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Tulsa Mortgage : Podcast 35 – Part 1

Tulsa Mortgage Steve: This is episode number 35 of the Steve N’ Tyler Show.

[background music]

Announcer: Welcome to the Steve N’ Tyler Show with stevecurrington.com and Tyler Whyburn.

Steve: Who negotiated a contract for you?

Tyler: [unintelligible 00:00:15]

Steve: You’re pretty smart. Good for you, man.

[background music]

Tulsa Mortgage Announcer: They’re talking about everything you need to know about mortgages, home loans, and more. Nobody knows mortgages like these two. Get ready, because here’s Steve and Tyler.

[background music]

Steve: What’s up, Tyler?

Tyler: What’s up?

Steve: Tulsa Mortgage is hot today.

Tyler: Yes.

Steve: Hot, sizzle, as Marshall would say; Hot, sizzle. It’s an early Wednesday morning for us. Local time 6:40 AM and welcome to the show. I’m Steve Currington and we got Tyler Whyburn here and we’re — Tyler, we’re going to talk about a question that was post. “Can I erase my credit, old credit report completely and start all over again?” We’re going to kind of go deep on that. I think the initial answer is what?

Tyler: No.

Steve: No.

Tyler: No.

Tulsa Mortgage Steve: However, [laughs] technically, you can through the process of credit repair, credit restoration. You can get negative items that are maybe erroneous, out of date, reported incorrectly, not following the fair credit reporting act, deleted from your credit record permanently, so that they don’t affect anymore, right?

Tyler: Yes, sure. Or you could probably find some guy in the back alley somewhere dropping a couple of [unintelligible 00:01:57]

[laughter]

Steve: He can give you a social-

[laughter]

Tyler: — be somebody else, yes. Don’t go that route.

Steve: Don’t do that. Really, if you went to a credit repair place and you had a couple negative things on your credit and he took those couple negative things off your credit, then you — it would be the equivalent right?

Tyler: The legal way, I would say. Yes.

Steve: Of you not — you literally erasing your credit report.

Tyler: Correct, yes.

Steve: When I first, it was post that, I was like, “Man, that’s highly illegal. You can’t just erase your credit report.” [laughs] But technically, think about it. I’ve got a medical collection that’s like $87. That’s a collection account — medical collection, that speaks for itself, but it’s a collection account; 87 bucks. Maybe I’ve got a late payment on a credit card. Maybe I’ve got a — I don’t know, a bankruptcy judgment or something that’s on my credit that my credit’s jacked, and then, I don’t have any good credit at all. If I went through a credit repair program and they’re really successfully get all of those things deleted, then I would be erasing my old credit report completely and starting all over again, right? Because then you’ll be a ghost. You wouldn’t have any credit, good or bad.

Tyler: That’s true, yes.

Tulsa Mortgage Steve: I don’t know, man. I don’t know. I don’t know that if you should take — Tyler’s full of all these good advice like, “You need to go to back alley with 200 bucks.” But if I’m going to sell some mortgage, I would get qualified with the right guy, and if you get qualified with the right guy, he’s going to tell you that you probably shouldn’t meet the guy in the back alley and give him 200 bucks to give you a social, because you’ll probably get found out. I’m just saying. Be extra, extra careful about that. There, I can see my screen now. We have a guy that we’re going off for this podcast. I’m going to just read a little bit of what the book says so to speak about erasing your credit report completely, starting all over again.

You can, but creating a new identity can be illegal, can be; [laughs] Keyword there. Hey, not that creating a new identity is illegal. That’s like saying, “Shooting somebody can be illegal.”

Tyler: You got to throw out that can be. What about the people in the witness protection program?

Steve: Okay.

Tyler: They get a new identity entirely.

Steve: If you’re in the WPP-

Tyler: It’s on the open up.

Tulsa Mortgage Steve: Then, you’re on the open up. You can create a new identity and it’s not illegal. Although some companies claim they can establish a brand new identity for you, nothing can be erased from your credit report or from public records. If you have a foreclosure that’s recorded somewhere in a county courthouse, then how can some company wipe that record clean without breaking into the county’s recorder’s office and swiping the record. They can’t, of course. No company can erase something that’s on your credit report. That’s wrong.

Tyler: Yes, that’s wrong.

Steve: Just so everybody knows. The reason I read that, the reason I pointed that out is, this comes from a book about mortgage. It’s talking about the basics of mortgage and it’s talking about credit while just like anything out there, there’s lot of good information out on the Internet and through books, and magazines, and whatnot. There’s also some bad information. The bad information is where they say they can’t, of course. No company can erase something that’s on your credit report and that’s inaccurate, because we’ve seen it happen, haven’t we, Tyler?

Tyler: Several times.

Steve: Yes. It’s not. Look, the fair credit reporting act has 200 and I don’t even know, about 280 something laws that are within it. They cover things like reporting accurate information like the open date of the account, the last payment, the account number — all the information that’s required by your creditor, report it to your credit report. Have you ever heard of somebody getting off of a maybe a crime they committed on a technicality, Tyler?

Tyler: Yes.

Steve: It’s the same deal. It’s the same deal, because sometimes companies will report information to your credit where some bit or piece of the information is inaccurate. Maybe the last payment date’s incorrect, The last payment amount is incorrect, maybe the account number is wrong, maybe the open date is incorrect, maybe it’s a collection and the last activity date’s incorrect, maybe it’s a collection that they haven’t reported in two and a half years and it’s just sitting there with no new information reporting. Someone who knows the law, like an attorney would if you were being prosecuted for something like stealing a pizza from Pizza Hut, they know the law. They could use the law to get that particular account removed from your credit, because here’s what the rules say. If it’s found to be erroneous, out of date, inaccurate, then, Tyler, they have to do what?

Tyler: Delete it.

Steve: Delete.

Tyler: Got to go.

Tulsa Mortgage Steve: They can’t, of course. No company can erase something that’s on your credit report. Not true. It can be and many times is deleted. Don’t believe everything you read in a book and read online, because this thing goes further to say that — Can I fix mistakes? Sure. Counsel on credit guidance, it happens every day. Help challenge credit entries. Their legitimate means to challenge any credit entry, but there’s no such thing as erasing and starting over unless you change your name, social security number, begin applying for credit in local department stores for a new revolving account, and you have to apply, according to this book, you have to apply at a local department stores. When you’re faking your identity, the first place to start is Seers. The first place to start is Seers. That’s where you’re going to go to.

Tyler: Is Seers still around?

Steve: Yes.