🔮 If you'd like help fixing your credit head to https://my740.com for a free credit sweep consultation. Today we're going over the top 9 most common credit report inaccuracies and how to remove them from the credit report.
We cover:
date last active
date last paid
balances
limits on collections
sold/transferred account balances
late payments
status update date/date last reported
and more!
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⭐️ Video Notes:
0:00
These are nine of the most common factual inaccuracies. And if you stay to the end of the video, you're going to learn exactly how to use them to get your deletions. And I don't care if you're disputing a collection, a debt buyer a late payment, a charge off repossession or foreclosure, you're going to know exactly what to look for, on your credit report to get these things removed. And we're going over things like missing creditor name and account number and credit balances, undoubtedly payments, date, verified discrepancies data last activity, incorrect account types and more. So let's get started. Now, if you want to see if I can do a credit sweep for you make sure that you use the link at the top of your screen and down in the description to schedule a call with me for a credit sweep. And I'll see if I can help. Alright, so here is number one missing creditor name and account number. And this is probably the least potent of factual errors. So look for but if there is nothing else that you can find, you can dispute it. Now an example of a dispute reason for this would be this listing is incomplete, it's missing the data loss payment, deleted, the credit bureaus may just correct and update it. And if that happens, you should get the docs from the creditor to verify the bureau updated correctly. And in some cases, the creditor will have absolutely no record of the account. And the bureau didn't actually update anything because remember, there's no people on this. There's no investigation, everything is processed by computers, right. So if the creditor states, there's no record, you can use this letter to get a deletion. Now, incorrect balances. So this is the most common with collections because the debt buyer collectors want to inflict as much damage as possible to consumers credit score in order to coerce them into paying, right so we're looking for balances that are higher than the high balance. And obviously that's a mathematical impossibility put it happens. Now things that count has been sold or transferred to another lender or collector, the balance on the original account should be zero. And if the account is a pain charged off or paid collection, there's been reported correctly, it may not be smart or necessary to try to remove it. Now removing neutral items can sometimes cause the consumers credit score to drop and I apologize for the typos on here know if positive and transferred or sold. But original creditor still showing open with zero balance and nothing derogatory. Leave it alone right now, incorrect credit limits. Now, banks will often not report the actual credit limits, for example, Barclays and Capital One, but will instead use the highest balance owed as the credit limit, right. And obviously, that's not accurate. That's not correct. So a $10,000 card that only has $300 charge on it will show a $300 limit now Capital One and Barclays notorious for this, like I said, so keep this in mind. Now high utilization, this can make it look like a consumer is using a lot more of their available credit than they actually are. Now, here's the reason it's to prevent prevent consumers from building up their credit scores and getting additional credit at lower rates. Remember, everything is money for them right they obtain meaning and sell information to the the actual data furnisher the lenders such as Capital One, and they want to charge you higher interest, right. So this helps creditors keep a larger percentage of consumers stuck in the subprime market, more profit because it keeps away lower interest competition. Okay, now, mail the statements, try mailing a copy of the statement to the bureaus and ask for complete reporting of the limit. And if this is not work, charge the card up to the max without going over the limit and then promptly pay it back. This is the indirect tactic that I went over in the indirect dispute tactic series that you can find in my playlist right now collections with a credit limit, how is there a limit? How can a collection account have a credit limit? Now, this may inflict more damage to the credit score not only because of the date assigned factor with the scoring but the credit limit may also go into your numbers right? So we do not want this to show as if you're a paying on something or that you have more credit or a credit limit that you don't actually have right. So, they with this type of account, you can ask for the deletion based on the inaccurate reporting of the limit on a collection okay. Now, the definition of factual disputing is where you take the facts reported by the Bureau's creditors and collectors in dispute, the inaccuracy is backed by these facts to support your argument. Okay, that is factual disputes for credit sweeps. So if you want to remove these accounts from your credit report, the fastest way besides, you know, going after your privacy violations and whatnot, is going to be factual based disputes. Alright, so here's another one late payments after the account was closed.
