Education
Everyone has some basic knowledge of their rights. Here at Marnée Holdings, it is our mission to make sure our clients are aware of what their rights are and what we can do to help make your journey into credit repair and realestate a bit easier and that starts with education.
On this page, you will find information about your rights and some background info on the laws that were enacted to protect your rights.
Credit Repair
What is credit?
-Deferred payment when making a purchase based on the promise of paying the full amount plus interest at a later date.
What is good credit?
-Credit ranges from 300-850, 850 being perfect credit.
Why is necessary to have good credit?
- From getting a small personal loan to some jobs to purchasing a home, your credit is examined to determine your worthiness for procuring that loan or job.
Who are the big 3 bureaus?
-There are many bureaus but the 3 big ones are TransUnion, Equifax, and Experian.
What is the FCRA?
- Fair Credi Reporting Act (FCRA)- This federal law passed in 1970, grants consumers the right to access any data credit reporting agencies have filed on them, and to dispute false information.
Credit Dos and Don'ts
- These are just a few but there are many more.
Don'ts
* Don't run up your credit card balances to the limit.
- This reflects very badly on your credit.
* Never use credit as a substitute for income.
-If you use credit to cover daily expenses because you don't have funds, you're only covering up the problem.
* Don't miss a payment by more than 30 days.
* Don't let accounts close due to inactivity.
* Never take on more credit than you can afford to pay back.
Do
* Pay on time every month.
* Pay more than the minimum but at least the minimum is better than not paying at all.
- Minimum payment schedules are not designed to pay off debt efficiently.
* Keep your accounts open and in good standing.
* Only get credit cards when you have a strategic plan for them
- Credit cards can be a useful tool when used correctly
* Decrease the total amount of debt owed.
- Reducing total debt is one of the fastest way to improve your credit score.
Real Estate
Have you ever wondered how you could get into Real estate?
Here is a list of a few ways to do it:
This is a GREAT resource to get insight into the full list of real estate investing tips. https://youtu.be/OQyDkTQKZo0
* Buy and hold- A long-term investment strategy where an investor purchases a property and holds on to it for an extended period.
* All- cash- It means that the buyer, without a lender, has sufficient funds of his or her own to buy the property.
* House Hacking- involves buying a multifamily property, living in one of the units, and renting the others out to tenants in order to subsidize some of your housing costs.
* BRRRR Investing- BRRRR (Buy, Rehab, Rent, Refinance, Repeat) Method is a real estate investment strategy that involves flipping distressed property, renting it out, and then cash-out refinancing it in order to fund further rental property investment.
* Wholesaling- In this strategy, the wholesaler contracts a home—usually one that is distressed—with a seller, shops that home around to potential buyers, and then assigns the contract to one of them.
* Fix and Flipping- A type of real estate business model where a real estate investor buys an investment property with the intent of selling it for a higher price than what was paid.
* Live-in Flip- a live-in flip involves moving into a fixer-upper while you update it.
* Mobile Homes- Investing in a home is usually installed permanently at that location.
* Furnished Rentals- Investing in a short-term rental property is a good way to generate a steady income.
* REITs/Syndications- When you invest in a REIT, you don't technically own the real estate assets that are held by the company, but instead, you own a percentage of shares in the stock of the company. When you invest in a syndication, you gain direct ownership through being a limited partner (LP) in the limited liability company (LLC)
Your Rights
First, it is always best to know your rights in every situation. Here at Marnée, we advocate for our clients to be as knowledgeable as we are about their financial situation and what they can do to help themselves.
FCRA (Fair Credit Reporting Act)- A federal law passed in 1970 to regulate consumer credit by promoting fairness and accuracy. Grants consumers the right to access any data credit reporting agencies have filed on them, and to dispute false information.
FDCPA (Fair Debt Collection Practices Act)- A federal law ensuring consumer protection against deception and abuse from collectors.
FTC (Federal Trade Commission)- A government agency responsible for enforcing the FCRA. The FTC prevents fraud, deceptive behavior, and unjust business practices, and offers consumers tools to protect themselves against these practices.