When The Credit Bureaus Don't Respond ... Do This!

Daniel Rosen 00:00

Whether you are repairing your own credit, or a friend's credit or you're growing your credit repair business from the ground up, I know the scenario I'm about to tell you is going to sound very familiar. OK. I'm going to set the stage: you are looking at someone's credit report, and you see a whole bunch of false, misleading items, or maybe even items that your client doesn't even know what they are, OK? Has that happened to you? Well, it should. It happens all the time. You know these items, right? They could be some totally strange accounts that don't belong there or any piece of inaccurate or misleading information. Or sometimes, you might even see an item that's listed there, and it's way past the statute of limitations. OK, that's just a few examples. So, what you do when that happens is you log into your Credit Repair Cloud from your house or from anywhere, and you just select the perfect Round 1 Letter to the credit bureaus. OK? And then you send it off, and then you wait. And then the bureau is supposed to respond within 30 days. But sometimes, the bureaus play games, and sometimes they use their dirty stall tactics, or even worse, they completely ignore you. And then, after the 30-day maximum reply period has come and gone, still nothing. So, what do you do when that happens? Do you give up? No, never! See, the key to credit repair is pressure and persistence. So, how do you know what to do next? Well, lucky you, because today, I'm going to reveal my step-by-step process. 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.

OK, before I dive in, if you are new to this podcast, be sure to click to subscribe and turn on notifications, so you don't miss a thing, OK? Because I reveal a whole lot of secrets every week on the Credit Repair Business Secrets podcast. And if you want me to hold you by the hand as you launch your very own credit repair business over just a couple of weeks, go to CreditHeroChallenge.com. OK, let's get into this.

OK, here is how the system works. When you start your disputing, your very first move is always sending a very basic dispute letter directly to the credit bureaus using what is called the Round 1 Letter. And you can access this letter in your Credit Repair Cloud. Or, if you don't have an account yet, you can get one for free for 30 days at CreditRepairCloud.com. Now, in that Round 1 Letter, you are going to add an explanation of what's wrong and instructions of what you want the bureau to do. And after you send out that letter, then you need to wait, and you need to be patient because it takes some time for them to respond. Now, we're going to start by talking about some possible credit bureau replies to your first letter. Now, the sad truth is that credit bureaus, which are Equifax, Experian, and TransUnion, for all three of them, disputes cost money. It costs them time to process all these disputes, and they don't like it. So, what they've done is they have developed ways to stall the credit repair process to discourage consumers from repairing their credit, OK? This is all by design. And some of their stall tactics even include sending letters that are designed to make you believe that they are denying your request.

Now, when the bureaus receive your Round 1 Letter, that is when the clock begins. And at that point, the credit bureaus are required to contact the furnishers who originally reported the information. Now the reality is, you should expect each of the three bureaus to mail you a response. But you should also expect some pushback because this is all part of their game. One or more of the credit bureaus may fail to respond, or they may respond with a stall letter. Now, one thing to remember is that the bureaus only have 30 days to respond to your letter. And if they don't respond in time, the items you disputed are supposed to be deleted. Now, typically, each credit bureau will send you either a full credit report or a partial credit report with a cover page that summarizes any changes that they have made. And generally, these are very easy to read and very easy to understand. Now, reading these responses is very important because they let you know whether or not the disputed information was modified or removed. And they also give you a great sense of what your next step should be. So, what do you do next? Well, I'm going to tell you.

You see, your next move always depends on the type of response that you got, OK? The response could be one of three things that the bureaus remove the information or the bureaus are up to their usual tricks by using one of their stall tactics, or they just don't respond at all, OK? Now, a few of the most common stall letters are a letter saying that they received a suspicious request to access your credit file. And when that happens, you want to resend the same letter with the photo ID and proof of address because most likely you didn't include those, OK? Or you may receive a letter stating that the request you sent to them was not legible. Or they might also say that they require additional documents to verify your identity. And with that, you also want to include, again, the photo ID and the proof of address, OK? And another very common response is your request was deemed frivolous and will not be investigated. And this gets sent when you send too many disputes. But, for all of these things and all of these tactics, the key is persistence. Remember, when you are faced with discouraging responses like this, most people just give up. But that's the whole point of these stall tactics. That is why the bureaus do this. They do want you just to walk away. Why? Because it saves them money. And I'm here to tell you don't give up ever, OK? In fact, you need to always expect these responses at some point during the process. It's all how it works, OK? So, don't be discouraged. Now, when you are faced with a stall tactic, the key is to know all your options and then use them to apply pressure. Now, it's true that many of the responses that you might receive are designed to discourage you. But, on the flip side, you're also going to be surprised at how often the bureaus do delete items. Sometimes, the most difficult items get deleted when you least expect that. Now depending on their response, you may need to follow up several times, or you may want to request a reinvestigation with the bureaus if they don't respond appropriately or if they respond with a stall tactic, OK? If they do, you may need to demand the method of verification, or you may need to send a warning. Now, if one of the credit bureaus fails to respond to a letter that you've sent, it's OK. You have options. When that happens, you always want to follow up by using the no-response letter template. This letter template will usually get their attention, and it's right in your Credit Repair Cloud.

But when do you send a warning shot? Good question, grasshopper. OK, at this point, you've already sent a Round 1 Letter, and depending on the results that you got back, you've either sent a no-response letter or a reinvestigation letter. Now, when you get the next round of results, just like always, you want to inspect them. And if you get a bunch of deletions, that's awesome, do a happy dance with your client. But if that's not the case, and if the credit bureaus are still ignoring you or responding inappropriately and still stalling, then it's time to send what I call a warning shot, OK? The bureau warning letter, it's a bit more aggressive, and it makes it very clear that you mean business, OK? So, if that's the case, you want to go ahead and send a warning letter from your Credit Repair Cloud to each bureau that is giving you the runaround. Now, remember, every cycle is going to be different, OK? Each credit bureau maintains its own records, and they each have different procedures. So, you will often see items removed on one bureau but not on the next. And it can become complicated to keep track of all the results. But, if you're already using Credit Repair Cloud, you don't need to worry about this because the system makes it really easy to keep track of everything. So, that's it. Those are my proven tactics for when the bureaus give you the runaround.

And have you heard about our Credit Hero Challenge? Well, if you would like me to hold you by the hand as you launch your very own credit repair business, he had got to check it out. It's a live experience that has helped tons of Credit Heroes to get their first clients, to get certified in disputing, and to gain confidence as they launch their credit repair business on a solid foundation, so they can change a lot of lives and make a great living in the process. Now we're starting the next challenge very, very soon. It's starting in a couple of days. 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, OK? And if you're feeling kind, rate me, give me a review, give me a thumbs up, give me a comment, do something because all those things really help me. This is a new podcast, and I can use all the help I can get. And I will see you in the next episode. And until then, be a Credit Hero and keep changing lives!

Want a fast track to creating an amazing business that helps people change lives and makes you a great living in the process? Then I'd like to invite you to my free online training at CreditRepairCloud.com/FreeTraining. In this free training, you will learn how to get clients willing to pay you even if you're just starting out, how to get easy credit repair results without being an expert, and how to get all the clients you'll ever need without paying for advertising. Again, this training is absolutely free. Just visit CreditRepairCloud.com/FreeTraining.