A credit check is always mandatory before a lending company will issue you the money you are asking for. A lot of people will tell you this. After all, it has become common practice today for these companies. To reduce the risk these companies are taking, they will always check your credit score. Your loan application will be approved if it is found that you have a decent score. Your loan may still be approved with a less than perfect score. But in such instances, the terms and interest rate offered to you is likely to be steep. There are three major credit rating agencies in the US. These agencies maintain the credit score for all of us. They are allowed to share your score legally with the lenders.
Protect yourself and your borrowing capacity when your accessing private money for real estate investing by including the above clause in every one of your private notes and contracts. Youll be glad you did.
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