The Credit Repair Secret to Removing Charge-Offs — Transcript

Full transcript

1. 0:00Did you make this huge mistake and ruin
2. 0:02your credit?
3. 0:06You have been disputing a charge off
4. 0:08completely wrong this entire time. Stop
5. 0:12disputing the balance on a charge off.
6. 0:16It's honestly the worst thing you could
7. 0:17possibly do. And listen, I get it. Some
8. 0:19amateur social media told you, "You got
9. 0:21to dispute the balance because a charge
10. 0:23off shouldn't report a balance. They
11. 0:25must delete it from your credit report."
12. 0:27Think about it. If it was truly that
13. 0:29easy, don't you think it would be gone
14. 0:30already? Just think about this for a
15. 0:32second. If you dispute the balance on a
16. 0:33charge off, all they're going to do is
17. 0:35update it to be accurate and complete.
18. 0:37And now you have literally ruined your
19. 0:38chances of getting this item deleted
20. 0:40from your credit report. So, in today's
21. 0:42video, I'm going to walk you through
22. 0:43from start to finish on exactly how to
23. 0:46attack a charge off properly. And you do
24. 0:49not want to miss a single part of this
25. 0:51because every part is crucial to the
26. 0:53success of deleting a charge off from
27. 0:55your credit report. Now, this is not
28. 0:57financial advice or legal advice, and I
29. 0:58am not an attorney. This is for
30. 1:00educational purposes only. You should
31. 1:02know it's going to be serious when I
32. 1:03have to say that. Let's be very clear. A
33. 1:05charge off is the highest level of
34. 1:07delinquency possible to have on a credit
35. 1:09report, of course, besides a bankruptcy,
36. 1:11cuz that's really the ultimate high
37. 1:13level of delinquency. But, of course,
38. 1:15you're going to hear a lot of amateurs
39. 1:16on social media or people that are just
40. 1:18straight up trying to take your money
41. 1:19specifically say, "Oh, man, uh give me
42. 1:2260 90 days and I'll get rid of those
43. 1:24charge offs." Really? Are you serious?
44. 1:26Are you Jesus? I'm sorry. Am I talking
45. 1:28to Jesus right now? Cuz I'm sorry, I
46. 1:29didn't even know that. No, they're
47. 1:31absolutely full of it. There is no way
48. 1:34you can actually successfully delete a
49. 1:36charge off within 60 to 90 days. Those
50. 1:40are what I actually call unicorns. If we
51. 1:42can literally get them off that fast,
52. 1:43you're officially a unicorn. This is the
53. 1:45part that people never think about. It
54. 1:47literally took 6 months for this item to
55. 1:49turn into an actual charge off. You
56. 1:51really think that it's going to be able
57. 1:52to be deleted in 90 or 60 days? That's
58. 1:54really truly just being unrealistic. You
59. 1:57are in this for the long haul. This is a
60. 1:59marathon. It's not a sprint, especially
61. 2:02if you're working on your credit on your
62. 2:03own and you don't have any tactics that
63. 2:05a real true professional has. And let me
64. 2:07be honest with you, less than 2% of
65. 2:10credit repair companies out there
66. 2:11actually know what they're doing. That's
67. 2:13the sad truth about it, ladies and
68. 2:14gentlemen. We need to dispute directly
69. 2:16with the original creditor. The biggest
70. 2:19mistake that people make is they go
71. 2:20after the credit reporting agencies
72. 2:22after charge-offs. No, that is
73. 2:24completely 100% wrong. We need to battle
74. 2:28it out first with the creditor and then
75. 2:30we go after the actual credit reporting
76. 2:32agency because remember, the information
77. 2:34starts with the creditor and then it
78. 2:36goes to the credit reporting agency.
79. 2:38Now, this is where we go after the
80. 2:40creditor first. If your charge-off is
81. 2:41with a debt collector, this does not
82. 2:43apply to you. This is solely and
83. 2:45strictly for charge-off accounts that
84. 2:47are still with the original creditors.
85. 2:50If it's with a debt collector, you need
86. 2:51to go to the route of doing some debt
87. 2:53validation or possibly a refusal to pay.
88. 2:56And pay attention to this part because
89. 2:58you need to stop disputing specific
90. 3:00attributes on a charge-off. An attribute
91. 3:02is the balance, the last date of
92. 3:04activity, the first date of delinquency.
