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9 Most Common Credit Report Errors to Dispute for Credit Sweeps - YouTube
Channel: Ask Kristin
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Hey, it's Sunday. And I thought
it would be a great day to do
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nine most common factual
inaccuracies, because you're
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going to see these all the time
if you do this professionally.
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But even if you don't, if you're
working on your own file, then
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you are more than likely going
to see these. And I'm going to
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show you how to use them to get
your deletions. And we're
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actually going to start with the
least potent, which is going to
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be missing creditor name and
account number. And then I'm
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going to give you two of my
biggest smoking guns. And that
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is data last activity and deep
verify discrepancies. All right,
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so make sure you watch all the
way to the end, because you
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don't want to miss anything on
these most common errors.
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Because if you don't know, then
you won't be able to use them to
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get your deletions. Alright, so
let's get started missing
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creditor name and account
number. And again, like I said,
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we're starting with the least
potent, okay, so an example of
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this would just be to list that
the account was incomplete. For
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example, it's missing the date
of last payment, right, so
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delete it. Now, the credit
bureaus may just correct and
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update it. And if that happens,
you should get the docs from the
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creditor to verify that the
bureau updated correctly, don't
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think that you can't contact the
creditor because you can. Now
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most people think that you can
only contact them using the 623
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dispute. And that is not the
case, we want to fact check the
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bureau Okay, and in some cases,
the creditor is going to have no
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record of the account. And the
bureau didn't actually update
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anything. Okay. So if this
happens that they stated there's
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no record, use the letter to get
a deletion. Now, the next one is
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incorrect balances. And this is
probably not what you're
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thinking this is most common
with collections, because some
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debt collectors want to inflict
as much damage as possible to
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the consumers credit score in
order to coerce them into paying
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right. And you can't even lie
and say that you haven't heard
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about this. So you want to look
for balances that are higher
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than the high balance.
Obviously, that is a
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mathematical impossibility. But
it happens if an account has
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been sold or transferred to
another lender or a collector,
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the balance on the original
account should be zero. If they
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count is a paid charge off or
paid collection and is being
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reported and correct me
correctly, it may not be smart
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or necessary to try to remove
it. Remember, we're only trying
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to remove things that are going
to increase the score and that's
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not going to cause you more
trouble than anything else.
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Okay, so if positive and
transmitter sold but their
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original still showing open with
a zero balance and nothing
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derogatory, just leave it alone,
there's nothing to do Okay, the
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next one is incorrect credit
limits and I see this all the
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time, banks will often not
report the actual credit limits,
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but will instead use the highest
balance owed as the credit
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limit. So a $10,000 card that
has only had a $300 charge on it
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will show us a $300 limit.
Capital One and Barclay are
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notorious for this I can
literally pull like 22 different
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credit funnels from this week
alone and prove this to now high
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utilization this can make it
look like a consumer is using
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way more than they actually are.
So you have to be careful with
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this All right, so we can try to
do is mail a copy of the
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statement to the Bureau's and
ask it and yes I see two typos
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for complete reporting of the
limit. And here's the reason
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Believe it or not, it is to
prevent consumers from building
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up their credit scores Why do
you guys think that they're here
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to help they're not they're here
to make money that's all that
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this is the Bureau's you're here
to make money the creditors are
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here money to make money the
collectors are here to make
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money and that is it. Okay,
they're not here to help you. So
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they won't prevent you from
getting additional credit at
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lower interest rates. And this
helps creditors keep a larger
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percentage of consumers stuck
sub prime okay. So if this does
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not work, charge the card up to
the max without going over the
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limit and then promptly pay it
back. This is an indirect tactic
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that I went over in the indirect
dispute tactic series that you
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can find in my playlist.
Alright, collections with a
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credit limit. What a limit Yeah,
no, how can a collection have a
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credit limit? It should not if
you are seeing a collection with
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a limit then you need to dispute
it or right this can actually
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cause a lot of damage. This can
afflict more damage to the score
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because not only does the D
assigned factor into the scoring
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but the credit limit does also
right so you can go up to this
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factually ask for the deletion
based on inaccurate reporting
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have a limit on a collection.
