This Could Increase Your Score 160 Points! How To Remove a Short Sale From ANY Credit Report
Daniel Rosen walks through a five-step method to remove a short sale from your credit report. Credit bureaus often mislabel short sales as foreclosures because they lack a specific code for them, which gives you grounds to dispute. File disputes with the bureaus and lender, use the lender's response as evidence, file a CFPB complaint, and send a warning letter. If they ignore it, an FCRA attorney can force deletion and get you money.
How the heck do I remove a short sale from a credit report? Now, I hear this question all the time. So today I'm going to reveal the step by step secret way to remove a short sale from any credit report, even if you're just getting started in credit repair. So stick around.
My name is Daniel Rosen, and welcome to Credit Repair Business Secrets.
If you have ever tried to get a short sale removed from a credit report, you know how hard it can be. A whole lot of folks get stuck and they just can't get rid of it. But what if I told you that there is a secret method that you can use that will get you a deletion nearly every single time you use it? Now, before I reveal that method to you, be sure to subscribe so you don't miss any of the secrets that I share every week. And if you want me to hold you by the hand as you launch your very own profitable credit repair business, go to creditherochallenge.com or click the link down in the description and join today. Okay, so what exactly is a short sale anyway? A short sale is when the lender is willing to accept a home or a piece of real estate being sold for less than the amount owed on the mortgage. Typically, this happens because the homeowner is really far behind on making payments and just can't catch up. And the house is worth less than the amount that they owe. Now, this really sucks for the homeowner because according to Quicken Loans, a short sale on your credit report can lower Your score by 160 points and it stays on the report for years. Now, because of the pandemic, we're seeing a huge surge of short sales and major credit traumas to over 46 million Americans. Which is exactly why the world needs credit heroes now more than ever. But typically, short sales are really hard to get rid of. Using any basic disputing technique, you could dispute them, follow up, ask for reinvestigations, send warnings, and even file complaints until you're blue in the face. And nine out of 10 times, they're just going to come back verified. Which leaves credit heroes frustrated and clients devastated. But it doesn't have to be that way, because there is a secret method that really, really works and it makes them go away. Now, this strategy, it revolves around the fact that credit bureaus, they don't use the word short sale. It's not a part of their vocabulary. See, the bureaus have account status codes that they use for communicating with furnishers and for reporting purposes. So nearly Every item on a credit report has a status code. For example, if your account has been sent to collections, there's going to be a specific two digit code that the furniture reports to the bureaus to indicate that the account was sent to collections. Or let's say your vehicle was repossessed, there's going to be a two digit code for that as well. Or if you are 30 days past due, there's a code just for that. 60 days. Yep. A different code for that. If the account is charged off, same thing, another code is assigned to that status. Now if you are listening to me now, while you're doing something else, stop what you're doing because this is really important. When it comes to short sales, there is no code. It doesn't exist. See, the bureaus simply do not identify short sales with a status code at all. And they almost always report them as foreclosures. And there lies the error and the secret to deleting short sales from a credit report. So here's what you need to know to make it happen. Step number one, you dispute the short sale with the three bureaus. You do this with a basic round one letter which you can get with a free trial of credit repair cloud by visiting creditrepaircloud.com freetrial now in that letter you list the short sale as inaccurate and you ask for them to delete it. Now if it gets removed, great, you're all set. But if not, you're going to get a letter back from the bureau stating that it was verified. And that's when you continue to step number two. Step number two, you write a dispute letter and you send it to the lender. Now the letter can be really simple. You can even use the same round one letter again and simply dispute the item, but also request the current status of the short sale. Now just remember, in this step you are going directly to the lender and not the bureau. Step number three, you wait for the response. And when you receive the response from the lender, nine out of 10 times, it's going to come back as verified and it's going to clearly identify the the account status as a short sale. And guess what? This is exactly what you need to get it removed. Step number four, now that you have proof that the bureau verified the item is a foreclosure and you have proof from the lender that it's actually a short sale, it's time to file a complaint with the cfpb. Now this can be done online in just a few minutes at consumer finance.gov. now, after filing your complaint, what you want to do is take a screenshot of the complaint because you're going to need it for the final step. Step number five, you send a bureau warning letter with a copy of the complaint and you send this to each credit bureau and point out that they are reporting the short sale as a foreclosure and that is inaccurate. Okay? Let them know that you filed a CFPB complaint and that your next step is going to be filing a lawsuit if the account is not removed immediately. Now, if you follow these five steps, you will almost always get a an automatic deletion because the bureaus understand that they are wrong and they will do anything they can to correct it. Now, I say almost because there are some cases where the bureau simply ignores you or responds inappropriately. And when that happens, there is one additional step you can take and it's going to get you a deletion 100% of the time. Okay, you're going to need to contact an FCRA attorney. FCRA is Fair Credit Reporting Act. Okay, you need an FCRA attorney. And by following the steps that I just went over, you are going to have written proof, solid evidence that the bureaus have violated the Fair Credit Reporting Act. When the FCRA attorney does their job, your client will not only get a deletion, but they're also going to get a hefty financial settlement out of it as well. Okay, they're going to get cash. Now, if you're worried about what it costs to hire an FCRA attorney, here's the good news. Most of them, they work on a contingency basis. So that means they don't charge you unless they win the case and they win a cash settlement. And then at that point, they typically split that settlement with the client. That's it. Now, you can remove any short sale from any credit report nearly 100% of the time. Pretty exciting, right? And if you want to know more about how how to dispute items and even get certified in disputing all while I hold you by the hand as you launch your very own credit repair business, then you gotta join the next Credit Hero challenge. We're actually starting one in just a couple days, so click the link in the video description or go to creditherochallenge.com and sign up today. And if you're finding value in this podcast, click below to subscribe. Okay. And if you're feeling kind, leave a review or rate me or give me a thumbs up because this is a new podcast and I can use all the help I can get. And I can't wait to 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 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 listing 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, 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@creditherochallenge.com SA.
