The WPJ
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Q & A with Dottie Herman
Q1 - I am thinking of purchasing a property within the next year and I need to fix my credit. How can I tell if a credit repair company is legitimate?
A - This is a great question. When it comes to professional services, most people find that getting a referral from a friend or relative is usually the best place to start. Unfortunately, the majority of people who have credit issues do not acknowledge or advertise it to those they know. The next best referral source would be a realtor or banker, since they deal with credit reports/scores and will usually know of at least one reputable firm. After almost twenty five years in the credit repair industry, I have found that a good credit repair company will give you a thorough credit analysis and find out what your goals are before they decide they can help you. Once they review your credit, they should be able to give you a reasonable idea of what they think they can do based on their experience and expertise.
Remember, BY LAW, they are not allowed to guarantee results. It is always smart to check their references and review their testimonials. Asking questions, finding out how long they have been in business, and searching the internet to get more information about the company is a great way to learn about their reputation and credit expert contributions.
Here are a few red flags to help you sort out some of the companies to walk away from:
1. They tell you they can help you without a thorough review ofâ¨your credit and knowledge of your goals.
2. They offer to pull your tri-merged credit report withoutâ¨letting you know it will reduce your credit score.
3. They ask you to sign any forms before you hire them.
4. They are very aggressive and pressure you to start the process.
5. They promise or guarantee results.
6. They have generic websites and do not publicly list the names of the executivesâ¨or employees.
7. They outsource credit repair services to third parties.
8. They bill for credit repair in advance of performing services.
Q2 - What do I do if I am selling my house on my own and I just received multiple bids all around the same price. How do I know which buyer is serious and which ones can afford my house.
A - If you are not working with a real estate professional, you might want to speak with your real estate attorney so that you structure the criteria upon which to judge your buyers. Among the items you would be looking for is if they are pre-qualified for a mortgage from a reputable lending institution; ask for documentation of their finances and ask permission to do a credit check on them.
Q3 - My house has been on the market for a year- it has been on with two different agencies, and I have lowered my price by about 100K since we started. We really can't lower it anymore, but do not know what else to do to make the home sell. Any ideas?
A - What is the feed-back from the Brokerage Agencies as to why your home did not produce a buyer? If there have been sales in your area, what features and benefits did those properties have that yours may lack? What agents are responsible for the current sales of similar properties in your neighborhood? Once you've ascertained the comparables, you may want to interview those agents and ask them to present a marketing proposal. You may want to incentivize the selling agent in some way so that they are enthusiastic about re-marketing your property.
If you have a real estate question for Dottie, please send it to; Reporters@WPCnews.com
Here are a few red flags to help you sort out some of the companies to walk away from:
1. They tell you they can help you without a thorough review ofâ¨your credit and knowledge of your goals.
2. They offer to pull your tri-merged credit report withoutâ¨letting you know it will reduce your credit score.
3. They ask you to sign any forms before you hire them.
4. They are very aggressive and pressure you to start the process.
5. They promise or guarantee results.
6. They have generic websites and do not publicly list the names of the executivesâ¨or employees.
7. They outsource credit repair services to third parties.
8. They bill for credit repair in advance of performing services.
Q2 - What do I do if I am selling my house on my own and I just received multiple bids all around the same price. How do I know which buyer is serious and which ones can afford my house.
A - If you are not working with a real estate professional, you might want to speak with your real estate attorney so that you structure the criteria upon which to judge your buyers. Among the items you would be looking for is if they are pre-qualified for a mortgage from a reputable lending institution; ask for documentation of their finances and ask permission to do a credit check on them.
Q3 - My house has been on the market for a year- it has been on with two different agencies, and I have lowered my price by about 100K since we started. We really can't lower it anymore, but do not know what else to do to make the home sell. Any ideas?
A - What is the feed-back from the Brokerage Agencies as to why your home did not produce a buyer? If there have been sales in your area, what features and benefits did those properties have that yours may lack? What agents are responsible for the current sales of similar properties in your neighborhood? Once you've ascertained the comparables, you may want to interview those agents and ask them to present a marketing proposal. You may want to incentivize the selling agent in some way so that they are enthusiastic about re-marketing your property.
If you have a real estate question for Dottie, please send it to; Reporters@WPCnews.com
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