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Landlord Tips: Fixing Your Credit Report

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Credit Score  

Your good credit score plays a more important role today than ever before, especially when you’re looking to buy rental properties.

With lending standards getting more stringent every day, it could well become the hurdle between you and the never-before-seen low mortgage rates and housing prices that are hovering alluringly in the distance.

If you are unsure of how you should go about this task, begin by getting a copy of your credit report. You will want to go over this with a fine toothed comb to ensure there are no discrepancies; if you find any errors, have them corrected pronto. A look at this report is also a good way of confirming that you have not fallen victim to any cases of identity theft – which is always a risk for a landlord.

With your current credit status established, work towards improving it in many small ways. Pay up as many of your open credit lines as possible and stay away from making any new extravagant purchases, especially on credit. This may take a few months to work out but a healthy looking credit report will go a long way towards helping you secure the loan you need to buy a property.

If you need more detail on the overall credit score cleansing process, check out this informative article.

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