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Dave Cole

Episode 7: Improving Credit: 90 Days to Credit Improvement

During his 25+ years in business of helping folks to create wealth tax free, David Cole has seen time and again the dramatic differences in the outcome between people who step up to the plate and take charge of their financial lives as opposed to those who continue to do exactly as they are told and “trust” the system .

A favorite quote from his book is now more relevant than ever, “Get Rich Slow” …

“As a result of others controlling your money, you’ve been lulled into a false sense of security, believing someone else is standing guard over your hard-earned dollars and, thus, guaranteeing your financial future.”

Today, David is recognized throughout the country as one of the foremost experts on the subject of retirement plans for hands on real estate investors. He specializes in structuring 100% self-directed retirement plans which provide his clients checkbook control of every penny of their retirement money.

David has consulted with hundred of hands on real estate investors helping them to overcome obstacles that were limiting their success. One issue that kept coming up with alarming regularity was that of buyers who had had poor credit scores and could not obtain a mortgage.

To find a solution to his common obstacle, David dived deep into the credit reporting world and what he found both shocked and discouraged him. The cards are stacked, on purpose, against the average individual and without an expert on their side they are ill equipped to win this war.

David now educates folks around the country as to what they are really up against and the steps involved in improving credit, as well as monitoring and protecting their personal credit records and scores.

David along with his Wife Jill, reside in Prescott, Arizona. Where during their personal time they are working towards creating a hands on Aquaponics education center to teach families how to grow their own pesticide free, organic, fruits and vegetables.

What you’ll learn about in this episode:

  • Why your life is controlled by your credit score
  • What happened when credit scores tanked and what you can do about it
  • How credit card companies make billions by setting you up to fail
  • Adverse risk: how what you do with any credit company impacts any others you may use
  • What you really need to know about credit bureaus
  • Improving credit and doing so within a reasonable, and affordable, timeline
  • Defending your credit report
  • The lawyer David knows that can help fix your credit in 90 days and how he does it
  • Why most creditors usually take the cheap way out and how this can be a major benefit for you
  • The federal law that protects you from creditors
  • What the lawyer’s process looks like after the initial 90 days are up




Mitch: Hi. This is Mitch Stephen. And I have the honor and privilege of talking to Mr. Dave Cole and he’s gonna talk to us about Credit Repair and how important it is. Now, one of the things I wanna say is, we have like a real estate venue here. But, credit repair can help a lot of different people, in a lot of different ways. And the way am thinking about it is, and the reason why I really wanted Dave to be here and talk to us about his credit repair, how important it is, both to have good credit ourselves and then to help our clients achieve the kind of credit they need to make their purchases. You know, I know a lot of people that wanted to get into real estate. And a lot of those people, and me included started out by having a job.

And so, you know, whether you’re selling cars or you’re selling insurance or you’re–whatever it is you are doing, maybe you are not selling anything. Maybe, you are just working in your offices, you have over links and under links, helping people achieved their good credit, is a great attribution and that something can help everyone. I think, if a person is out there in the field, doing their job. And they really wanna find the resources to get into real estate, maybe one of the ways you could start clearing out some funds or making some room for education is to, reduce your house payment. Let’s say you have $1,400 house payment and Dave can show you a way how to clean up your credit and get you an $800 house payment that clears up $600 for you to launch into the endeavor that you really wanna do, which real estate is investing. And so now, you’ve got some funds and you have loosen up some funds to get this done. I don’t know if am out here left out Dave, but don’t you think it spare enough some room to be able to spend some funds on your education so that you can grow, and expand yourself, do you think it is a good way to look at credit repair from an individual standpoint?

Dave: Absolutely, Mitch. You know– our credit scores, are our most valuable financial asset. Unless, you have all the money you need to pay cash for everything. Your life is really controlled or governed by your credit scores, that determines, whether or not you can go forward in a positive way, determines your level of lifestyle, it determines even your retirement future, because, you need to use to leverage your financing to accomplish your goals. So, on a personal note, you just mentioned being just able to your own credit back where it should be, so that you can put yourself into a better financial footing, you have more cash flow then to put into your pocket, instead of sending it often and wasting it on entire interest rates on some creditor. Now, you got a tool to begin at boot strapping method if you need to get you into being a real estate investor. And, you know, it’s a step of a time, what’s that old saying, “A thousand mile journey starts with one step”. And, it is the first step for a lot of people. So, I think, it is really a good idea, Mitch.

