financing secrets of a millionaire real estate investor.pdf

54 FINANCING SECRETS OF A MILLIONAIRE REAL ESTATE INVESTOR
Disputing Items on Your Credit Report
Do not be too specific with your request. For example,
if a bureau reports that you had a judgment
against you and it was paid, do not volunteer that
information (a record of a judgment rendered and
paid off is still worse than no judgment in the first
place). Simply state that the information is incomplete
and request that it be reinvestigated. In some
cases, it is less work for the credit bureau to remove
the item than to recheck it.
What things affect my credit Credit reports are based on a computer
model, called a FICO score, developed by Fair Isaac, and Co.
(FICO, www.fairisaac.com). Although the FICO formula is not generally
known to the public, certain things tend to improve your score,
such as the following:
• Installment loans (e.g., home mortgage, automobile) that are
paid on time
• A few open credit lines with low balances
• A history of living at the same address
• Owning a home
Beyond the obvious late payments, judgments, and bankruptcy,
there are certain subtle things that lower your score, such as the
following:
• Too many revolving credit card accounts
• Too many inquiries
• High balances on credit cards
• Too many recently-opened accounts