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How to Remove Closed Accounts From a Credit Report - YouTube
Channel: Ask Kristin
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Today we're talking about how to
remove closed accounts from your
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credit report like a star. And
what you should avoid removing
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to know by the end of this
video, you're going to know your
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best option, should you remove
it to correct it, or should you
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leave it? Now keep in mind, a
closed account doesn't mean it's
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negative by default. So a
negative account includes at
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least a 30 day late payment or a
statement like reported as lost
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or stolen by consumer. and
removing a closed account will
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change the total length of your
credit history. And this can
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change your credit score
drastically. Now, here's an
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example. So let's say that you
remove a 20 year student loan.
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Now your credit history is based
on your next longest account,
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which in this example is only
going to be three years, how
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many points do you think you're
going to lose from going from 20
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your credit history down to
three. So first, determine if
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the account is derogatory to
begin with. Second, the side
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effect can be corrected versus
removing it to retain the
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history and third grade your
action plan based on the dispute
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type. And we're going to break
this down into closed accounts
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with less than for late
payments, closed accounts when
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more than for late payments,
charged off accounts and
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accounts that will be closed and
charged off less than for late
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payments. Now, you can remove
the late payments to have report
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as paid never late and it's like
magic, because it's possible
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because the only way to legally
verify a late payment is for
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them their creditor to furnish a
bank statement proving when your
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payment was or was not accepted
into their account. Do you
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really think they're going to do
that? Obviously not. So dispute
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directly with the Bureau's
choose the oldest late payment
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and put the burden of proof on
the Bureau's by saying you're
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not late on whatever that date
is remove this late payment
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history for inaccuracy. Okay,
now, you're disputing one thing
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to remove multiple. Now,
obviously, they're gonna fight
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you on it because they're not
there to help you. So you need
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to stick with the program and
fight this factually choose the
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next day and do the same thing.
And then of course, you can go
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after them for various
violations like notice to
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dispute the last report, etc,
and use it to get your
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corrections. So a side note on
student loans, you can find more
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information specifically for
these links in the description
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because they have a different
process and follow up entirely
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more than for late payments. So
unless you want to spend years
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of your life trying to go after
each and every late payment
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individually, you're going to
have to decide if it's best to
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leave that account and over
overshadow it with positive
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credit or delete it and you can
attack the late payments, remove
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the account or you can use
charge off tactics to remove
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that account. Now, as far as
using charge off tactics and
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removing an account 100%. I have
a bunch of videos that are
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linked in the description. Most
of them are very, very recent,
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some of them from this week,
they're going to teach you how
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to do this. Now you're going to
use charge off tactics for
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obviously, charge offs accounts
with too many late payments,
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student loan collections,
foreclosures, repossessions, and
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open soon to be charged off
accounts. Now, because there's
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no way to correct an account
like that, you can dispute it
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using any factual tactic that
goes after a deletion. So an
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example would be if you're late
on an auto loan, but you know,
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you're not going to pay it and
it's going to be repoed, you can
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use a charge off tactic train
moving entirely from your credit
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report. Another example would be
if you're only 30 days late, but
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eventually it's going to be 100%
negative or charged off, waiting
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for it to get to that point.
It's just a waste of time, and
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you should start disputing it
now. So your takeaway from this
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is very simple. Closed is not
negative by default and
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shouldn't be removed unless it's
included in bankruptcy lost or
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stolen or has more than four
late payments. And you want to
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try to keep that count on your
credit report for the history.
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So if there's less than four
late payments, update it to make
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it look like you had never paid
late. Now, if you do need to
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remove an account, use the
tactics I've given you in the
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link videos, this video and the
free resources hub.my740.com.
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But if this is just some
hing that you don't want to do s
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hedule your FREE discovery call
with me at my740.com for a cre
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it sweep and I will see if I
an help you it's really as
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simple as that. Now, that is i
for today. There's other vid
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os that are popping up on your s
reen right now but smash the
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like if you learned something
that you didn't know before. L
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ave me a comment and let me kn
w what else you want to see in
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a next video and Happy Father's
ay if it applies to you and h
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ve a wonderful rest of your week
nd.
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