Mitch: I don’t think people really understand exactly how traumatically their credit score affects them in the long haul in all the different arenas of their lives. And, you know as an example, I just used if you could get your house payment from $1,400 to $800, just to free up some cash. But, it is not just one fact that it affects. What are the facts of that good or bad credit can affect you in life. What different arenas?

Dave: Well, again. It comes down virtually to everything. The fact is, it is the recession that we came through, and in some places are still working out themselves a little bit, left everyone, Mitch with financial scars. I don’t care how much money you make, how old you are, how young you are, male, female, what you do for business or a job. Everyone has some types of financial scars. And we are going to talk about that it is not all your fault today. Am gonna show you behind the scenes, a little bit of what’s going on with these companies. And so, when you get down to it, you are basically defined by your three credit scores. And that is from the three credit bureaus, that is basically your report card as it were, regarding your honesty, your integrity, your reliability. That tells a potential lender that a person you know, even starting out, renting out an apartment or something. Everything is determined by your credit scores and nowadays, employers are regularly checking credit scores as an indication of the dependability or ethical nature of a potential employee. So, yes, Mitch. Every area of your life, credits scores are a indispensable item used to determine who you are.

Mitch: I am positive that people don’t know how the digit can affect your credit, but we’re gonna learn today. Now, I once heard, don’t quote me exactly. But, I’m gonna be really close here. That a lot of times, if we took our whole combined income in our life, we’ll pay out like 33% in interest and we pay out like 32% of everything we made out in taxes. And that only leaves us with 35% percent to get on with our lives and become a success. And that is slim picking, and so, what I tell everyone, that I talked to, who asked me, “How do we get ahead’? Well, I say, “First thing you have to do is, you have to develop a system that helps you mitigate your taxes legally, that you are able to reduce that amount that you are paying taxes, certainly in the beginning. As we get wealthy or wealthier, the taxes just becomes part of life. But, in the beginning, there are things that we can do to mitigate these taxes or push them way out”. The other thing that we are going to talk about today is reducing that 33% of our life’s income that we pay out in interests. And that is a huge number. So, if we could figure out how to mitigate that number then, we’ll gonna have more money at the bottom line, so that we can go achieve our dreams. So, tell us more about how we can mitigate expense in our lifetime.

Dave: What we are going to talk about Mitch is something that I had to go out and find — improving credit reasonable and affordably. I am a real estate investor. I’ve been a real estate investor for 30 years. And, being a real estate investor, you wear many hats. Let us just take a run in the mill example. You go and you find a property, with what I called a meat on the bone. You know, there’s property that to be made in this property. You get that property purchased. Then, you go through whatever process you need to go through, to get it ready for sale. But, that just half of your job. Your next half of the job is to convert that hard asset, that real estate into a profit. So, that means, you gotta put the property in the market. You got to find a buyer and you got to get that property closed. So, in reality, at some phase of being a real estate investor or realtor or whatever. You are basically a problem solver. And so, the problem that most people run up against in real estate towards the end is the credit score issue that has hurt a lot of so many people. Because, again, the recession caused so much damaged, it dropped so many people’s scores, that although they have the capacity, monetarily to buy the property etc., their scores will not let them. And frankly, people don’t know what to do about it. They’re stymie. They don’t know who to turn to. So, if you have the ability to solve this problem for a potential buyer and to solve this quickly as possible. You’ll gonna be successful in turning that property which means your money’s back into a new property making more profit. And that increases your yield. And that’s what you are trying to do as a real estate investor. You keep that money turning over and working as often as possible.

Mitch: I’d like to give a real life example.

Dave: Yeah. Sure, please.

