🔮 Today we're going over power strategies for removing hard accounts from a credit report like charge offs, student loans, late payments and collections. If you would like a free consultation head to https://my740.com. I'm going to show you what to look for on the credit report itself to get the accounts removed. If you would like to check out the mini student loan course head to https://vault.my740.com
We are going to go over:
how to remove charge offs from a credit report
how to remove late payments from a credit report
how to remove closed accounts from credit report
how to remove student loans from credit report
and more!
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⭐️ Video Notes:
0:00
is only a couple different ways to go after accounts. And today, I'm going to prove to you that that is just not so. So we're going to look at a bunch of different accounts on a credit report that needs to remove including student loans, collections and charge offs. All right, exactly what you should be looking at and why you're looking at it and why it works. Okay, so let's start with the first one. And this is Naveen, which is a student loan. And they are notorious for doing one thing, and I'm going to point it out right now. Let me see if I could spotlight this. Let's see how spotlight works. All right. So if you look right here, let me just scroll down a little bit. Let's do this. Okay, we're gonna scroll down a little bit. I'm gonna spotlight what I'm talking about, just so you can see where, okay, down here in the payment history, we have October 2020 90 days late. We'll look at September. Okay. Okay. Okay. Look at August. Okay. Okay. So how is it? Tell me answer this for me posted on the comments and tell me what you think, how is it that we can be okay, for July, August and September, and then all of a sudden be 90 days late? Dude, that is not possible. Okay. And this is the way that I not only removed the entire account, but remove the late payments. And you'll see this if you take my mini course on how to remove and update student loan accounts. Alright. And I might post that down in the description. But otherwise, this is really, really straightforward. You can not have 90 days late, right after being on time for three months. You know what that means? Well, first of all, I'll tell you what it means. And then I'm gonna tell you why. It means that July, August and September are, well, actually, August and September would be 30 days, 60 days, and then 90 days late in October, if this were reported correctly, but they're reported this way, because they don't report you as late until you're 90 days late. Now. I don't care about that. I don't care about that. All right. I don't care that they wait to report usually, like they're doing you a solid or something. Okay, I don't care about that the FCRA states specifically how an account should report and how this should be handled. And guess what, it should start at 30 days late then 60 than 90. And even if it doesn't say that this means up to excuse me, August and September are reported inaccurately so you can use this to remove this account entirely. So what you would do is you would say that this account needs to be removed because August and September 2020 are reported inaccurately and not October cannot report as just 90 days late without prior late payments aren't. Now Furthermore, you can go way into the other parts of this payment history. Look, we have 120 180 180 150 This is all over the place. All right. Choose a date disputed, and you'll get it removed. Now let's look at the other parts of this account. Okay, so we have monthly payment, that's fine, that's fine. We have open date, I
3:00
don't really care about that we have balance pretty much same Yep. So number of months. So you don't have a lot to work with on this account, except for the late payment history. And I promise you, I promise you if you use this and you use it correctly, and you use it consistently with student loans, and you can get these removed. And guess what, this client has a ton of them. They have a ton of them. All right. So this is the way that you get these removed, I do it all the time. I've been doing it for 10 years, and this works. Okay. This is called factual based disputes. Now here we go with another account. This is not a student loan, this is a credit union. This is an installment secured loan. And we have late payments that are just all over the place like December 2016, we have TransUnion reports, okay, we have Experian and Equifax report 30 days late, then we have in January, six days late, but also okay for TransUnion. And then the rest of the payment history also doesn't make any sense. But prior to that, it's all on time. So there's a couple of things that we can do here. Now, because there are multiple late payments, I probably wouldn't go after this account to get it updated. But you can try. Alright, now here's another thing that you want to look at. Over here we have payment status 30 days late, but check out the balance, we have a zero balance across the board. So how can I be late by 30 days with a balance of zero? That is not possible. That's not possible. Okay. So what you can do is you can have you can first go often to late payments to try to get them updated, but you're not going to update this payment status without first going after the whole balance Trifecta thing here. Okay. So first of all dispute the whole late 30 days, zero balance issue, then go after these late payments and get them removed in groups of two. So go after December, and then January and then February. In March, and then may in June, and then end with these three here. Now, the problem is, is that this account ends in late payments, there are no further payment, you know, updated payments on here, but it's missing because the balance is zero, this client did pay this account at some point. So that means that we are missing some payment history right here.
