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

The Credit Time Clock will Boost Your Credit Repair Results

By: Daniel Rosen May 10, 2022

Timing is an essential part of life… ⏰

Whether you’re a comedian telling a joke… 🤣

Or a young family trying to buy a home… 🏠

It’s all about… … … … timing!

So, in this week's podcast, we’re gonna talk about timing, how it affects your credit repair business, the Statute of Limitations, and how to remove negative items from credit reports. 

But I’m doing more than just talking…

I’m also giving you a FREE guide to show you the maximum amount of time that items are allowed to appear on your credit report. It’s called the Credit Time Clock! 

It’s an amazing tool that will help you track and remove negative items from credit reports.

 

Now, if you’re a Credit Hero, you already know how important timing is for your business. 

But if you’re new to credit repair, you need to know that timing is everything

For example, the Fair Credit Reporting Act (FCRA) gives the credit bureaus 30 days to correct or delete incomplete or inaccurate items from the moment they receive your dispute letter.

And the Fair Debt Collection Practices Act (FDCPA) gives debt collectors 5 days from the moment of first contact with a consumer, to send them a letter with the basic information on a debt (the amount, the original creditor's name, and a summary of the consumer's rights).

If ANY of these timelines are violated, then that can put your clients in a better position to have the negative items REMOVED!

Do you see why timing is so important?!

That’s why today I’m going to share with you the Credit Time Clock which is essentially the Statute of Limitations for credit reporting.

Ok, let’s get into this…

The Statute of Limitations (SOL) is simply a set period of time for bringing certain kinds of legal action.

But even though the definition is simple, they can be very complicated. 

So I'm going to simplify this for you…

There are Statutes of Limitations at both the State and Federal levels. 

And depending on the situation, it’s possible, for example, that a credit card company might file a suit in any of these state jurisdictions:

  • The state the credit card company was based
  • The state your client lived when they opened the card
  • The state your client lives in now

So, today we will be focusing on timeframes instead of on locations. 

There are also two different types of Statutes of Limitations: Debt Collection and Credit Reporting.

Today we’re focusing on the Credit Reporting side. 

Now, the FCRA has determined how long items can remain on credit reports and when they must be removed. 

For a long time, it was a common belief that everything on credit reports had a 7-year lifespan... 

But that is actually false! 

In some situations, the Statutes of Limitations can be shorter, or longer, or they can even allow items to remain INDEFINITELY. 

Okay, here’s how it works…

The credit bureaus keep personal credit history for each item, for a specific amount of time, based on the date of FIRST DELINQUENCY - which isn’t the day they made the original charge, no... 

It’s the day that your client officially STOPPED paying. 

To put it another way, if the Credit Time Clock is a stopwatch, the date of First Delinquency is when you click the START button.

Each item on that report has its own lifespan and it needs to be tracked until it’s resolved.

You also might expect items to automatically “fall off” your client's credit report when the time clock is over…

But this isn’t always the case!

If your client has an unpaid Tax Lien, it can stay on their credit report INDEFINITELY!

There’s also the issue of ERRORS in the credit reports. 

Sometimes honest errors happen but sometimes creditors or debt collectors will PURPOSELY report false “status” dates in the hopes of keeping items on your report longer.

That’s why I created the Credit Time Clock…

To help you stay informed on the current regulations and limitations.

The Credit Time Clock is quick guide to remind you that…

FORECLOSUREs stay on credit reports for 7 years after the date of First Delinquency. 

CHARGE-OFFs stay on credit reports for 7 years and 180 days after the date of First Delinquency. 

COLLECTION ACCOUNTS stay on credit reports for 7 years and 180 days after the date of First Delinquency on the original account.

CHAPTER 7 BANKRUPTCY’s stay on credit reports for 10 years after the filing date. 

HARD CREDIT INQUIRIES stay on credit reports for 2 years after the inquiry was authorized.

PRIVATE DEFAULTED STUDENT LOANs stay on credit reports 7 years after the date of First Delinquency. 

FEDERAL DEFAULTED STUDENT LOANs stay on credit reports 7 years after the date of First Delinquency OR until you bring the loan current. BUT Perkins loans remain until they’re paid in full. 

And there’s plenty more where that came from!

Remember, each item has its own lifespan. 

If the lifespan has ended, and the item is still on your report, you can write to the credit bureau and demand that the item be removed based on it being past the Statute of Limitations. 

And it will be removed immediately!

If you’d like your FREE download of the Credit Time Clock, the guide to all the Statutes of Limitations on Credit Reporting, plus the Debt Collection Clock for all states…Click on the image below…

Credit & Debt Time Clocks Graphic
These guides and others are available in the Credit Repair Cloud Basic Disputing Course, which is a part of our Credit Hero Challenge!

And if you’re just dabbling in the credit repair industry and would like me to hold you by the hand as you launch your very own credit repair business over just a couple of weeks - I wanna invite you to join our upcoming Credit Hero Challenge
Challenge-Stack-Mockup-Final

It’s an amazing program where you’ll learn the processes that have made millionaires, and it costs less than you'll spend taking your family to McDonald’s for dinner. 

We’ve got another challenge starting in a few days so grab your spot right now at CreditHeroChallenge.com!

Until then, keep your eye on the clock…and keep changing lives!

 

Be sure to subscribe on your favorite platform below!