4:57
Now if the account was closed or charged off there should not be any delinquencies after the close date. So if the clothes or charge off date is not listed on your credit report, you can call or write the creditor to get it now supporting docs can mean the difference between a deletion and correction right, with or without documentation, factually disputing your late payments. After the close, they can remove the account, okay, also keep an eye out for delinquencies for $0. And the incorrect notations like 4506 charged off 123 Past Due as opposed to just $123 balance, okay, now unneeded late payments, so you're gonna want to look for undated late payments, if there's no date, how do you know that they're accurate? How do you know that I was late, right the bureau and ask them something like you know, please provide an itemized list of lates. You know, the late payment dates for account numbers XYZ. And you can also contact the creditor and get the documented late payment deeds and make sure that they actually match. Now, if they don't, you're going to do the same thing. You're going to reach out to the Bureau's and you're going to say, hey, look, this stuff doesn't match, they don't have any dates. Or this doesn't match what the creditor has removed these late payments from my credit report, or they account entirely now incorrect account types. Another common reporting mystery is when you know a charge off is listed as an open account, it's impossible for a charge have to be an open account, it's been reported as a loss and the account must first be closed to become a charge off. This can be disputed for removal by stating that the account is listed as an open charge off and requires deletion for an accuracy. Now, another thing to keep in mind is this. I see this all the time with collections, a collection must actually be closed, you cannot have an open collection. Okay, now, what's your biggest ammo? Now, I'm glad that you actually asked because I'm going to give you one of the biggest impact tactics. And I'm not seeing the words on the screen because of demonetisation. And it can be used to remove your charge offs, collections, foreclosures, repossessions, and more. Alright, and Alright, so we have date of last activity, and I would actually know put a date of last payment on top of d of last activity. Okay, so and that's because it's a timestamp of when the account was launched permanently delinquent. And so let's say that your data last payment not activity is January 2000. Right? Most items will stay on your report for seven years, or until January 2007, right. However, the DT can change if the date is re age or move forward. And if you find re aging, which is incorrect reporting, you can also ask for correction. Okay. Now, another big impact tactic is failure to investigate. Now, let me show you what I mean. So the D updated or verified discrepancies occur when an item comes back as verified. And the Bureau's actually, you know, say hey, you know, it's verified but they don't update it right. Now, credit bureau employees are under tremendous pressure to finish this quickly when they actually go to a person which doesn't happen frequently because of automation. And this can actually result in numerous issues or errors in regards to verification and investigation of disputes. Right. So with names you want to remember that all three bureaus have a different name for the D updated or verified, okay, so Experian calls it D verified, Equifax is item of dt reported TransUnion calls it D updated verification. It's whenever an item comes back as verified as accurate, and these Digital's reflect the month in which the verification was done, and many times these, these dates don't change, and should, as I mentioned, the bureau have properly verified the item, right. So let's say then, you know, you dispute it in July 2007 and ask for deletion. The d u is listed as March 2006. If the Bureau's actually investigated it would it change to July 2007. But if it means March 2006, it means that the bureaus probably didn't do any real investigations, and you can always follow up with something like this on date I disputed the creditor and account number you verified the item is accurate. However, the date updated did not change. No investigation was actually done and requesting deletion based upon the fact that you did not follow your procedures as outlined in the FCRA. And then for incorrect reporting, and this is from the Bennett testimony. I also see a large number of pure inaccuracy cases those in which an individual item within a credit report is inaccurate. These types of problems the lacking the glamour and the intrigue of identity theft are far more common and just as damaging, all right. So if you want to see if there are Do It Yourself tools that you can check out you can go to links short l y NX short s h o r t.com forward slash offers, you can go to the do it yourself all@vault.my Seven forty.com
9:50
You can check out some awesome resources at hooked up my seven forty.com or you can check out if I can do a credit suite for you by going to my site One forty.com And that is it for today click on one of the other videos
Transcribed by https://otter.ai
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