5:21
And it says, date of last payment was 920 2017. However, where do you see that? Where do you see that on here? Do you see 920 2017 as having been paid? I don't. So what's the real deal behind this account? I don't know. I don't know. And look at Equifax. Equifax says five 120 17 Get that versus nine 120 17. So there's a lot of stuff on this account that you can work with to get this account updated. And you know, if this is just a thing of like, Hey, I don't want to update it, I want to remove it, then what you're going to want to do is go after this payment history here, mentioned that these are all over the place, you can use it as an image if you want to, but I would probably just state the dates, remove this account for an accuracy because the payment history shows bla bla bla bla bla bla. Okay, and then now let's go find another account. So I hope that this is making sense. Let's go see if we can find a charge off. I know that I saw one. Okay, so this is let's look at this one. So we have a Verizon account, Verizon is extremely difficult. And let's just pause right there just for a second. We are using factual based disputes for the credit sweep process to remove these from the credit report. Okay, we are not using regular credit repair, we are not using templates, we are not stating a bunch of loans, we are taking the information directly off the credit report. And that is why I'm showing you this stuff. All right. So let's continue Verizon Verizon is very difficult and must be disputed a specific way. Alright, so we don't have any payment history. Look down here. There's literally nothing in the payment history. And you are going to find that a lot with Verizon. Alright, so let's first look at date last active, we have 720 15 and 10 2014. Dude, we're dealing with two different years and two different months. That is not possible. So what this means is that this account is naturally going to come off at two different times one that is seven years after the 2010 2014 and other seminar of yours after 720 15. All right. So there's a lot of stuff that we can do here, look at the payment status, we have collection charge off, and we have late 120 days. How does that make sense? It does not make sense. All right. So the very first thing that you're gonna want to do is go after the date last active, then if that doesn't work, even though we're dealing with the same date, you're gonna go after a date last payment. All right. Now another thing is that this account was disputed and yet does not have a notice of dispute, which is required pursuant to section 623, within 30 days of the date that they received the first dispute, you can use that to get that account removed. Alright, so there's so many things on this account right here look paid derogatory, how can it be? Literally two totally different things, it doesn't make any sense. Use this to your advantage. All right. So let's go and look at another type of account. Here we go with Kohl's Capital One. As you can see, there's only one thing in the payment history and that is charged off. All right. Now some of these companies will only do what's called derogatory reporting, where they only report you as report on your credit report, excuse me, when you have a negative status with them, like when you don't pay a utility bill. Other companies do like the you know, life reporting of the account where they consistently report. However, if you are supposed to be reporting the length of the account that why am I only seeing charge off without any other payment history? Why is it that only Equifax is reporting a payment history? That doesn't make any sense. So we can go after missing information, but your biggest thing right here is going to be date last active Why does a date last active have such an impact? If you know the answer to this question posted down in the comments, please somebody please answer this question. Do you know why datelines active work is Do you know why this is at the top of the impact? Why is that the top of the pyramid method? Why is it the top of the dispute funnel? Well, I'm gonna answer that for you. If you don't know. Again, I already told you this is the data stipulates when the account will naturally fall off the credit report. So if it is the wrong date, if it's been re aged, it's going to add additional time to the credit report. Would you rather wait seven years as you're supposed to unless you obviously remove it before it's supposed to come off or would you rather wait 14 years if you don't realize that we're dealing with two times The amount of time if it's 14 years, if it is illegally removed, then unfortunately, we're gonna have to talk about a little bit of math All right, but using common sense, you would understand right off the bat that you would rather have it come off in less time than more time, right.
