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LEARN HOW TO START, RUN, OR GROW YOUR CREDIT REPAIR BUSINESS

Credit Repair Old Wives’ Tales Exposed!

By: Daniel Rosen July 07, 2020

Have you heard of the “Magic 609 Dispute Letter” guaranteed to erase any negative remarks on your credit score? 

Did you know if you wear red socks when you send in your letter, you have a better chance of getting an item removed? 

Oh! And don’t forget to write your letters in all different fonts, so the credit bureaus don’t throw them out!

And one last thing… NONE OF THAT IS TRUE!

It’s all a bunch of MIS-information and credit repair old wives' tales!  

In this blog and in my recent podcast episode, I’m exposing the truth about what works and what doesn’t so you’ll never be duped by another troll on Facebook, or an “overnight credit repair guru” ever again!


How many of these crazy old wives’ tales have you heard? 

  • You’ll get way better results by tricking the credit bureaus. Sure. Go ahead and write dispute letters in different fonts and different colors, or use different colored paper, or use a word spinner to confuse the bureaus. This way their automated system won't flag it. WRONG! Nothing could be further from the truth. Every dispute letter is handled the same way no matter how it looks or what it says. They are looking to identify the error and the reason why it’s wrong. Period. 
  • The “Magic 609 Letter”. People sell this totally useless letter that claims, by asking for proof the bureaus can't provide, it’s an automatic deletion. This is a scam. The actual section of the FCRA that relates to your rights, it’s section 611. However, even then, the myth they are selling is totally bogus! Don’t fall for this nonsense. 
  • Have you seen what happens when you do a quick search for fast credit repair? If you do, you'll find thousands of results from companies claiming they can increase your score to 800+ overnight and remove “anything and everything” from your credit. Is this true? NOT A CHANCE! It takes nearly three decades of good credit history and habits, to get above an 800 score! Don’t trust anybody that says otherwise!

 

It’s important to remember, just because someone wrote it on the internet doesn’t make it true. Credit repair isn’t about tricking the system. It’s not an overnight miracle cure and there is no magic dispute letter.

 

How To Effectively Dispute An Item On Your Credit Report

Disputing is all about using the law in your favor and stating facts. It’s about being persistent and never taking no for an answer. It’s about educating your clients and empowering them to live within their means and to be responsible. It’s about doing a service for your community. 

It’s true that you can often remove even accurate negative items, but not with gimmicks. It takes hard work.  

The fact is, our most successful Credit Heroes - those who quit their 9-5, make a six-figure income, and even our Millionaires Club Members, they don’t pay any attention to old wives’ tales! Because they know they don’t work.

 

Why Is This Important? 

  1. The pros all understand that half the job is educating clients to pay down balances. Generally speaking, the more available credit you have, the better your score will be. So keep credit card utilization as low as possible (as in never spend more than 30% of the available credit line, and advise your clients to stop applying for ANYTHING unless they have no credit and need to establish some).  
  2. In the grand scheme of things, the only credit bureaus that matter are Equifax, Experian, and TransUnion. Any service that offers tri-merge reports, scores, and credit monitoring is a reseller of data from those same credit bureaus. The only reason credit scores may vary from one credit monitoring service to the next is that there are different scoring models, that have different algorithms and calculate scores differently.  
  3. Also, scores shouldn’t really matter to you! They’re irrelevant. What truly matters is that you correct the errors. That’s what you’re being paid to do. You do this by educating the client to change their habits so they don’t end up in trouble again. If you do those two things, the scores will automatically increase. 

 

What You Need To Know About Increasing Your Credit Score

What do you need to know to increase your own score and coach your clients to increase theirs?

Here are four tried and true methods you can implement immediately to see fast and real results. 

  1. Facts, Facts, And Only The Facts
    If you can identify the error and have any supporting documentation, just state the facts, and point to the evidence. 
  1. Don’t Over Dispute
    Don’t get carried away and dispute too many items at once. The experts all agree that disputing less than 5 items per bureau, per cycle will get you consistent, positive results. In fact, the biggest credit repair company in the world only disputes 2 or 3 items per month. If you don't follow this rule, there is a very high probability your disputes get flagged as frivolous which can really slow down progress. 
  1. Be Prepared To Be Ignored
    Be prepared for the credit bureaus and furnishers to ignore you, to give you cringe-worthy responses, and to do everything within their power to convince you they are not going to budge. This is expected.  
  1. It’s A Fight To the Finish
    Credit repair is a fight that you can’t back down from. You’ve got to be persistent and apply constant pressure. Your clients are counting on you! If your disputes come back as “verified,” don’t give up. 

