How to Remove Collections From a Credit Report for Good? Follow My Step-by-Step Process!

What's up credit heroes? You know those pesky accounts that pop up on your clients credit reports? I'm talking about the ones that are from companies that they never did business with. The ones who love to call at all hours of the day and night. The ones who love to call your clients at work and harass them. Yeah, you know what I'm talking about, right? I'm talking about collection accounts. The debt collection industry is booming and collection accounts are the most common negative items that are appearing on consumers credit reports. So what is the secret to removing collection accounts once and for all? Well, today I'm going to tell you my step by step process. So stick around.

So the big question is, 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 Series Secrets.

Okay, before we jump into this, if you are new to my podcast, be sure to click to subscribe. And if you're watching on YouTube, hit that like button and leave me a comment. Because believe it or not, these things really help me. And if you want to know more about how to go from zero to credit hero in just a couple weeks, then go to creditherochallenge.com okay, let's dive in. The world needs credit heroes now more than ever. And to put this in perspective, the debt collection industry, it employs over a quarter of a million debt collectors who place over a billion phone calls every year. And at the time that I'm recording this podcast, consumer debt in the United States has ballooned to over $14 trillion. And one out of every four Americans has at least one account in collections. That's mind boggling, right? So what can you do about it? Can you just wipe them out by paying them? No, you can't. Unfortunately there isn't a magic wand that just makes it all go away. But I have developed a proven systematic approach that is highly effective and I'm going to share it with you today. Again, this is not for every single case, so use your own judgment to determine what strategy to use. Okay, so here's how this works. The very first step, it's always going to be sending verification requests directly to the credit bureaus using a basic round one letter. Regardless of the type of collection, you can access the basic round one letter in your credit repair cloud. And if you don't have an account yet you can get one for 30 days free at creditrepaircloud. Do. Now, the credit bureaus are required to contact the furnishers who reported that information on you. So you don't need to contact the furnishers directly. It's all done for you. And after the bureaus contact the furnishers, they only have 30 days to respond. If they don't respond in time, the items you disputed, they automatically get deleted. Now, your next move always depends on their response. Okay. Depending on the response, you may need to follow up several times, or you may want to request a reinvestigation with the bureau's that don't respond appropriately. Or if they respond with a stall tactic, you may need to demand the method of verification or you may need to send a warning. Now, keep in mind, this can drag on for quite some time. And if you still don't get the result you wanted, you may decide to file a complaint with the cfpb, the FTC, or the State Attorney General, or even bring in an FCRA attorney to to take them to court. The key is to continually apply pressure and don't give up. So what happens next? If you feel that you have exhausted your options with the bureaus, you can move on to challenging the collection with the original creditor using section 312 of the Fair and Accurate Credit Transaction Act. Or you can request validation with the debt collector directly. This process, again, it can go back and forth and back and forth, just like it did with the bureaus. But again, the key to winning is persistence and pressure. If the original creditor does not delete the item, you can follow up with reinvestigations, warnings or complaints. If the debt collector completely ignores your validation demand, then you can send the estoppel by silence letter, which is found with the letter finder feature in your credit repair cloud account. This estoppel by silence letter, it essentially tells the debt collection agency that by ignoring you and being silent when when asked to validate the debt, then they must agree with you. And it's backed by case law and it could stand up in court if it ever got that far. Now, if the debt collector does not delete the item, you can do the same process of following up, demanding reinvestigations, sending warnings, filing complaints, or you can even partner up with a FBA DCPA attorney to file suit against the collector. So what if that doesn't work? What options are left? Well, at that point, if you feel that you have completely exhausted your options with the Bureau's and you've also done the same with the original creditor and the debt collection agency. It may be time to bite the bullet and work out a payment arrangement to between your client and the debt collector. This boils down to two options. One, you can offer a pay per delete and this means you are offering either a full or a partial settlement, but in return you are insisting that the item gets completely deleted. Now, most debt collectors will do this, but most will want the full payment. So you'll need to discuss it with your client and the debt collector and come to an agreement. We have several pay per delete letter templates in the credit repair cloud library. The only other viable option at this point is to offer a settlement. A settlement is an agreement to consider the debt paid. Sometimes it's for the full amount and sometimes it's for pennies on the dollar. It really depends on what your client can afford and what the debt collector will accept. You should always be careful about settling an old debt. If you have a collection account that is set to fall off your client's credit report soon and then you come along and negotiate a settlement, it can actually restart the status date and then stay on for an additional seven years showing as a paid collection, which actually does your client more harm than good. And again, you'll need to use your best judgment and determine what you'll do on a case by case basis. So that's it. That is my proven strategy to eliminate collection accounts now. Now, if you want to get really good at disputing, I recommend that you join our Credit Hero Challenge. It's a live experience that has helped tons of credit heroes to get their first paid client, to get certified in disputing, and to gain confidence as they launch their credit repair business on a solid foundation so that they can change a whole lot of lives and and make a great living in the process. We're starting another challenge very soon, so to join before the doors close, just go to creditherochallenge.com and if you're finding value in the things that I'm sharing on this podcast, click below to subscribe. And if you're feeling kind, rate me and give me a review. Because this is a new podcast and and I can use all the help I can get and I will see you on 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 9 to 5 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 and 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@creditherochallenge.com.