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Topics: Podcast

Transcript

Daniel Rosen  00:00

Hey, credit heroes. Timing is an essential part of life, whether you're a comedian trying to tell a joke, or if you're a young family trying to buy a home. So today, we're going to talk about timing, and how it affects your credit repair business. I'm also going to be giving you this free guide, and this awesome chart here to show you the maximum amount of time that items are allowed to appear on your credit report. And this is called the credit time clock. It's really useful if you're working with credit repair clients, this is going to help you to get negative items removed from their credit reports. And I'm going to give you this for free, so you better 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. If you are a credit hero, you already know how important timing is for your business. But if you are new to credit repair, you need to know that timing is everything. For example, the Fair Credit Reporting Act, the FCRA, it gives the credit bureaus 30 days to complete, or delete incomplete or inaccurate items from the moment that they receive your dispute letter. And the Fair Debt Collection Practices Act the FDCPA it gives debt collectors five days from the moment of first contact with a consumer to send them a letter with the basic information on the debt, you know, the amount, the original creditor his name, and a summary of the consumers rights. If any of these timelines are violated, then that can put your clients in a much better position to have the negative items removed. Now do you see why timing is so important. And that's why today I'm going to share with you this amazing credit time clock, which is essentially the statute of limitations for credit reporting. Now, before we get into this, this podcast is brought to you by the credit hero challenge. If you want me to hold you by the hand, as you launch your very own credit repair business, go to credit hero challenge.com. And sign up now. Oh, and I love this part. Every episode I'm featuring one of our credit heroes inside our credit repair cloud Facebook community so that you can see firsthand what real people are doing as they launch and grow their business. And today's spotlight is on to Vaughn Mullard to Vaughn recently posted that he's one year into his credit repair business. And he feels like he can't keep up with the clients he has. He said he barely has time to contact new leads, because he's always working. And he went on to ask when is it a good time to hire my first employee? Well, first of all to Vaughn. Congratulations, that's actually a fantastic problem to have. And I gotta tell you, your first hire is a very, very important milestone, and it's based totally on your individual situation. But remember, time management is essential to building a successful business. So if you can get any free help from family or friends, do that first. Okay? And if you can't, if you feel like you're losing out on possible leads, then it might be time to hire. Now see business. It's all about timing. Okay, let's get into this. The statute of limitations is simply a set period of time for bringing certain kinds of legal action. And even though the definition is simple, unfortunately, they are extremely intricate and very complicated. So I'm going to simplify this for you. There are both state and federal statutes of limitations. And depending on the situation, it's possible that a credit card company might file a lawsuit in any of these state jurisdictions. They are the state that the credit card company was based the state your client lived when they first opened the card account and the state where your client lives now. So for this episode, we will be focusing on timeframes instead of location. Since there are also two different types of statutes of limitations, they are debt collection and credit reporting. But today, we're going to focus mainly on the credit reporting side. Now, the Fair Credit Reporting Act has determined how long items can remain on credit reports and exactly when they must be removed. Now, for a long time, it was a very common belief that everything on a credit report had a seven year life, but that is actually false. In some situations, the statute of limitations can be shorter or longer, or it can even allow items to remain indefinitely. That's why I created this credit time clock to help you to stay informed on the current regulations and limitations. Each item on that report has its own lifespan, and it needs to be tracked until it's resolved. Here's why this is important. The credit bureaus keep personal credit history for a specific amount of time, based on each items date of first delinquency, which isn't the day that they made the original charge. No, it's the day that your client officially stopped paying. And to put it another way, if the credit time clock was a stopwatch, the date of first delinquency is when you hit the start button. You also might expect items to automatically fall off your clients credit report when the time clock is over. But that isn't always the case. For example, if your client has an unpaid tax lien, that can stay on their credit report indefinitely. There's also the issue of errors on the credit report. Sometimes honest errors happen, but sometimes creditors or debt collectors, especially the really creepy ones, they will sometimes purposely report false status states in the hopes of keeping items on your report longer. So here's what you need to know foreclosures stay on credit reports for seven years after the date of first delinquency. charge offs stay on credit reports for seven years and 180 days after the date of first delinquency. collection accounts stay on credit reports for seven years and 180 days after the date of first delinquency on the original account. Chapter Seven bankruptcies stay on credit reports for 10 years after the filing date. Hard credit inquiries stay on the credit reports for two years after the inquiry was authorised. Private defaulted student loans stay on credit report seven years after the date of first delinquency. Federal defaulted student loans stay on the credit reports for seven years after the date of first delinquency or until you bring the loan current. But Perkins Loans remain until they are paid in full. And those are just a few of the types of items that you need to track while watching the credit time clock. And remember, each item on a credit report has its own lifespan. And when the lifespan has ended, and the item is still on your report, you can write to the credit bureau and demand that that item be removed based on it's being passed the statute of limitations and you know what, it's going to be removed immediately. And if you'd like a free copy of this downloadable guide to all the statutes of limitations on credit reporting debt collection for all states, plus this amazing credit time clock, just click the link down in the podcast description. And we will send it to you absolutely free. These tools and others are available in the credit repair cloud basic disputing course, which is also part of our credit hero challenge. And if you don't have a credit repair Cloud account, what are you waiting for? Go check it out. It's the software that most credit repair businesses in America run on and you can sign up for a 30 day free trial at credit repair cloud.com/free trial. And if you'd like me to hold you by the hand as you launch your very own credit repair business, check out our credit hero challenge. It's a live experience that has helped tonnes of credit heroes to get their first clients to be certified in disputing and to gain confidence as they launched their credit repair business on a solid foundation so they can change a whole lot of lives. and make a great living in the process. We're starting in the next challenge very soon. So you want to join before the doors close, or you're going to have a long wait until the next one. So sign up now at credit hero challenge.com. And if you're finding value in the things that I'm sharing on this podcast, be sure to click to subscribe, and leave me your questions and your comments below, because I read each and every one of them. And I will see you in the next episode. And until then, be a credit hero and 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 it started, and you dream of having a successful business of 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 credit hero challenge.com That's credit hero challenge.com and join the next challenge. And there's a challenge that starting in just a few days. So go get started right now at credit hero challenge.com

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