10:17
So that is why this is so important. So look at this, we have 418 2017 11 120 17, eight 120 17. And the last payment, we have 731 2017 731 2017 and eight 120 17. Furthermore, let's go and look for the notice of dispute. no notice of dispute, no notice of dispute, no notice of dispute. So this stuff right here at the bottom is so freakin important because it's going to remove the account the fastest. And the fastest. Legal deletions are what we're looking for. Okay, so let's go and check out the high balance right here where it says high credit, we have 400, zero and 291. I don't really care about the zero because zero is kind of like non reporting. But what I do care is that we have two totally different numbers 402 91. All right. So how is this possible? It is not possible, this is inaccurate, the account has to be removed. And now let's go find something else. Alright, so if you're wondering how you would use these as a dispute reason, you would very simply state that this account needs to be removed because the date last active is reported as such, the date last paid is reported as such, the required notice of dispute was supposed to be there within 30 days, it was not entered. And it needs to be removed pursuant to section 623. So on and so forth. Well, what about the charge off down here for Equifax? Why is that not on here? I mean, there's so much to use on here that like I could literally go on for like hours, and we're not going to do that. So target. Let's look at wonderful old target. So let me get the spotlight again. And let's go down here and we're pretty much looking at the same thing. Let's pull this down just a little bit. So in the payment history, we don't really have much to deal with. It's again reported as okay on Equifax and you already know that that's inaccurate because it is not reported as Okay. All right, this is derogatory, and it's also part of the wage earner plan for a bankruptcy. Okay, so right off the bat, look at the comments. We don't have the notice of dispute. Right off the bat. Look at the date last active for 2017 12 2017 and 820 17. Same year, three different months, date last paid 717 nothing and eight 120 17. This should remove the account right here. Look at date last reported. Why does the last reported matter? If you know the answer to this posted down in the comments the date reported the status update date, the status date, the status test reported date, this is all the same type of date. And what it means is when the Bureau's verified this account as or, excuse me verified it as accurate, right. So you didn't touch this account since 2017. Yet you told me this account was verified as accurate, which means that you did not do any investigation and therefore this account needs to be removed. In addition to the fact that you didn't update this date, you didn't enter the required notice dispute into the comment section, which means that this account needs to be removed. Furthermore, the date last payment is not on here and you are not reporting any payment history. All right, so remove this frickin account now. Okay, so let's go and look at a couple of other things. And we are moving quickly through this because there's a lot of information and I don't want to be explaining this stuff all day. Now this is pretty much the same thing. Now, I do have a video specifically on how to handle accounts that are only reported on one Bureau This is where understanding how an account should and should not be reported comes into play because otherwise, it's really just a thing of comparing bureaus and that's just not enough that's not going to get you the results that you need. That's not going to get you the credit score that you need. Alright, so to remove the account, we need to understand that this account should have a date last paid. We should also understand that this account was disputed and they did not enter the required required notice of dispute. We should also understand that this account was disputed and they verified it as accurate and yet did not update the date last reported which means that they did not do an investigation. All right, and where is the payment history? Where's
14:42
the payment history? It's not there. Alright, so this account needs to be removed for multiple reasons. And no, we're not going and putting all these reasons in the same account on the same letter. We are spacing them out because we don't want to put all of our ducks in one basket or all of our eggs. I don't care what you put in the basket but it's not going to be all your dispute reasons. Now this basically follows the same structure though we don't have payment history, we don't have a date last paid, they verified it and didn't update it. A bunch of stuff. Alright, so now we are going to go down. Here's a great one for you portfolio recovery. It's your favorite company, right? So they are a debt collector. And because Equifax reports the account number differently than the other two bureaus, they separate it so we have kaput, and then the account number. So because they're not reported next to each other, obviously, I'm not going to be able to show you that. But this is really, really simple. There are certain things that shouldn't report like we shouldn't have a payment history here, this claim did not pay there. So there's obviously a balance this account was was disputed and was updated after it was quote, unquote, verified as accurate, it is not late 120 days, you can use that to get it off. And that didn't last active was not seven 117. Now, that just reminded me, a lot of people get this messed