Rent To Own & Credit Repair: Working With A Credit Repair Company During Your Lease

ApprovedWhen you purchase a rent to own home through New Horizon Family Homes, you’ll be working with a credit repair specialist during the course of your lease, in order to ensure you are able to qualify for a home loan to purchase the property. If you have never worked with a credit repair specialist before, you may be wondering what the process entails. Here, we’d like to give you a brief overview of what to expect during the credit repair process.

The Goal

Obviously the goal of credit repair is to get your credit score high enough to qualify for a home loan. In today’s economy, that typically means having a FICO score of 640 or higher. Attaining a score this high requires not only eliminating your debts which cause poor credit, but also building a positive credit history at the same time.

The Process

When you work with a credit repair specialist, there are a number of steps you will go through to rebuild your credit. As a general rule, the process looks something like this:

  • Establish a budget
  • Automate your savings
  • Challenge disputed negative credit reports
  • Pay down existing debt
  • Build good credit with open, revolving credit lines
  • Make monthly payments on your open credit lines to keep balances low

A good credit repair specialist will be able to walk you through (and oftentimes will take a lead in the process) each of these steps as you go. The credit repair specialists we recommend not only provide you with all the free information and credit education you need, they also provide free weekly conference calls where you will receive the latest information and tips about credit repair, and can have all your questions answered by specialists.

The Outcome

product-review-wordpress-themeBy the time you have completed your work with the credit repair specialists, they guarantee that you will have a FICO (lender pulled) credit score of 640 or higher. While all credit repair companies charge for their services, the company we recommend has a money-back guarantee stating that if you complete the program (typically taking between 6-12 months) and still do not have a FICO score of 640 or better, they will refund the entire program fee.

By working with a credit repair specialist, you’ll not only be rebuilding your credit for the purchase of your new home, but for the rest of your future. We looked at several credit repair before finding one we felt comfortable recommending to our clients. You can learn more about the company we recommend by visiting this page.

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