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Hey everyone,

Are you aware of the credit bureaus TransUnion, Experian, and Equifax, and some of the issues they faced in the past that could have affected people's credit scores? In this episode of "Feed Me Your Construction Content" podcast, we discuss the importance of having a trusted partner to guide you in making credit decisions and filing taxes, especially for self-employed individuals.

Our guest, William, explains how the credit bureaus were violating the Fair Credit Reporting Act by relying on a third-party service, Lexus Nexus, to pull public records and throw judgments and public records on credit reports. This caused inaccuracies in credit reports, which could have affected people's credit scores. He also mentions that none of the localities report their data to the credit bureaus directly because they charge fees. As a result, the credit bureaus had to drop the practice of including judgments in credit reports. This led to a sudden increase in credit scores for many people.

We also discuss the process of getting a mortgage for self-employed individuals. William advises that it's good to start six to 12 months before your goal if your goal is to start building a house. He also suggests that it's a good idea to do it before you file your taxes in the current tax year. William explains that the IRS tax code allows a person to file amended tax returns in the subsequent tax year to correct where they did not take certain deductions. However, he advises that it's important to put that far enough out that it's about a year later to avoid raising any red flags for the IRS.

We also talk about the importance of good document control when it comes to taxes. Joshua and Carolyn stress the importance of having a good relationship with a tax professional and a lender. They also suggest that people should start the loan process early to avoid any last-minute issues.

Overall, the episode highlights the importance of being organized and having a trusted partner to guide you through the loan process. If you want to learn more about the loan process and how to prepare for it, I highly recommend listening to this episode.

As William says, "Preparation over pre-qualification." So, what are you waiting for? Tune in now to learn more!

Best regards,

Carolyn McMahon

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Carolyn can be found on LinkedIn at:
https://www.linkedin.com/in/carolyn-mcmahon-937b89158
Joshua can be found on LinkedIn at:
www.linkedin.com/in/joshuamcmahon15
Email for feedback, questions, complaints, etc:
[email protected]

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