Mitch: Exactly what you are talking about. You know, because– back when they raised the credit score bars. A lot of people get new loans for homes. And coupled by the fact, that I personally chose to overcome this problem by owner financing houses, because it was prevalent, so many people couldn’t get a loan especially, in the areas of town where I was buying houses. That I almost gave up on doing lease options or whatever people will gonna get into credit repairs and get into new loans. But, event of what you told me, I am able to go out. I had this one house where I sold it owner financed worth $120,000, but I only had like $60,000 in the house. And I took that personally and owner financed, because, it was very obvious to me that they weren’t able to get a loan with the credit score that they had. Then, I met you. And then, I was able to, get their credit cleared up. Now, they could have gone the whole 20 years and never got a new loan. And I wouldn’t be happy because it was a decent deal. But, I just recognized that if “Man, if they could just get their credit score, they are not too far from them, I mean not too far away”. They might just go out and get a new loan if I could show them how it works. And they could get a new loan for the $120,000 or whatever they owe me that time, $ 118,000 and they could cash me out. And I could realize my 58th to 60th thousand profit right now. You know in sure order. And so, that’s what we are talking about. As real estate investors, being able to recognize when we have people being able to accomplish their goals, but they just don’t know how to get their credit repair cleaned up– credit repaired. And the problem with credit repair these days is, they are so many people not doing it right or even downright scams.

You know where people just taking money and if anyone out there has introduced their customers to credit repair people, I would like to see a show of hands, how many of you didn’t work out at all. And actually, you are really quite embarrassed that you even recommended the people to fix their credit that just didn’t turned out good. I can’t tell you, Dave how many it has happened to me. I recommended credit repair people and it just turned out to be an embarrassment. So, number one, when we talk to Dave, we’ll learn to recognize these people. He’ll tell us how to recognize them. You will learn to recognize when it is time to call Dave. So, clue is in Dave, when we can use these tactics to capitalize and tell us from A to Z what we need to do.

Dave: Okay. So, what I really wanna do is to go back to the statement that we talked about. We talked about earlier. This is such a prevalent problem, either on a personal basis, family members, friends, potential buyers of your property. This is universal. This affects everyone. So, the first thing I wanna assure everybody that, even if you paid some mistakes, what happened on your credit records at the three bureaus, is not all of your fault. Okay. There’s been some stuff going on behind the scenes. Maybe, you sort of felt like that. So, what we are going to do today is, we’ll gonna pull back the curtains, we’ll gonna let you look up there, what Oz and Oz’s buddies are up to. And am just gonna show you a little bit of information. But, I tell you what, when am done with just this.

You’ll probably wanna go back there and give Oz and all his buddies a good old fashion beat down. Because, you could have found out that, lenders have actually turned against their own clients. And, they use the recession as an excuse to really begin a feeding frenzy against their own customers. They, what’s the old saying, “They turn around and beat the hand that feeds them”. So, let me give you a quick example. It is called manipulating the rules. And I think everyone listening, will definitely identify with this. Now, let us just take a credit card as an example. A credit card company maybe you have several that you have accounts with. Now, every once in awhile, you’re gonna get a mail, a cardholder agreement update. You know those ones that you open them up and they are like 15 pages long and they are little tiny microscopic print. Well, that’s a notice they are sending to you that there has been some changes to your account. So, anytime they make changes to the rules governing your account. They are required by law to send you that notice. And later on, if you break one of these rules on that notice, you pay a penalty fee and you can’t do a thing about it. Because, they legally notified you in the mail.

So, my question is, how many people listening have read those cardholder agreement notices? Mitch, it is minuscule, very few of us do in fact. I was doing some research and one of the research articles that I went through, showed that the credit company makes those agreements very hard to read on purpose. Not only do they reduce the font, very small. They use a font that is not friendly to the eye. So, they don’t even really want you to read those agreements, so, millions of people unknowingly fall into these carefully designed traps, these manipulations to the rules that they create.

And the credit card companies make billions, billions of dollars. One report said 19 billion a year in extra fees offer over and above the interest they charged you on an account. We call it death by a thousand fees. Pick up one of your credit card agreements and just go down through the all of the fees that you have, usually a plethora of these fees. One of these came out recently is called, inactivity fee. And that’s one of my favorites. It is actually a non-activity fee. In other words, “We’ll gonna charge you a penalty because, you haven’t been using your card”. I mean that’s the heist agreed to me. But, that’s the game that these credit card companies play. So, what they do really is, they set you up to fail. They set you up to legally double dip in your wallet. So, break one of these fees, and you by default legally have to pay a penalty fee of some kind. And they are usually anywhere from $25 to $50 in a fee. So, when you read your agreement, it will disclose that. It will say, “If you missed a deadline for a payment, or break a rule, you have triggered penalty A.P.R”. And the, you look at penalty A.P.R, and it says it can go to the maximum default rate. And the default rate on a lot of cases, I mean it is heart stopping. It is like 29.99 % and they get to immediately move charged you that interest rate of 25 to 30 %, whatever it may be on all of your new charges going forward. Now, the only small silver lining is the Federal Government [Inaudible] inactive law that said, “They can’t charge you that new rate backwards on previous purchases”. Those have to remain at the agreed upon rate. But, everything going forward, is now there’s huge default to 25-30 % and on top of that they tackled on the fees and they make the interest rate on top of that.

