It is common for credit repair companies to overlook this powerful technique, yet removing correct personal information from your credit report will benefit you on ALL your other credit dispute issues. You can do it easily, too.
It is a fact that nearly eight in ten consumer credit repair reports contain errors. Those are big numbers. There are 262 million people with errors on their reports among the 332 million people in the United States. It’s hard to believe how many clients there are!
What is the significance of this?
It has information about your finances, repayment history, and creditworthiness, so it is crucial that you make sure it is accurate. A lack of money may prevent you from buying a dream car, dream house, or even renting an apartment. Check your credit repair report for errors and fix them. Increasing the chances of your clients’ approval and revealing the ways they can save money and advance their credit scores could help them qualify for the car, the home, or the apartment they’ve always desired.
4 out of 5 consumers who sought help with their credit report disputes succeeded, according to the FTC.
Keep striving to achieve your goals until you achieve them. Keeping at it is the key to making it work!
Your personal information is outlined in the first section of the report, and this is usually where the first errors are found.
You should always begin by clearing the clients’ credit reports of ALL incorrect, outdated, or conflicting information.
Is this affecting your clients and you?
A lender reviews your credit rating when you apply for a credit card or a loan, and even rent an apartment.
Your approval rate and terms you receive may be affected by inaccurate information on your credit report.
Is there anything you need to be aware of?
Errors with personal information can take many forms, for instance:
Incorrect or old phone numbers, misspelled or outdated addresses, and wrong or misspelled names.
Why does personal information contain so many errors?
Here’s how they get there, and sometimes it’s the result of identity theft:
In big banks, credit unions, dealerships, department stores or even Best Buy, when you apply for credit, a loan officer or even a salesperson will type in your personal information onto the application-and that information will be placed directly on your credit report.
I believe that’s what causes those weird errors. Exactly as they typed it, the information about your name, address, social security number, and date of birth will show up in your report. If your name or date of birth was spelled incorrectly or if your street address was entered incorrectly, or if anything else was entered incorrectly, it will be added to your credit file permanently.
The next time you apply for credit, why might you be denied due to those errors?
Red flags are raised when you give them information that differs from their records.
Consider a lender’s point of view. The applicant might seem deceptive if their credit report does not match what they have provided.
Clients’ credit applications may be rejected, and they may lose their jobs as well. The number of credit reports being pulled by employers is increasing. The process differs depending on the reason for it. Some conduct it simply to ensure that their new employees are thoroughly vetted. A candidate who does not fit the employer’s application may be selected over a candidate with no red flags.
The removal of all but the most current and exact information isn’t just for the sake of making sure the personal information is correct.
What’s the reason? Negative accounts have details about their owners attached to them. A collection account associated with a misspelled name, for example, may belong to your client. You may also need to get rid of an old alias or address associated with a charge-off. So by removing all but ONE name, ONE address, ONE date of birth, and ONE social security number-and also by removing the employer record and just the current one, you can obtain faster results for your clients.
Ideally, a credit hero’s first job would be to remove ALL inaccurate, outdated, or conflicting information from clients’ credit reports.
How can personal information errors be fixed exactly?
I can do that very easily.
- It’s best to send your Round 1 letter.
As soon as you import the report, you can examine its data in Credit Repair Cloud. Any wrong information you enter will trigger a dispute. Just click on it to start the process. Rather than lifting heavy objects yourself, the software takes care of that. All those items are then easily added to your round one letter by clicking the add to letter button. You can try a 30-day free trial at creditrepaircloud.com if you don’t already have an account, and see how easy it is for you and your customers to use.
- Pro tip: add these 3 sentences to that Round 1 letter:
The address listed on my report is not my current address. Only XXXX should remain. You can delete any address which is different from the one on my ID. I have attached my ID with my correct address.
- After that, send off a Round 1 letter along with a photo ID and proof of address, and then wait until you receive your dispute letters. Next, keep a tight eye. It’s important not to be impatient with them.
- The credit bureaus have 30 days from when you send your letter to respond.
The credit bureau must agree to remove the information before you can achieve your goal.
However, your dispute may be denied by a credit bureau sometimes. You must receive a notice of the decision within five days.
You won’t be disappointed if you don’t get an answer! Dispute it constantly. The Federal Trade Commission reports that it grants requests for change four times out of five. It may take you up to five tries to get it right.
In order to succeed, you must exert pressure and persist.
You also have one more big trick left to play if you don’t succeed in getting the credit bureau to remove it at that point. Alternatively, you can file a complaint with the FTC or the CFPB if you feel the credit bureau failed to take reasonable action to resolve your dispute. That way, you are more likely to get the desired result.
It’s as simple as that!
Make sure you dispute any errors on your credit report as soon as you find them. Despite their apparent insignificance, tiny errors can sometimes lead to major problems.
Your success rate at deletions will skyrocket when you start following this strategy.
Your credit repair business is one step closer to taking off when you can take advantage of another hack to fix your credit.
It is up to the issuer to assess how much risk it is willing to take on before credit extension.
This is why it’s important to contact your credit card company to determine whether hard or soft credit pulls will occur. Sometimes when you ask for a smaller increase, typically under $2,000, your credit score won’t be affected since this will only result in a soft inquiry.
“Often, the boost can be issued right away over the phone, no credit check required,” Torabi says.
However, even if there is a hard inquiry, your credit score will usually be affected for the better in the long term by an increased credit limit. For those who seek credit repair through third parties, covenant credit repair is the best choice.