up. So the way that I had to pause my recording and back up for a second, but a lot of people get this whole open date thing misconstrued. This open date is not the actual date that this account was open. So you cannot use this to get the account removed. This is the date that the collection agency acquired the account or the debt buyer acquired the account when it was purchased. Okay, so let's go and find a nother account. So this one is ok. This one is okay. This one is a collection. And we are very, very simply going to do a couple of things on this one. This is also a single reporting. So let's go look at the payment history. So payment history. And this is a beautiful, beautiful thing that we can use. There's only about like two more minutes left to this video. Here we go. Payment History. Look at these beauties down here, choose a date dispute it go back to the oldest date that you see July 2019. And say I was not late. My telling you to lie No, honey, no, I'm not telling you to lie. But what I am telling you to do is put the burden of proof on the Bureau's that is your job. Alright, put the burden on them. And it is their job to determine whether it's accurate or not. Alright, so don't have them make things be your job where they say hey, reach out to the creditor and blah, blah, blah. Okay, so now, take a look at this charge off charge off, dude, there's only be one charge off, okay, it should not be reported twice on there. Alright. Now this account was disputed recently, it was not updated, it was verified. And this is not the correct date last active you can reach directly out to that you know, the furniture, whoever they are, get the actual date last active and you can prove to the Bureau's that they are incorrect. And tell them to remove that account. Don't give them the option to just update it. Okay. Now let's go and quickly find another one this account is okay, this account is okay. This account is okay. And this account is okay. This account is okay. And this account is okay. So I believe there's another one down here. Here's the other portfolio recovery. And this is perfect. This is beautiful. We have a violation 12 120 17 this account was rearranged to 824 2021. The older date, nine times at a 10 is going to be the date that is correct. And even if it's not correct, we're going to say that it's correct because this account was re age three age is where they add additional time to it. So this means going back to the whole purpose of using dateless active but this account is going to fall off a couple of years after technically, yeah, four years after it comes off on experience. Why would you want to allow them to do that you cannot okay. And as you can see, they actually use the date that they verified it as the date that they the date last active. Okay, so this is a major, major, major violation and you need to go after it. All right. So there's so many things that you can look for on a credit report to get it removed. And it really just comes down to understanding how an account should be reported.
19:17
Here's another one. I see systems very simply use the validation of debt and reach out directly to them and W financial for Heartland clinics, same thing validation of debt, NW financial validation of debt, same thing for this. And this client actually has quite a few collections on here. They also obviously have the bankruptcy. So there is so much that you can use to get this these accounts removed every single account on here, including their bankruptcy can come off and it just comes down to again understanding how an account should and should not be reported. Okay, so I have 500 videos that show you how to dispute the right way using factual basis views for credit sweeps to get anything off a credit report collection for closure. repossessions, charge offs, late payments, bankruptcies, judgments, tax liens, you name it, it can come off as long as it's not child support that is the one thing that I do not dispute. And if you want it done for you then use the link at the top of your screen and schedule a call with me okay, because you know what, maybe you don't want to do this yourself. And that's totally fine I will help you if I can. As far as having you know, some additional help well guess what, I also have an app that does everything for you and it is called Live letter automation tool and you can use the link down to the description and this is actually the end of my launch and I even have an awesome guarantee that you are never going to see again. So go check those out. The links are at the top of the screen I have some other links down in the description for you, but I'm here to answer any questions if you have them, post them down in the comments and I will see you later but please remember us all of your available tools and options to remove your accounts before going to the CFPB because guess what, if you don't exhaust your remedies before going to them they are not going to take you seriously and you're not going to get anything to come from your complaints. Alright, so that's the end of this today we went over the specific things that you look for to remove all different types of accounts, including charge offs, student loans, late payments and some other stuff alright, so if you found value in this video and I do apologize that my computer is going off but with the whole bling blings but if you found value in this video then make sure to hit that LIKE SUBSCRIBE if you haven't done so and I will see you later. Bye
Transcribed by https://otter.ai
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