You can send a warning, you can request the method of verification, you can file a complaint or you can go directly to the furnisher and demand validation.  

If that doesn't work, you can always start over at the beginning. You’ll truly be amazed, at how a little bit of persistence and pressure can move mountains. 

In the end, the truth is, the color of the ink, the style of the font, a magic letter, or the color of your socks and what you had for breakfast have ZERO bearing on your success. It’s your knowledge and your determination that will really move the needle.  

Just like it did for one of our Millionaires Club Members, Samuel Naquin, from Austin, Texas. He has a passion for educating people in his community, beyond just deletions and corrections. 

He serves over 1,000 clients every month by helping them understand if they’ve gotten rejected on a home loan - it’s not a “NO”, it’s just a “not right now”. 

He knows he can truly change lives by educating people on what they can do differently to help increase their score and to really make their dreams come true. 

No gimmicks. No tricks. Just results for his clients. We love Samuel and he’s doing an incredible job out there in Texas!

So if you’re just starting your business and are finding yourself getting trapped with crazy ideas of how to “trick the system” and you want to know how to do battle with the credit bureaus and debt collectors and actually WIN - we’ve got a program that will not only certify you in disputing, but it will also give you hyper-focused attention as we hold you by the hand while you launch and scale your credit repair business. It’s called the Credit Hero Challenge and I want to invite you to join today! 

 

 

Be sure to subscribe on your favorite platform below!

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Topics: Podcast

Transcript

0:00  

Hey, I've got a question for you. But it's kind of a hush-hush topic. So come in close. Okay. Are you listening? Have you heard of the magic 609 dispute letter guaranteed to erase any negatives on your credit score? And did you know if you wear red sox when you send in your letter, you have a better chance at getting an item removed? Oh, and don't forget to write all your letters in all different fonts. So the credit bureaus get confused and don't throw them out. And one last thing. Come in real close for this one. Are you listening? None of that is true. It's all a bunch of hooey. It's credit repair old wives' tales. In this episode, I'm going to tell you the truth about what works and what doesn't so you'll never be duped by another troll on Facebook or an overnight credit repair guru ever again. So stick around. 

 

So the big question is this, how can we take our passion for helping people with their credit and turn it into a successful business without taking loans without spending a fortune by bootstrapping it from nothing, so we can help the most people and still become highly profitable? That is the question and this podcast will give you the answer. My name is Daniel Rosen, and welcome to Credit Repair Business Secrets.

 