It is really a horrible game that they play with people. Basically, trying to keep them financial slaves for years and years and years, never improving their credit. Now, that may happen to what we call a predatory lender. A company that really wants to set their clients up to fail to get that extra money out of them. So, the natural reaction Mitch, “So, well I don’t like that, so and so company. So, I’ll just pay them off or drop them or transfer to another card and forget that, right”?

Mitch: Yup.

Dave: Yup. That’s a natural, we’ll just gonna drop them, they are not being fair. But, here’s the problem. Were you aware, that your other creditors monitor your credit files? They scan. They monitor your file per activities and can add any moment, at any time can increase your interest rate to the default premium or a higher premium or a higher rate under a legal probation known as “adverse risk”. Adverse risk says, “Whoa, we saw that you had a problem with this company over here, they raised you the default rate, therefore, we’re gonna do the same, because, you’ve become a bigger risk to us. We think you may default on us”. And they can do that, anytime. So, it is not just one card. They’re all basically playing this game. So, then what happens to your credit bureaus. You’ve got your three Trans Union, Experian and Equifax. These are for profit companies Mitch that are in the business of selling information about you and I. Some people mistakenly think that they are run by the government. They’re not. They are for profit data information companies. And they are not required by law at all to have accurate information in their files. So, they get all of their information from all these financial sources. So, from credit card companies, mortgage companies, car lenders. All of these companies report into the credit bureaus and they assimilate this data into your file. The interesting thing is, that a large part of that data maybe completely faults or incorrect. It can– They mined several years ago, when I went through a data analysis of mine. I find out the information that I didn’t know who they were. Then, I had dispute and have them removed from my credit file. So, there’s a lot of mistakes. A CBS 60 minutes did an in depth expose’ on this. Spend a lot of time researching this. They said, at that time, which has been 2-3 years ago that they did the report. They said at least 40 million Americans have extensive errors in their reports at these credit bureaus that is impacting their ability to do the things they want to do through financing. So, it is a serious, serious problem. But, the important point to take away about these credit bureaus, they are not required to verify the information is accurate. So, mistakes are made, and mistakes are recorded. On top of that, Mitch. They compound the problem, because of all these things that they do at the credit card companies or these lenders. So, “Now, this payment was late and we increased your rate on this one”. All of these stuff is garbage as it were, piles up inside this credit bureau reports. And there goes your score, straight to the basement.

And again, a lot of this, isn’t your fault. But, people don’t know what to do about it. They don’t know how to pull their free reports for example and by law, every year, every 12 months, you can pull all three reports, all complete, everything on you for free. No charge or whatsoever. You have given out that right. But, once they get it, they don’t know what to do with it. They don’t know how to fix the problems. And that’s what I ran up against was, just lack of knowledge of what to do. And then Mitch, you have the nail on the head earlier. They go to the people and who say, “Oh, we can fix the problem and they don’t”. Because, the recession changed how everything works. In that, in-depth research by 60 minutes, they literally track where these letters go. These dispute letters, ’cause what happened with the recession, is that the three credit bureaus are literally buried with millions of dispute letters every month, ’cause everybody’s been told, “All you do is write a letter to the credit bureaus and they’ll take care of it”. They don’t. They can’t. They really don’t want to. So, what they did was that they outsourced all of these letter processing to foreign countries. And these employees in these foreign countries, CBS 60 minutes said, “They have in most cases less than 1 minute to read your letter and decide what to do with it”. So, you know, what happens in most cases, in all these barrage of letters, at these so called credit repair companies send to the bureaus, basically as standard response come back, it comes back to you and says, “The disputed item remains contact their creditor”.

