How To Repair Bad Credit

by L. Hutchinson
(Orlando, Florida USA)

Ask Kate How To Repair Bad Credit: I am a Realtor who represents a buyer with perfect credit, except for ONE bad debt which belongs to her father. When she was in college 4 years ago, her Dad let her use his major credit card and had a card made for her. She never signed any agreement to pay on this card.

Flash forward to today. The dad settled the debt on the credit card but it is now a derogatory debt on HER (my home buyer's) credit. She has spotless credit and no other issues.

How can my home buyer get this removed from her credit records? She has disputed the charge but the credit bureaus won't remove the derogatory item. It is not her debt and she never agreed to pay for this card. This seems unfair.

Kate Answers: How To Repair Bad Credit

Dear L. Hutchinson, I can't tell you how many times I have heard similar stories. It especially stings when the home buyer's credit issues stem from the mishap of a family member or friend.

America as a whole is experiencing more credit problems today due to unemployment. But mortgage companies are less forgiving of even minor derogatory credit issues due to declining real estate values and stricter lending guidelines.

Get Ready For Kate's Announcement

We all know good credit is a priceless commodity. In fact, credit is the backbone of buying a house and getting a mortgage. That is why it is high time to take the mystery out of credit and put it back in the hands of the average individual.

Even though I am not ready today, I have good news regarding credit which I will be announcing within a week or two.

I really had not intended to say anything yet but when I read your letter, I decided to go ahead and at least give you a hint...

1 -- I am going to help hopeful home buyers become homeowners.
2 -- I am going to help Realtors fulfill the dreams of buyers and sellers.
3 -- I am going to help mortgage professionals obtain more loan approvals.

The Golden Rule Of Thumb

Oh, one more thing. Rule of thumb, unless you can verify timely payments, don't accept being added to another person's credit card. And conversely, don't agree to coborrow without a plan in place to verify payments.

Okay now! Watch Ask Kate at Prime-Real-Estate-Articles for my upcoming announcement. I know you'll be pleased!

UPDATE: I'm excited to introduce Lexington Law, the seasoned credit repair heroes, available on my website. Don't miss my review - Lexington Law, they're on YOUR side!

Click here to post comments on L. Hutchinson's letter.

Here's to homeownership,







You are invited to Ask Kate about real estate or mortgage financing!

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