This Free Credit Time Clock Will Improve Your Credit Repair Results

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.

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 for 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'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 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 creditherochallenge.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 Tavon Lalard. Tavon 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, Tavon, 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 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 time frames instead of locations. 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, 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 specific amount of time based on each item's 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 client's 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 purposefully report false status dates in the hopes of keeping items on your report longer. So here's what you need to know. 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 & 180 days after the date of first Delinquency on the original account. Chapter 7 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 authorized. Private Defaulted student Loans Stay on credit reports 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 its 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 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 creditrepaircloud.com freetrial 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 tons of credit heroes to get their first clients to be certified in disputing and to gain confidence as they launch 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 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@creditherochallenge.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 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 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.