Credit Reports are Vital to your Note Business
I want to talk to you about in this video is about credit reports and you’re going to buy notes don’t buy into without checking the credit of the person that has these non-performing notes. it’s very critical because credit reports will give you all sorts of information that you don’t know exist out there. One of the things you have to realize is not all notes are going to be on credit reports.
Why some people and banks don’t report notes that they have. Why I don’t know but that is a case I am now right now looking at a note in South Carolina. I know the note exists but it’s not on the credit report. So I’m very hesitant as to whether or not I’m going to purchase a note. Because I don’t know anything about the person’s credit and when you look at a credit report you’ll see information about bills that they have credit they have what they pay that they haven’t weather there late whether they are on time.
Also the score is not always true now 12 to 18 months to go if I go score the way they determine to score changed and they’ve left off a lot of derogatory information. So that’s not good for people like us that are buying notes because we don’t know what they have done in the past so you’ve gotta be very careful and truth about what you do.
Also there’s a low score could mean in a divorce one of the parties picked up the other parties that and made their score a lot lower than and actually should be also i would suggest before you try and read a credit report is go to one of the credit bureaus and they have on their online training classes on how to read a credit report and the other thing is she going to get a credit report get the three bureau report you you need a combined report of all 30 bureaus why is that well some bureaus report certain items other bureaus leave it off is referred to in the industry and submerged report you can go to the seller and ask the seller for a credit report if you’re going to do notes and you get this is going to be a something that you’re just going to do more than one or two year.
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Credit Reports are Vital to your Note Business
Credit Reports are Vital to your Note Business