Today we're starting a new series: the Credit Sweep Cheat Sheet series and this is volume 1. When we're done, each of these will be compiled into a book and made available to you. If you would like to learn how to do factual based- disputes to remove virtually any negative account from your credit report the right way, check out the links below:
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⭐️ Video notes:
I hope you are in the mood to
learn, because today we're actually starting a new series
and this is the credit sweep cheat sheet series. And this is
volume one. All right. So this may be a little bit longer, but
you're gonna learn. So make sure you like this video because
you're gonna find it valuable and subscribe if you haven't
done. So, because you need to learn this stuff so that you can
remove your, I get of items and have the right mindset to
actually go through the process. All right. So let's start with
the FAQs. What business are the credit bureaus in data business
they obtain, maintain and sell your information. Don't get it
twisted. Okay. How many accounts should be disputed per letter, a
max of 10 per letter unless medical collections. And just so
you know, an unlimited number of medical actions can be disputed
per one letter. How many dispute reasons should be per account?
One reason per account, unless blatant inaccuracies used are
virtually certain to remove the account on that round. Now let's
pause right there real quick. If you wanna learn how to do
factual based disputes and do it the right way, head over to
vault.my seven forty.com or Hey, if you don't wanna do any of
this stuff because you just don't wanna learn it, that's
totally fine. Maybe you don't have time cut over to my seven
forty.com and see if I can help you and do a credit suite for
you. Now, the last note that I wanna give you is that I'm gonna
take all these cheat sheets and turn it into a book that will be
available when I'm done with all of my cheat sheets. Right? So
let's get back to it. How long should I wait between dispute
rounds to the credit bureaus 30 days? Do I have to wait for a
response from the bureaus before sending another letter? No, the
CRAs may or may not respond in all required information can be
extracted from a new credit report. What happens if the
bureaus don't respond, pull a new report, check for updated
info and then write a dispute letter using the new and
relevant data for a dispute reason for each account. Do I
have to send certified mail with return to receipt? You may send
dispute letters via regular mail. They do not have to go out
certified. They can though, if that's your prerogative, all
right, what's the difference between a factual dispute and a
regular credit repair letter credit repair dispute letters
are normally law, heavy cookie cutter disputes and factual
dispute letters are custom and include dates and balances
directly taken from the credit report. Metro two format. The
Metro two file format is a particular type of file used by
credit, excuse me, creditors, to send data to the credit bureaus.
And it's the format through which data gets added to their
credit bureau databases. So a Metro two file is a database
file with fields to match virtually everything you can
imagine related to creditor, excuse me, credit and consumers.
It was created by the CRAs in the nineties to replace the
Metro format, which had been used since the seventies and all
reporting to the CRAs is now done through Metro two, the
control and manage the Metro two format and related
documentation, educational materials through their
self-made trade organization at the C D I a consumer data
industry association. Now take special note that the bureaus
control and manage the Metro Q pharma and its related
documentation. A credit report is nothing more than a human
readable representation of the result of a database query. The
databases belong to the CRAs and are controlled by them. The
query formulas themselves are extremely complex and are also
owned and closely guarded by the bureaus. Each bureau has its own
database structure and format, and therefore its own query
formula for searching through data to generate credit reports.
Now bureau database query queries use what is called a
matching algorithm to determine what data belongs on a credit
report right now protecting the bottom line. This is the most
important part of this. A large part of credit repair involves
correcting or removing incorrectly reported negative
items from the consumer's credit report, obviously, right? The
credit repair process, as you might have guessed is seriously
affected by the credit Bureau's conflict of interest. Now here's
why number one, removing a negative item hurts profits
because it makes consumer data less valuable. Remember,
subprime data is the most expensive in demand data and the
most profitable. So number three, removing negative items
and repairing trash credit reports reduces the amount of
subprime data that the bureaus have to sell to lenders. Okay.
This is super, super important spending time to verify an item
cuts into profits because in theory, they have to pay a human
being to do it, or at the very Lee, they have to maintain the
systems through which disputes are handled right now. The most
profitable course of action for the credit bureaus is to adopt
practices and policies that keep more people in the subprime
market. So to illustrate, imagine for a moment you are the
credit bureaus. You get a letter in the mail for John Doe's
credit report. And it seems according to John DOE that there
are some incorrect, negative vitamin that shouldn't be there.
But wait, this means that John is part of the profitable
subprime market. Plus fixing the problems means actual work,
which costs money after thinking to yourself for a short while
you get an idea, Hey, what if we just blow off this John dough
guide, chances are, he'll give up after one try or two, and
it'll keep him profitable and saves us money. Let's just
ignore this letter. And if he writes again, we'll just send
him back. Something that says looks right to us. This is
essentially what the credit bureaus have done, and it is
precisely why the need for credit repair exists. And it's
because of this conflict of interest that the bureaus aren't
too excited about your efforts to improve consumers, credit
scores, they drag their feet, lie about investigations and
say, the items are verified when nobody has really checked
anything and more, yes, there are laws and rules to prevent
this stuff, but they routinely break these rules. Since most
people, especially those who don't know the rules give up
after the first roadblock, it is far more profitable for the
bureaus to break the rules than it is to bother with obey them.
Credit bureaus do not get any benefit from correcting items on
a credit report. Okay. So no, they're not there to help you,
but guess what? Yes, there are laws, but again, they use them
as guidelines. This is consumer law. They are not, you know,
banging on doors with warrants or anything like that. So this
is why it's so important for you to know how to do this the right
way and to get the job done. All right. So go and learn and
remove your negative items. Be prosperous and succeed with this
so that you can move on with your life and head over into the
fifth phase of fixing your credit, which is just on your
score and getting to that reward stage. Right? So that is it for
today. This is again, a new series with cheat sheets and
this information is actually being taken from my course. All
right. So that is it for today. Smash that like subscribe if you
haven't done. So I will see you tomorrow and if you need help,
the links are down in the description, head there, and I
will you tomorrow to.
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