine and dandy to have accurate reporting, however are you saying that EVERYTHING on the flagged file is always 100% accurate?? that would be asinine to think that it is... I have sued experian twice in manhattan court over erroneous reporting- accounts with someone elses social security number entirely were being reported. In the end those accounts were "removed" from what I can see. Are you telling me that they now fell into a secret file that is still on my confidential/flagged file?? if that is indeed the case there must be a way to get it truly deleted ESPECIALLY if it was for some library collections account for a guy in bum**** louisiana!

It is flagged and the reason for "removal" is that it was incorrectly reported to your file. Nothing incorrectly reported is used in any risk assessment model. In fact, to the best of my knowledge, items flagged as incorrectly reported aren't included on any kind of external query. Meaning, the only people who can see that type of item are internal data investigators at the bureaus. I will try to get verification of that today.

As a practical matter, you don't want it really removed from the database because if the lender/merchant/library reported it again, it would reappear. You want it flagged as incorrectly reported so that no matter how many times it is "re-reported" it does not show up as a valid entry.

Real Estate runs in cycles and we are in the best buying cycle we have seen since the late 1980's.

There is never really a "bad" or "good" time for buying or selling your real estate holdings. No matter what is going on in the market, if you are a real estate investor you are really buying a cash flow stream. If you structure your offers with that basic fact in hand you will do fine.

Even now, I have people telling me my offers are way too low. Okay, not a problem, let me know when my offer matches your expectations. I'm not going to overpay just because the seller overpaid when they bought. I'm not going to overpay just because the seller wishes they could get more out of the property.

I am an investor and as such I pay a fair price for the verifiable cash flow a property generates. I do that whether I am buying a single family home or an apartment building. The difference is with a SFH they are not interested in how I determined my offer all they are interested in what they get out of the deal.

So, to answer your question ... Now is a GREAT time to buy commercial if you buy it right. It is an awful time if you don't.

Financing and ready access to funds are what is separating the deal makers from the posers right now and that is not going to change any time in the foreseeable future.

Originally posted by J Scott:

You don't need a D&B number, but if you want to build business credit, it's highly recommended. Many potential credit sources (stores, banks, commercial lenders, etc) will use your D&B score to determine whether and to what extent to lend to you. If you don't have any D&B credit built, you may still get credit, but it's a lot easier if you've been building D&B credit for a couple years.

I have been investing for over 24 years and using commercial credit for over 20. I have never had a D&B file for any of my entities and it has not adversely impacted our ability to get business credit at all.

Originally posted by Jordan Sabo:

the only thing I can think of is that they have a file that shows complete history (going years back with deleted/flagged items) like you said with things that are not shown to me. If what youre saying is true about their ability to see that, thats ********! how can we ever get things permanently deleted and have accurate files/scores???

Accurate information cannot and should not be deleted. The way you have accurate files and scores is to make sure the information is accurate. Using schemes and technicalities in the FCRA to "remove" things from your consumer report is pretty pointless unless you intend to only use lenders who rely solely on consumer credit reports.

ING uses the raw data and runs the FICO model with their variable adjustments on it.

You will never know and it does not matter. Stop worshiping at the FICO alter. The best way to be seen as a good credit risk by lenders is to be a good credit risk. Live within your means, don't over extend and abuse credit, PAY YOUR F'ing bills on time and as agreed.

Just like there is no super secret the wealthy keep from the unwashed masses about making money, there is no secret about credit either. Well, unless the fundamentals of economics and risk are alien to you, then it all looks like secrets and magic.

They are all on the same page. They are all trying to predict how much risk they face in doing business with you.

You do not need a D&B number.

Heat pumps work very well in TX.

There are some really good ones for retrofit. There is a small wall mounted unit on the inside with the coolant lines passing through a small hole in the wall to an outside unit.

They work really well and for something that size you would be looking at $1500 or less.

This is an example of the type of unit I am talking about ...
heat pump

Your local HVAC contractor can make a great recommendation for your area.