If there was ever a podcast episode you didn’t want to miss…
THIS is it!
In today’s podcast episode, this Credit Repair Millionaire teaches dispute tactics about…
How the Bureau’s process dispute letters…
How to remove student loans…
The strategy for removing collections…
The secrets to remove late payments…
And so many more SPECIFICS about his top-secret credit repair strategies!
You seriously don’t want to miss this amazing interview with Millionaire's Club Member, Bruce Politano!
10 years ago, Bruce was working for a credit repair company that had grown from 4 to 400 employees in just a couple of years.
Until he found out about the shady tactics that his company was using to take advantage of credit repair…
After that, he decided that he wanted to start over again cleanly, by starting his own credit repair company. Since then, he’s grown it to over a million dollars in revenue, and he hasn’t looked back since.
And today, he handles more disputes than anyone else I know!
Head over to YouTube to watch the full interview with Bruce but here’s a few highlights…
I think that this is the foundational knowledge of any credit card company. So you create the dispute letter in Credit Repair Cloud, you print them and then you put it in an envelope. And then you put the postage on there, and it goes to the mail system through USPS. USPS is then going to deliver that envelope to the credit Bureaus.
The Bureaus are receiving 1000s of letters a day. When the mailman comes to the credit bureaus, they come with multiple bins filled with envelopes. Somebody just takes those bins, and now they're in the Bureau. Now think about certified mail. It's the same process, nothing changes. The only difference is that now somebody is actually signing or there's proof that it got to the Bureaus. So the only difference between a certified and a non-certified is to certify you have proof that an envelope got delivered to that address. My personal advice is to save your money on certified mail.
So now the Bureau has stacks of envelopes that they've got to go through, right? What happens is those envelopes get opened by a machine. And now someone is actually looking at that letter. They're skimming that letter just to try to figure out what kind of letter is this. So they have different categories for each type of letter that they get. They're not reading all the pages of the letters, they're just trying to get an idea.
Now, the biggest myth that I think we have is that some letters don't get investigated. And that's not true. Every single letter that they get gets investigated because they have the duty to investigate it. The Bureau can assume that the letter did not come from the consumer, but they can't prove it. Therefore they can still they still have the obligation to investigate every letter.
The Bureau then has this letter, and they all go through what's called their E Oscar system. E Oscar is nothing more nothing less than a system that the Bureaus use to communicate with the data furnishers in an electronic fashion. But what information is being communicated between the Bureau and furnisher? That's what the dispute letter is about. So the dispute letter gets scanned into the Oscar. Now, this is where actual humans get involved.
They're going to read that letter. They're finding the disputes on the letter, and they're entering your code for those disputes. That's what's being communicated via E Oscar to the furnisher. So now the furnisher has to do an investigation on their end. And then they have to respond back with a code to the Bureau and it's either verified or updated or deleted.
So the furnishers now respond to the Bureau. And what do the Bureaus do? If it's just verified, then they don't change anything. If it's updated, then whatever new information gets transmitted to the Bureau. If it's deleted or no response from the furnisher, the Bureaus delete it or if the furnisher says to delete it, the Bureaus delete it. And that's how the investigation happens. There's a lot more to it. But that's in a summary. That's what it is.
What is your secret to permanently deleting a bankruptcy or other public records from a credit report?
So there's a strategy that has been working for many years, and it's starting to start to phase out. But it doesn't matter because it's still a powerful strategy. When you look at a credit report, the Bureau says the furnisher of the data is the courthouse. When you look at the credit report, it says US bankruptcy court XYZ as the furnisher. If you go down to the creditor's information, they have the bankruptcy court information there. So the Bureaus are saying the furnisher of this data is the courthouse. So then what do we do? We send a letter to the courthouse, and we say, “Hey, do you verify or report information to the credit reporting agencies? The reason why I'm asking? I see it on my credit report. They're telling me you told them that you're reporting this information to them. Please let me know if you do this or not right.”
And then we send them another little piece of paper with the letter that says a little box that says, “yes, we verify information with the Bureau or no, you know, we don't verify information of the Bureau”. And there are lines for them to write explanations. And then we also include a return envelope as well with the customer's address and name. So all they have to do is put their response in there and put it in the mail. It's already pre-stamped and everything.
And what happens is, when the court replies, say they reply, no, we don't report anything or verify anything with credit reporting agencies. Now, you take that, and you send that to the Bureau and you say, “Please explain. You're saying they do. They're saying they don't. Who do I believe you're obviously telling me a load of crap? Delete this from my credit report immediately, because I have proof that you're reporting inaccurate information like the wrong furniture. That's damaging.”
A lot of times, the court may not reply the first time. I have to have hit them a couple of months before they finally reply but some courts now have like a template already that they send. And I have leverage, as the Bureau continues to verify, go to the CFPB website and file a complaint with your leverage. Because they may play around with you. They're not going to play around with the CFPB. That is awesome. By the way, they get their information from Pacer, which is a public record database. That's where they're really getting information for.
What's your advice to someone starting out with a brand new credit repair business?
I have two. You have to determine what do you want more. Do you want more to be an expert in credit repair, and know all the ins and outs? And how to get all the laws and study everything and be an expert in how to get things removed. Or do you want to be an expert business owner that grows and scales a successful company? Because you can't do both. Well, you have to choose one. There's no right or wrong answer. It's up to you. If I want to know exactly what I'm doing to perfect the craft, then I'm gonna find a way to really monetize that. But if I want to find a way to really scale my business and grow my business, every second that I spend reading these laws, I'm not spending growing my business. So make a choice. Do you want to be the expert and know all the ins and outs? Or do you want to really grow and scale your business to you know, whatever revenue you want to achieve? You got to choose one.
Now Bruce shares SO many amazing golden nuggets, there isn’t room for them all in this blog. Go check out the full episode on YouTube to learn more of Bruce’s secret credit repair hacks!
And one more thing! If you want to get certified in disputing and launch your very own credit repair business in just a couple weeks, I invite you to join our Credit Hero Challenge!
It’s an amazing program that has helped tons of Credit Heroes get their first clients, get certified in disputing, and gain confidence in knowing they are launching their credit repair business on a solid foundation that allows them to grow and scale FAST!
We’re starting the next challenge in just a few days, so SIGN UP NOW at creditherochallenge.com!