93. 3:06Leave those items completely alone and
94. 3:08do not dispute them with the creditor or
95. 3:10the credit reporting agency as such
96. 3:13because people need to understand that a
97. 3:14charge-off on a credit report has two
98. 3:16different meanings. Number one, it can
99. 3:18mean that the creditor has taken a
100. 3:19complete loss and reported it as such to
101. 3:22the IRS. And the creditor would actually
102. 3:24send you a 1099 in the mail. Now, number
103. 3:27two, if they did not report it to the
104. 3:29IRS, then they just reported it as a
105. 3:31loss on their books and they still have
106. 3:33the right to try to collect on it or
107. 3:35sell it to a debt collector. Now, if you
108. 3:37did in fact receive a 1099, then guess
109. 3:40what? The debt has been canceled and
110. 3:42satisfied. But we need to get
111. 3:44confirmation of that over the phone or
112. 3:46by letter in mail. If you did not
113. 3:49receive a 1099, then the debt is still
114. 3:51active and we need to communicate with
115. 3:53the original creditor and get them to
116. 3:55forgive or cancel the debt. Now, this is
117. 3:58where we keep it easy and simple. We
118. 4:00want to send a very simple letter to the
119. 4:02original creditor. You want to sound
120. 4:03like a human being. Don't use templates.
121. 4:05Don't use any UCC nonsense codes,
122. 4:07because you're not an attorney, and they
123. 4:09know that. Just put this in your letter.
124. 4:11"Hey, Mr. Creditor, it appears that this
125. 4:13item on my credit report has turned into
126. 4:15a charge-off, but I noticed you have
127. 4:17never sent me a 1099. Would you be so
128. 4:19kind to send me a 1099 for a
129. 4:21cancellation of this debt of this item
130. 4:23due to my financial hardship? I would
131. 4:25greatly appreciate it. I've gone through
132. 4:27a serious financial hardship, and this
133. 4:28would have helped me with my credit in
134. 4:30the future. Thank you so much." Sign it
135. 4:32and send it certified mail with return
136. 4:34receipt. Get it notarized at your local
137. 4:37bank for free, and do not, and I repeat,
138. 4:39do not call the creditor and think that
139. 4:41some representative on the phone is
140. 4:42going to be able to forgive your debt.
141. 4:44No, they're not. They're just
142. 4:46representatives that are working at a
143. 4:47call center. They don't have the power
144. 4:49to do that. So, don't think you're going
145. 4:51to be able to skip this entire process
146. 4:52by picking up the phone. No, it doesn't
147. 4:54work like that. Simply follow the
148. 4:55process. You can also send this by email
149. 4:58directly to the CEO. You can go to a
150. 5:00website called ceoemail.com.
151. 5:03Again, it's ceoemail.com.
152. 5:06This site is 100% free. Just type in the
153. 5:09name of the bank, like say Capital One,
154. 5:11and then it'll actually pull up Capital
155. 5:12One USA. But, do not click on any of the
156. 5:15ads. This is how they keep the page
157. 5:17actually running, and they can actually
158. 5:19pay for it to keep it up to date. So,
159. 5:20you can actually get all this
160. 5:21information for free. All of this
161. 5:23information is accurate data to the
162. 5:25actual CEO's email address and all their
163. 5:28information. It's pretty wild. I want to
164. 5:30give a special shout-out to all my
165. 5:31Beasters out there that are working hard
166. 5:33to fix their credit using Dispute Beast,
167. 5:34the most advanced AI credit repair
168. 5:36software ever created that comes with a
169. 5:38110% money-back guarantee. But,
170. 5:40specifically to Brandon, Brandon's
171. 5:42credit score went up 185 points after
172. 5:45just one round with Dispute Beast. And
173. 5:48Ashley, Ashley's credit score went up
174. 5:50218 points after just two rounds with
175. 5:53Dispute Beast. But let's not forget
176. 5:55about Julio. Julio's credit score went
177. 5:57up 266 points after just one round with
178. 6:00Dispute Beast. Dispute Beast link is
179. 6:02going to be pinned at the very top of
180. 6:04the comments and in the video
181. 6:05description for anyone that needs to fix
182. 6:07their credit. Now let's say
183. 6:08hypothetically you get the 1099C in the
184. 6:10mail. Now it turns into taxable income.