So, all they’re doing is just passing it back and say,”Hey, you got a problem, go talk to your creditor, ’cause we are not gonna deal with it”. Now, it doesn’t mean that there can’t be some changes made by the credit bureaus. From time to time, they will do that. But, in the majority of the cases, they’ll just gonna tell you, to go to your creditor and work out the problem with them. So, you know, this is the problem that we are presented with, and this is just the tip of the iceberg of what’s really been going on, behind the scenes in the credit industry. And with your credit determining what’s gonna happen in your life, what you can do, what you can buy, your lifestyle, all these things because it is the determining factor on whether or not you can borrow someone else’s money to accomplish those things.

You know, if you don’t learn to monitor–to repair your credit, or monitor your credit, work on improving your credit and defend your credit, well, basically these companies are gonna do with you as they wish. Now, let us take it back from a personal application. Let us circle back to you as a real estate investor to the scenario or to the problem I originally proposed, and that was you, found a client, they got the down payment, they got the job stability, what they don’t have is good credit. They either can’t get approved for mortgage at all or if they get approved and they have a penalty rate or interest rate that is high enough that they can’t comfortably afford the payment. So, this good buyer, this property, otherwise qualified buyer cannot buy your property. They lose and you lose. I mean, is that a good assessment that a lot of people run into, Mitch?

Mitch: Man it infuriates me what you’re telling me right now, I just-it makes me mad, because I don’t think people understand, how far reaching it is, because I know that they check your credit when we wanna buy insurance for your homes, and if you don’t have good credit, you get different rate, I mean it goes on and on, this just not the increases in — the credit card rates the you pay, not just that you can’t get a lower interest rate on your loan because of the credit score, but — is there anything else, I mean I’m just thinking, I know — the insurance company checks you and you get a different rate if you don’t have good credit, is there anything else that affects me?

Dave: Well you know, let’s go back to that. Yes house insurances one, but you know the real killer is car insurance, the car insurance companies pull your credit scores and they all also have another one, that’s for car insurance companies, — I wanna say it’s called a “daddy”, I’ll try and look at that, but they make a decision based on your credit scores as to what your premium will be and the difference between good credit and poor credit is about 50% more, so somebody is paying, $1,200 a year with good credit, they’re gonna $2,000 to $2,500 a year with poor credit, it’s not really fair to people to be beat down, because of a credit rate, but that’s just our system, that’s how they determine what kind of risk you are to them and whether or not to accept that risk, so when you went back and — to your introduction Mitch, and you’re saying listen, if you need to clean up your own credit, refinanced your house, your cars, you’ll gonna find the cash to become a real estate investor, well this is how you do it, you get a different mortgage, you refinance your cars, you get better car insurance and lower the rates, all of these things that your credit affects that can be a dramatic, a huge cash flow savings for you, that you can reposition for your benefit in becoming a real estate investor.

Mitch: And the thing about it is, you don’t have to go back and renegotiate all these things, you just have to get your credit score up, so we renegotiate it for you, or you go — you have better offers from companies that are more competitive, if you have better credit scores, so it’s across the board, I just don’t want people to minimize how much money it can cost you a month because you have bad credit, it’s just not your credit card statement, it’s across the board

Dave: Absolutely.

Mitch: And it infuriates me because i don’t know how many times, I — pull up to try get a person a new loan and a house — I’m looking at the credit report — well that’s not me, I never even lived in this place, and they go on and on, and I’m thinking, where in the world did people get the right to just defame you, and unfortunately the law are stack in our favor, so the recourse is, stay on top of your credit, stop this from happening, and then all this stuff will go away, but you’ve gotta have some kind of bulldog in your corner doing this for you, but you’ve gotta have some kind of — you gonna need some help, because it’s not something you just gonna learn over night, I see these things all the time, learn how to fix your own credit, I think that a complete waste of time, am I correct?

