Many real estate agents often do not know where to send potential homebuyers who have negative credit histories or have defaulted on their previous mortgages. Although they can offer several options, these options might not adequately meet their clients’ needs. Let me explain. Credit repair service In situations like this, many agents sometimes suggest the services of companies that offer credit repair. Problems arise when an agent chooses this option because these companies are no strangers to violating the Fair Credit Reporting Act (FCRA) and the Federal Trade Commission (FTC) rules. For example, armed with the many FCRA loopholes, the service floods the three credit-reporting agencies with dispute letters challenging the reporting and accuracy of all of the negative items listed on their clients’ reports, even though it knows that all of the items were accurately reported. Credit repair attorney services bully creditors into removing accurately reported public records --...
- Agents are often asked to help clients with credit problems, but they don't always offer the best solutions.
- Financial literacy is desperately needed.
- Real estate professionals need to steer clients toward resources such as the CFPB and FTC.