Alright. So the definition of
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factual disputing is where you
take the facts. That's why it's
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called factual reported by the
Bureau's creditors and
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collectors and dispute the
inaccuracy is backed by these
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facts to support your argument.
All right. That is what factual
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disputes for credit sweeps
means. Now here's another one
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that you're going to see if you
have a charge off. That is not
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paid. Late pays after closed all
right.
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Okay. So if the account is
closed or charged off, there
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should be no delinquencies after
the close date. How is it
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possible that there was activity
after this account is closed? If
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the closed charge off date is
not listed on your report, you
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can call or write the creditor
to get it remember you can
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contact the creditor okay. This
does not mean that you are only
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disputing with the Bureau's All
right. So supporting docs can
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mean the difference between a
deletion and a correction. So
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with or without documentation,
factual, factually dispute the
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late pays after the close date.
All right. Also keep your eye
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out for delinquencies for zero
and incorrect notations like
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4506 charged off $123 past due
as opposed to just $123 balance.
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Okay. So there's quite a bit
that you can do and look for to
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get your deletions. But again,
we are going over the most
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common on dated late pays. Look
for undue delay payments. If
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there's no date, how do you know
they're accurate? Right, the
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Bureau's ask something like
this, please provide an itemized
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list of the dates of all the
late payments for account
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numbers blah, blah, blah, blah,
blah, blah, and blah, blah,
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blah. Contact the creditor and
get documented late payment
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dates and make sure they match
if the weights are after the
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close date. Again, ask for the
the deletion of the item with
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the Bureau's right incorrect
account types. Another common
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reporting mystery is one a
charge off is listed as an open
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account like Dude, how is that
even possible when account first
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closes and then gets charged
off? It is impossible for a
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charge off to be an open
account. It is reported as a
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loss in the account must first
be closed to become a charge
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off. This can be disputed for
removal by stating that they
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account is listed as an open
charge off and requires deletion
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for an accuracy. All right. So
what's your biggest ammo? I'm
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glad you asked because this is
number one of two of the smoking
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guns and can be used to remove
charge offs, collections,
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foreclosures, repossessions, and
more. All right, so here we go
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date of last activity just like
I told you in the beginning, the
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D o l A. This is the timestamp
of when the account was last
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permanently delinquent. So let's
say that the date of last
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activity is January 2000. Just
make this easier to understand
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most items will stay on your
credit report for seven years or
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until January 2007. Right. So
however this date can change if
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the date is read aged or moved
forward. So if you finally
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aging, which is incorrect
reporting, you can always ask
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for correction. However, I asked
for deletion. So reading is a
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legitimate problem that can hurt
your score and is perfectly
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legal, and okay to ask for
correction or deletion of the
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account that has not aged
correctly. So re aged accounts
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look newer and less sellable to
some third parties, right since
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the account is newer, it's also
more damaging to your credit
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score. So this is super
important. And I see this so
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many times. Okay, so it's not
just looking for inaccuracies,
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it's understanding why they're
inaccurate and what you can do
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about it right so check the date
last active money, each
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derogatory account across all
three bureaus, they should all
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be the true date that you quit
paying and went into default.
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All right, so if there's any
substantial difference in the
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Doa, then there's probably
region going on. So here is an
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example a charge off is reported
to all three bureaus one reports
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February 2000, the second March
2000 and the third February
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9 96. Alright, there's a four
year difference and naturally
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you want the oldest DLS acted to
be correct right. So in this
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case, two credit bureaus
probably rearrange the account
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because reverse raging meaning
moving it back is extremely
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rare. Okay, so first contact the
creditor and ask them to
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document the actual true date
last active if the doily turns
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out to be 1986 dispute the two
newer TLS item even if you don't
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contact them you can still
dispute the date last active
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because obviously we're talking
about a hole for years Okay, so
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the date last active is
incorrect and reports as dates
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and delete or you can even throw
in the fact that it's been re
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aged Okay, so if you have the
dogs from the creditor, you can
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redistribute those same items
with a copy of the creditor
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documentation showing the date
last active and again. I do see
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typos I apologize for that. I
didn't want to wait to make this
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video I wanted to get it out to
you so don't hate about my typos
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appreciate. Okay. Alright, so
let's go on to the next one.