How many of these crazy old wives tales have you heard? How about this one, you'll get way better results by tricking the credit bureaus. Yeah, go ahead and write your dispute letters in different fonts and different colors or use different colored paper or use a word spinner to confuse the bureaus, and this way their automated system won't be able to flag it. Wrong! Nothing could be further from the truth. Every single dispute letter is handled the very same way, no matter how it looks or what it says the bureaus they are looking to identify the error and reason why it is wrong, period. Or how about this one, the magical 609 letter. People sell this totally useless letter that claims that by asking for proof that the bureaus can't provide that you get an automatic deletion. This is a scam. And the actual section of the Fair Credit Reporting Act that relates to your rights. It's not even numbered 609 it's section 611. But even then, the myth that they are selling is totally bogus. Don't fall for this nonsense. Oh, or have you ever seen what happens when you do a quick Google search for fast credit repair? If you do, you'll find thousands of results from companies claiming that they can increase your score to over 800 overnight and remove anything and everything from your credit. Is this true? No chance hit takes nearly two or three decades of good credit history and great habits to get above an 800 score. So don't trust anybody that says otherwise. Just because someone wrote it on the internet does not make it true. Credit Repair isn't about tricking the system. It's not an overnight Miracle Cure, and there is no magic dispute letter. It's about using the law in your favor and stating facts. It's about being persistent and never taking no for an answer. It's about educating your clients and empowering them to live within their means and to be responsible. And it's about doing a service to your community. Yes, you can often remove negative items that are accurate, but not with gimmicks. It just takes work. The fact is our most successful Credit Heroes, the ones who quit their nine to five job, make a six-figure income and even our Millionaire's club members. They don't pay attention to old wives’ tales, because they know they don't work. Here's why this is important. The pros, they all understand that half the job is educating your clients to pay down balances. Generally speaking, the more available credit you have, the better your score will be. So keep your credit card utilization down as low as possible, like never spend more than 30% of the available credit line and advise your clients to stop applying for anything unless of course they have no credit and they need to establish some in the grand scheme of things. The only credit bureaus that matter are Equifax, Experian, and TransUnion. Any service that offers try and merge reports scores and credit monitoring is a reseller of data from those same three bureaus. The only reason credit scores might vary from one credit monitoring service to the next is because they sometimes use different scoring models which has have different algorithms, and they calculate the scores differently. But scores shouldn't really matter to you scores are irrelevant. What really matters is that you correct the errors. That's what you're being paid to do, and to educate the client to change their habits so they don't end up in trouble again. And if you just do those two things, the scores going to increase. Okay, so here's what you really need to know. The only things that matter are these facts. If you can identify the error and have any supporting documentation at all. Just state the facts and point to the evidence, don't get carried away and dispute too many items all at once. The experts, they all agree that disputing no more than five items per month per bureau will get you consistent. positive results. In fact, the biggest credit repair company in the world. I don't want to say their name out loud, but their initials are Lexington Law. Well, they only dispute two or three items a month. I think five is good. Some people send more and that's okay. But if you're just starting out, my advice is - take it slow. Okay, it because if you're not careful here, and if you send too many disputes all at once, there's a very high chance that your disputes will get flagged as frivolous. And that can really slow down your progress. Be prepared for the credit bureaus and the furnishers to ignore you, to give you cringe-worthy responses, and to do everything within their power to convince you that they are not going to budge. That's their job. So this is expected okay, but credit repair. It's A fight that you cannot back down from, okay, you've got to be persistent and apply constant pressure, your clients are counting on you. So give them hell. If your disputes come back as verified, don't give up, you can send a warning, you can request the method of verification, you can file a complaint, or you can go directly to the furnisher and demand validation. And if that doesn't work, you can always start over at the beginning and you may get different results. Okay, you will truly be amazed at how just a little bit of persistence and pressure can move mountains. In the end, the truth is the color of the ink the style of a font, a magic letter, or the color of your socks or what you had for breakfast. They have zero bearing on your success. It's your knowledge And your determination that will really move the needle, just like it did for one of our Millionaires Club members. Samuel Naquin. Okay. Samuel is from Austin, Texas. He has a passion for educating people in his community, beyond just the deletions and corrections. He serves over 1000 clients every month. And he serves them by helping them to understand that if they've gotten rejected on a whole-blown, it's not a No, it's just not right now. And he knows that he can truly change lives by educating people on things they can do differently, to help increase their score, and to really make their dreams come true. And he does it without gimmicks, without tricks. Just results for his client. We love Samuel and he's doing an amazing job out there in Texas. So if you're just starting your business, and you're finding yourself trapped by all these crazy ideas about how to trick the system, and if you want to know how to do battle with the credit bureaus and the debt collectors, and actually win we've got a program that will not only certify you in disputing, but it will also give you hyper-focused attention as we hold you by the hand while you launch your credit repair business. It's called the Credit Hero Challenge. And I want to invite you to join today. And if you're finding value in the things I'm sharing on this podcast, click below to subscribe because I don't want you to miss any episodes. And if you're feeling kind, rate me and give me a review because this is a new podcast and I can use all the help I can get. And if you have a question or comment, leave it down below, I will answer it. Okay? And I will see you on the next episode. So until then, keep changing lives. 

 

Hey, everybody, it's Daniel again. And really quick, I'd like to invite you to join what I believe is the best thing we have ever created inside the Credit Repair Cloud Community. And it is a challenge that we call the Credit Hero Challenge. If you're just planning out your business or you're just getting started, and you dream of having a successful business your own, so you can quit your nine to five and fire your boss and have financial freedom, or so you can add another revenue stream to your existing business, if that's your dream, you need to get into this challenge. We created this challenge to help you to create and launch your very own credit repair business. To build a proper foundation for a really successful business. This challenge is going to help you to understand the strategy, the tactics and all the things you need to be successful at credit repair. It really is the greatest thing we have ever built, and it will change your life. So I recommend you do it right now. Stop everything, pause this audio, go online, and go to creditherochallenge.com. That's creditherochallenge.com and join the next challenge. And there's a challenge that's starting in just a few days. So go get started right now at creditherochallenge.com.

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