Tulsa Mortgage : Podcast 35 – Part 2
Tulsa Mortgage Steve: Good tape. Man, Tyler, I’ve got this new social. I’m going to go down to Seers and get me a [unintelligible 00:08:58]. I guess that’s where you start. I’m just going off for what the book says. That’s what I tell the black jack dealer every time they’re like, “Do you want to hit?” I’m like, “What does the book say? What does the book say?” “The book says, ‘take it’.” “All right, I’ll take it then, because you guys always win.” Anyway, we have — go over the years. We’ve been doing this for a long time. We’ve had several different what you’d call credit restoration or credit repair companies. They provided this service for people where they use the law to dispute or challenge derogatory information that’s on someone’s credit report and it’s actually a very good resource for people that have had identity theft or they had stuff that’s on their credit, they have information that’s on their credit that is inaccurate, it’s old, that it isn’t them. We just had a client that had a judgment on their credit that wasn’t them. Remember that, Tyler? [laughs]
Tyler: Yes, I do.
Steven: I got to smile out of Tyler for that one this early morning. The reason I bring that up, Tyler, is because if there is something on your credit, like this person had it, that’s a judgment, and if it’s yours, good luck getting it removed. Literally it’s not that like, “They can just write a letter and get it off my credit,” because you might get it removed from one bureau, you might get removed from another bureau, but in this case they had it removed from two of the credit bureaus and it was still reporting to the third bureau, and it wasn’t going away, was it?
Tyler: Not at all.
Tulsa Mortgage Steven: Regardless of how much they claimed that it wasn’t theirs, it was at $9,800 judgment that was not disappearing, despite their attempts to just say it’s not my account. Just saying it’s not my account doesn’t help, does it, Tyler?
Steven: No, not helping at all. So let’s say you hire, you find some sleazy company for a hefty fee-
Steven: -that tells you how you can be a brand new person, at least in the eyes of the credit bureau. You start all over, you ignore all the bills attached to the old credit report, you focus on establishing the new you, and after your new persona get some accounts established over two or three years, you will begin to see some credit scores pop up. Now, at this point, you have a new social that is not you. You have essentially committed identity theft against somebody at this point, this is what this scenario is, because if you can’t clean up your own credit, you would just be starting new with some guy in a back alley. The problem is, now you decide it’s time to go buy a house. I want to get that Tulsa mortgage. Guess what? You apply for a mortgage using someone else’s social and that social is not yours, what do you think happens, Tyler?
Tyler: Worst case scenario you can probably go to jail.
Steven: Yes, you can go to jail. It’s called loan fraud. So you’ve just committed loan fraud. You’ve said, “Look, this is me,” and it really isn’t you. In fact, another story, we have somebody that that happened too as well. Do you remember your guy that parents got him a social when he was a little kid?
Steven: And then, when he was like 18 or 19, he realized that’s not really his social. It’s some dude out of Florida who is dead or something and he actually got a social? So now he is like, “Pull my credit under this one. Pull my credit under that one.” I don’t think there was any ill intention there. It’s just at the time his parents were immigrants when they came over. They either got him a tax ID or they did what they needed to do, so that they could make it legitimate. I don’t know.
Tyler: I have no idea.
Steven: Could you imagine turning 18 and finding out.
Tyler: That’s not you.
Steven: That’s not my social.
Tyler: I don’t know.
Steven: [laughs] I don’t know.
Tyler: We actually had one a long time ago. I think it was John Smith Junior. had John Smith Senior’s collections.
Steven: Yes, because dad had bad credit and they were a Junior, Senior. That’s a good point. That happens a lot actually. And even good stuff sometimes reports. We have a similar Junior, Senior situation where Junior has a credit card that’s been open since two years before he was even born. I’m not thinking that you got a Citibank credit card in 1976, when you were born in 1978. Where that can create a problem is, in that case, this guy’s credit was good. There was Tulsa Mortgage no lates [sic], there was nothing, but it was dad’s account. What has to happen in that case, Tyler, you have to delete that account, right?
Steve: We have to get it removed from their credit, because now you have a guy who has a 30 year, 35, 36 year history on a credit card that isn’t his. It’s his dad’s, so his credit rating is actually better, because he has a $25,000 limit on the credit card that’s 30 years old, and it’s not his credit card. It really is not representative of how he pays his bills. Therefore, it is not going to represent his credit score and you’re going to qualify him based erroneous information. To recap for you guys, we’re talking about “Can I erase my old credit report completely and start all over again?” That is a not so simple question. No, you can’t meet a guy in an alley, get a new social – You can, but it’s not advisable, because you would eventually be committing loan fraud on any account that you opened in that social, whether that would be a department store account, a mortgage, a car, an apartment, utilities, cell phone, any of that stuff would all be considered fraud.
Tulsa Mortgage Through the process of a legal credit restoration or credit repair program, you can get erroneous, out of date, inaccurate information deleted from your credit report, so that it does not affect your credit score anymore. I will add that if you owe a $5,000 medical or credit card, or anything like that, and you go through credit repair, Tyler, it doesn’t mean they can’t collect it from you anymore, so they can still sue you, they can still get a judgment against you, they can still garnish your check, they can still do everything that they had the right to do before. They just don’t have the right, if it’s deleted legally, and – legally [laughs] Donald Trump reference there, so legally you have to get it deleted and then it does not – They don’t give up their right at that point to be able to collect it from you. They can still come after you for the balance on that.
If you use the law to get it deleted from your credit report, then you’re not going to have to prove or have to do anything with getting it off your credit, but they can still collect it from you. Be careful. Make sure you talk to a good Tulsa Mortgage banker when you start that process, so somebody that can advise you accordingly the best way to get your credit cleaned up if you do have issues. I’m Steve Currington and you’re listening to The Steve N’ Tyler Show, and that’s it for this episode. Have a good-
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