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Alright, so the next one is
talking on number two and it is
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going to be failure to
investigate and I'm going to
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show you what I mean is is
pretty important. So D updated
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or verified D you discrepancies
right so when an item comes back
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as verified, don't always
believe it. Actually, I'm gonna
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tell you never believe it, but
which is they don't always
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believe it. So credit bureau
employees are under a tremendous
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pressure to finish disputes
quickly right? And this can
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result in numerous issues or
errors. In regards to
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verification and investigation
of disputes, alright, so names,
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all three bureaus have a
different name for that. So with
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Experian it's called the date
verified Equifax item of date
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reported, and TransUnion is date
updated verification, when ever
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an item comes back as verified
as accurate. These dates should
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reflect the month and year in
which the verification was done.
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Alright, so let's say that
you're using identity IQ such as
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I do for clients, you're going
to see date last reported. Okay,
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so date last reported is this
date that we are referring to.
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And if I see that I disputed but
the date still says something
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that has nothing to do with
let's just say July 2021, or
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beginning of August 2021, then
that means that they verified
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quote, unquote, without
investigation, alright, so many
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times these days do not change
and should if the Bureau's
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properly verify the item, right.
So here's an example, just as I
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mentioned, in addition to the
fact that you dispute an account
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in July 2007, and ask for
deletion, the D was listed as
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March 2006. The Bureau's
investigation verifies the item
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is accurate, the D remains March
2006. Hello, nothing was
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updated, and there was probably
no real investigation on that
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item. And here is the follow up,
you can follow up with something
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like this. And this is not the
only way to follow up on date I
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disputed credit or an account
number you verified the item is
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accurate. However, the D You did
not change. And now I put d u in
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the brackets because each bureau
calls it something different.
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And you want to call it what
they call it. No investigation
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was actually done. I'm
requesting deletion based upon
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the fact that you did not follow
your procedures as outlined in
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the FCRA. And you don't even
have to put that last statement.
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All right. Incorrect reporting.
So this is directly from the
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Bennett testimony, I also see a
large number of pure inaccuracy
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cases those in which an
individual item within a credit
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report is inaccurate. These
types of problems, the lacking
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of the glamour and trig and
identity theft are far more
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common, and just as damaging,
okay. So again, when you dispute
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and they don't update the ddu
that means that they did not
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investigate because if they had,
they would have updated this
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date to be when they quote
unquote, verified the negative
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item. Okay, you can get a
deletion based on this, their
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failure to properly investigate.
Alright, so if you have
[747]
questions, if you need me to
clarify something, that is what
[749]
the comments are for the comment
section. Okay, head down to the
[753]
comments, and let me know what
you're thinking. What did you
[755]
think of this? You have
questions? What is it that you
[757]
need help with? Where are you
stuck, alright, and I have a ton
[760]
of resources for you. Now, if
you want to continue with your
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do it yourself credit repair
journey, head over to
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vault.my740.com, and you'll find
a ton of awesome stup
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ndous, fabulous digital reso
rces. Okay. And now if you'
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e looking for free stuff, you
an go to hub.my740.com. And
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s usual, I have 500 videos ri
ht here on YouTube, that show
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you how to do this yourself
he right way. However, if this i
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something that you don't wan
to do, maybe it's too much for
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ou, maybe you don't have the
ime, maybe you just don't wan
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to invest into learning
ow to do it the right way. Beca
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se obviously if you don't you
do it wrong, then you're go
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ng to be adding time to your d
spute. So anyways, Whatever
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our reason, if you want to f
nd out if I could do the credi
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suite for you and get you the r
sults that you are unable to
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get yourself then head over to m
740.com and schedule a call with
[813]
me and I will see if I can help.
Alright, so that is it for toda
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. I appreciate you watching an
that is it. My friend. I w
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ll see you tomorrow. I hope you
ave a great rest of your rest o
[824]
your weekend. And today we we
t over the nine most common fact
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al inaccuracies for factual bas
d disputes. Alright, so that is
[833]
t. Have a great one. Have a grea
rest your weekend. Like I said
[835]
have a great start of your wee
and I'm going to end it ther
[838]
. Bye
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