7 Derogatory Credit Report Account Types & 19 Dispute Reasons

🔮 Today we're going over 7 derogatory credit report account types and 19 reasons to dispute them. I've created a sort of glossary that can be accessed at https://lynxshort.com/bxpnl If you would like to learn what each account type means, what a derogatory mark on a credit report is, as well as check out a few examples, then this is the video for you. I also provide a mindmap that goes over 19 different account elements that can be used to dispute the derogatory accounts to remove or correct them and the link can be found inside the glossary. ✨ Check out all 3 credit reports and scores with the same credit monitoring I show in my videos and use for my clients with IdentityIQ: ✨ https://member.identityiq.com/help-you-to-save-money.aspx?offercode=431134PT 🧙‍♀️ GET HELP WITH YOUR CREDIT JOURNEY DIY awesome free tools, tutorials and downloads - https://vault.my740.com 🦸‍♀️ DFY credit sweep service free consultation 🦸‍♀️ https://my740.com Let's jump on a call and see if I can help! ⭐️ Video notes We're breaking down different account types and elements so that you know exactly what they are so that you can use them to remove collections charge offs, repossessions, foreclosures, late payments, inquiries, so on and so forth. Okay, so thanks for requesting this. And let's get started, make sure to watch to the end because not only am I going to break down account types, but I'm going to show you exactly what these elements are, how to use them to get your results. So let's get right to this and you can access this using the link down in the description. Now, one of the most important elements of disputing is to understand account types elements, like I mentioned, you need to know what each of them are to understand how to use them. And this is why I've created this glossary of sorts that will break down and explain account types, like collections and charge offs, as well as account elements like date, last active balance, so on and so forth. And we're starting with collections third party. So, this is when the account is transferred to collections, this is when the original creditor has transferred the account to a collection agency due to non payment timing for this to be transferred to collections would all just depend on the contract with the original creditor. So some transfer after one month of non payment some six months some after a year, etc, right? Neither creditor nor collector are paid unless the debtor pays on the account and example this agreement would be 6040 or 4060 payment terms. Now the next one is going to be a debt buyer collection and these are significantly more difficult. Alright, so this is one that is sold to a debt buyer or purchaser right. So this is what y'all refer to as a junk debt buyer. Okay. This is when the original creditor has sold the account to a debt buyer, an example would be original creditor Capital One sold a $10,000 debt to portfolio recovery for $2,000. Cap one then claimed the 2000 as income and writes off the 8000 portfolio then attempts to collect for $10,000. That count is normally sold after about six months. The next one is going to be a charge off this is when the original creditor writes off a debt as a loss. This is not a collection and is still owned by the original creditor and account does not need to go out six months to be charged off. And you'll see this a lot with repossessions and speaking of which we're talking about voluntary or involuntary repo voluntary is where you gave the vehicle back voluntarily and involuntary is where it's basically taken back. So just when they take it from your driveway. Okay, short sales and foreclosures This is one of the mortgage property is obviously reclaimed after the mortgage or fails to pay. Now hard inquiries now we have soft inquiries, which only you see in hard inquiries. So a creditor inquired into a consumers credit report and the inquiry shows his creditor name and the date of the inquiry being you know, occurring, right? Late payments. Consumer does not pay for an account on time or within the grace period of one exists. Some consumers argue that they were not 30 days late and that they were only attendees like it still reports the same regardless, because if it's in within 30 days after payment was due, guess what? It's 30 days late. Now how to remove these negatives, and obviously I have 800 videos that break this down and explain it. But whether an account is accurate or inaccurately reported on one's credit report, it still must be legally verified right? Most important thing to understand about this, and this is why factual based disputes work and account may state that a consumer has a balance of like to say $10,000. But whether it's reported accurately or inaccurately, must be legally verified by initiating an investigation with the credit bureaus.