Experian data show 7 of 10 first-time buyers are not preapproved

Many new real estate purchasers must work on credit before taking the plunge

Some real estate groups have labeled this summer as the best buying season since 2006; however, a new survey from Experian Consumer Services shows that a number of potential first-time buyers may have to wait, as they are not preapproved for a loan and must work on their credit in order to obtain a low interest rate.