185. 6:12But don't freak out because there is
186. 6:14something called form 982 of insolvency
187. 6:17with the IRS. Now I strongly recommend
188. 6:20that your tax professional fills this
189. 6:22out. Once the IRS accepts it,
190. 6:23congratulations, the debt has been wiped
191. 6:26away and no longer taxable income. Now
192. 6:28it's time to attack the credit [music]
193. 6:30reporting agencies. Now we're going to
194. 6:33use the balance against them. This is
195. 6:35exactly why you don't dispute the
196. 6:37balance because now we are showing that
197. 6:39they are reporting a balance and we have
198. 6:41proof with the 1099 that the debt no
199. 6:44longer exists. So now we're going to
200. 6:46send a very simple letter to the credit
201. 6:48reporting agencies. Remember, we want to
202. 6:51sound like a human and not a robot. Say,
203. 6:53"Hey Mr. Credit Bureau, I was looking at
204. 6:55my credit report and this account looks
205. 6:57weird to me. The last date of activity,
206. 6:59the last date of payment, the account
207. 7:01number, the account balance, everything
208. 7:02on this credit item on my credit report
209. 7:05looks to be incorrect. Can you please
210. 7:07delete this item from my credit report
211. 7:08because it's not accurate and it's not
212. 7:10complete. I greatly appreciate it."
213. 7:13Last part's the most important. Now you
214. 7:15sign the letter and get it notarized.
215. 7:17This is crucial that you get it
216. 7:19notarized for free at your local bank or
217. 7:21credit union. Send it certified mail and
218. 7:23then wait 35 to 45 days, at maximum 60
219. 7:27days because they technically have 60
220. 7:30days. Nobody ever says that to you, but
221. 7:33that's a fact. But do not tell them
222. 7:35exactly what is wrong because we want
223. 7:37them to leave the balance on there
224. 7:39because we're building a case against
225. 7:41them. And you have to make copies of all
226. 7:43of your letters, everything. Now, most
227. 7:46likely you probably got a response back
228. 7:48saying congratulations, this item is
229. 7:50verified. Listen,
230. 7:52I never said it didn't belong to me.
231. 7:54That's not what I said. So, we're going
232. 7:56to send a very simple response. On such
233. 7:59date, I sent you this letter explaining
234. 8:00to you that this item is not accurate
235. 8:02and it's not complete. I want this
236. 8:03reinvestigated effectively immediately
237. 8:06because this negative item is impacting
238. 8:08my credit reports and I want it deleted
239. 8:10immediately. Send it certified mail with
240. 8:12return receipt and again get it
241. 8:13notarized. I get it, it's a process, but
242. 8:16you're making your case bulletproof.
243. 8:18When you send that second letter, you're
244. 8:19going to send copies of your first
245. 8:21letter and all of the certifications and
246. 8:23wait another 35 to 45 days or at maximum
247. 8:26again 60 days. Now, you have two rounds
248. 8:29in the books proving that they did not
249. 8:31do anything. And now, you have a case
250. 8:34against the credit bureaus and possibly
251. 8:36the creditor. Now, you can actually file
252. 8:38a lawsuit against them in your small
253. 8:40claims court in your local jurisdiction
254. 8:43per your city and your state. Now, this
255. 8:45is going to cost you a small amount of
256. 8:47money if you want to do it or you can
257. 8:48find a local consumer law attorney that
258. 8:51will take the case for you for free.
259. 8:53Yes, you heard me right. Consumer law
260. 8:54attorneys will take these cases for free
261. 8:57if you build the case properly exactly
262. 8:59as I showed you. But remember, if you
263. 9:01need to delete any collections,
264. 9:02charge-offs, or negative items from your
265. 9:03credit report and you don't want to do
266. 9:05any of this, make sure to watch this
267. 9:06video right here because it's going to
268. 9:07show you how AI will do all the work for
269. 9:09you, mail your letters, and it comes
270. 9:10with the 110% money-back guarantee. And
271. 9:12if you felt that I brought you some
272. 9:13value in this video, make sure that you
273. 9:15don't forget and subscribe to increase
274. 9:16your credit score.