Dave: Pre-recession Mitch in the early late 1990’s and early 2000’s it was doable, it still was, It was still obsessed and could be used but the recession again changed everything and there’s so many now 10’s of millions or more people affected, that the sheer numbers of people have really shut the system down, it doesn’t work the same, and so you mentioned the moment ago, you have to find some, you have to do something about it, you have to understand your credit, you gotta defend it, monitor it and fix it, and that sounds overwhelming to people, but it doesn’t have to be, because this was my challenge, I run into this problem and again I worked with real estate investors all over the country and heard the same re-occurring thing, I’m tire of finding great buyers and I can’t get them financed, and so I have to work harder to find the buyers ultimately to qualify to get a mortgage, I said “you know this is unacceptable, this has to stop” OK fine, the rules have changed, we have a new economy, we have a new way of doing business, that’s fine, I got to find a new solution, so I went digging. Now, my way of digging is not just trolling the internet [INAUDIBLE – that kind of stuff], I work with attorney’s, I’ve worked with attorneys and national experts for years. So, I put the word out, through all the attorneys the CPA’s, the experts that I know and worked with, I said guys here’s the problem, what’s the solution? What if – who are you using? Who’s doing the job? And, I had, besides a lot of these professionals commensurate and say, well I don’t know, but when you find them out, find the professional, would you call me, cause I need them. [LAUGHTER]

This affects like I said in the beginning, everyone. No matter your level of experience, I kept digging, I kept digging and all of a sudden I had the same attorney come up several times, from several other attorneys and I said, bingo, here’s the guy I wanna talk to, so I got hold of this gentleman and talked to him, and was delighted with what I found, because he gets the job done, I’ll show you just how simple it is, what he does from his side and he’s been doing it for years. Now he started his career over 27 years ago, as chief counsel for a major financial institution, he was I believe in consumer law division and so he was on the inside of the beast as it were, seeing how things were done and how things went on. After a while he said “you know what? the corporate world just isn’t for me”, and so he stepped out into private practice, well he wanted to help people, and he saw what went on inside the company and he says I wanna help people get their credit back on track, monitor their credit and defend it, and know what to do and be in control of this really important asset that they have. So, he’s been doing that for over 20 years, he’s helped over 10,000 people get their life back on track and he does it in 90 days or less, and not this long drawn-out situation, but again he has special knowledge he knows exactly what to do and how to do it, and he doesn’t do it the old traditional way. Because, the old traditional way of credit repair, the way that is frustrated you Mitch and a lot of other people is they simply send a barrage of letters to the credit bureaus and what they say is “oh, you know it’s 75 bucks to sign up with us, and 75 bucks a month and the next 7, 8 months, whatever, hopefully your credit will improve”, they know full well what’s going on, they know the credit bureaus are overwhelmed and are not responding positively, they just sell the hope that your credits gonna repair in exchange they got a massive monthly cash flow coming in from 10’s of thousands of people hoping to repair their credit. That’s not what it’s about when you’re a solution or a problem solver. You’ve got a goal, you want to get your client in position to buy that house, you need somebody who knows what they’re doing, they’re gonna do it as fast as possible, and that’s what this attorney does. So,

Mitch: I’m guessing, this attorney found some teeth somewhere, where he can bite where it hurts. So I’m really interested where you’re going.

Dave: Big time, he does need to know, where the credit bureaus are, we call it the baseline report, in other words, what is the latest current reports. So, when a person signs up for this program, they are first of all called immediately by the attorney, he talks to every single client and then he pulls your credit reports, of all 3 bureaus, based of those report Mitch, he immediately produces dispute letters sends them out, most people have them within just a few days, they’re already stamped, addressed, ready, all you do is have, what we call a signing party, you sit down and you sign them all, like I’m dropping them in the mail. 2 to 3 weeks later you’re gonna get a responses from the bureaus, he wants to see, will they make a change or if they haven’t what is your report. Now, when you get those back, you just fax or email it to the attorney, now the magic happens, this where he starts to apply his specialized knowledge, he’s done with the credit bureaus, they’re not gonna help you at all, he knows it. So, what he does then, is he goes after the creditors. So, he submits a demand letter or demand-we call it kit, to these individual creditors on your report and says “I am representing this individual, under the fair credit consumer reporting act”, which is the federal law that protects your rights as a consumer, by the way, “we are demanding the following items to verify these debts”. So, there’s a very strict formula that he goes down through, and he sells the creditor, we – you must produce this under the federal law all of these information to verify these debt, under these 3 topics and if you do not, the federal law applies — a penalty to you, they have to pay a fine, if they don’t do this, course the kit the letters says, “by the way, if you would like to simply delete these record from my clients 3 bureaus, that’s acceptable also”. Now, you take a creditor that gets a demand letter from a law firm, that knows what they’re talking about, is quoting the federal law, that they have to comply with, they’re gonna pay attention to it, right Mitch?

