Technology
in Real Estate has come a long way in the last twenty years. From listing logs
to Zillow, from deed registry to online records searches, from coffee shops and
business cards to CRM’s mortgages, taxes, and insurance. The list goes on for
all the different effects technology has had.
What about your credit? Has technology had
an effect? People are more visible with social media and more likely to share
things like fitness, career changes, and relationship issues. But what about
credit, would you share your credit score on social media? A survey from the National Association of
Credit Counseling indicates that you would be more embarrassed to admit your
credit score (30%) than your weight (12%).
If you suspect your credit score is not
very good, then what can you do? That is one of the most common questions that
I get asked. Before you can begin, you must obtain a copy of your credit
report. Then you should consider the following:
1.
Minimize negative effects – You
have to understand that your credit score is affected by the different actions
you take in your daily life. The least impact is maxing out your credit card
and the most would be declaring bankruptcy followed by a foreclosure. Consider
your options, when making important financial decisions and make sure you
choose actions that will not affect your credit score first.
2.
Check your collection accounts
– these accounts are frequently bought and sold and the most updated
information may not be reported regularly to the credit bureau. Check these
accounts for accuracy, dispute any and all errors, and be aware when a balance
is showing up more than once. Fixing these errors can have a major impact, and
it will require patience and diligence on your part.
3.
Check and update your public
records – these records can have a very negative effect on your credit score.
Verify the accuracy and challenge or protest any inaccuracies. These records
are not maintained as frequently and there may be outdate information that
needs to be removed.
4.
Negotiate – If there are
outstanding balances in collections, then call the account representative and
try and negotiate a settlement. Remember that in order for this to work you
must pay, and they must remove the blemish from the reporting agencies. Keep in
mind that the agreement must work for you and you must have assurances that the
information is corrected on your credit report.
Finally, you will want to make sure that
you check the limits on your credit accounts and make sure they are accurate.
The longer you wait, the harder it will be. Wouldn’t it be nice to be able to
tell all your friends that you have excellent credit? What are you waiting for?
Get started now!
Martin Millner