Mitch: Well, I’m guessing that – these people have heard from him before and they probably know who he is and they know what he’s capable of, am I correct?

Dave: It’s called a “velvet hammer”, the implication of a “velvet hammer” [LAUGHTER] — it’s just a, hey, here’s what we need, give it to us or else, and they don’t want the else because, if they don’t these are stiff fines that they have to pay. So, in a lot of cases it’s just simpler for the creditor to delete the account from — his client’s 3 bureaus, not all of them will do that, everybody’s case is unique, we can’t make guarantees based on that, but I did say on the average, what you anticipate, that most creditors will comply, and he says on average 65 to 75% of creditors take the cheap way out and just delete it. They do not wanna go through and spend the employee time pulling all the records together and providing them. Here’s the other interesting thing, most creditors Mitch, don’t even have the records, because think of all the mergers and acquisitions and bankruptcies and everything that through the corporate world during the recession. Most creditors cannot produce the original signed note, that’s demanded in the letter, if they can’t produce it, theirs claim is not valid and they have to delete it. So in most cases — or even if they have the record they’re stored in some warehouse inside some bankers box, they don’t know where they at. So even if they could comply, they can’t, because they can’t lay their hands on the records and that’s why he’s successful he uses the law and what the law demands to protect your rights, he makes the creditors comply and if they can’t comply, by law remove the record from your credit bureaus, all of this happens in 90 days or less and that individual’s credit can then improve and — again we can’t guarantee how much, but I’ve seen some pretty dramatic improvement, from a lot of our clients.

Mitch: So, for once, we have — this bureaucracy that’s working against us, because of all the 1,000’s and 100’s of thousands of letters being sent disputes, working against us, now we found a way to flip this around, he’s found a way to flip this around and use this bureaucracy and this red tape and this overwhelming workload against the companies and demand that they produce what he needs by law to have and does he threaten a lawsuit if they don’t?

Dave: He doesn’t have to, because the federal law applies the fine, it’s already been decided by federal law, say the direct creditors challenge is the unique feature that he uses that gets you out of the rest of the herd that’s just sending letters to the bureaus hoping they make changes, he protects you with that federal law and that federal law is the hammer. So, he doesn’t have to take them to court, if they don’t produce, he has proof that they don’t produce, by default they pay and if they don’t pay they’re — in serious hurt with the federal government and they can’t — they won’t go there —

Mitch: — He could follow — all sort — if they didn’t conform, right? Was I right or Wrong?

Dave: Absolutely, no no, absolutely he can file a lawsuit,

Mitch: But they’re smart enough to say, just let it go or go get the stuff, now the owners are on them, instead of us having to wait through all this bureaucracy and red tape, put it back on them, if they don’t produce it, they have to let it go, if they don’t let it go, he I guess can file a lawsuit, is that right?

Dave: Yeah, he certainly can.

Mitch: And if he files a lawsuit, he’s gonna automatically win because, he’s got proof that they didn’t conform, I mean — truly not much of a lawsuit, right? He kinda won before he even start.

Dave: It never gonna get to a lawsuit, because they didn’t conform federal law, he’s got the proof, federal law, defaults, fine is issued, they have no choice. See all U.S. creditors are subject to this law, every U.S. creditor is. So, that’s why late payments, collections, repossession, foreclosures and he even gets bankruptcies removed in some cases, because they cannot comply with this record keeping that’s demanded under the federal law, it’s nice to know that a federal law actually works to protect your rights when it’s applied properly and he knows exactly how to do that, and improving credit doesn’t take long with his system, 90 days or less, it’s taken care of, and it works. Now, we can’t guarantee results, everybody’s unique, but I’ll tell you what, he backs it up, we back it up, we – because we’re results driven, we don’t waste any time with the bureaus, we go directly after the creditors, we meaning the attorney and his team, and they have to respond, the clock is ticking on them, when he submits the kit to them, they can’t doodle and take the time, the clock is ticking and they have to respond by law within a – certain period of time, Mitch.

Mitch: It’s a whole different ball game, between when you sent the letter and when an attorney sends in a letter with specific demands as the law requires, it’s a whole different ball game, I’m taking – and I wanna ask you this one question, does – I think I heard of this guy, does he ride a white horse and have a cape and yells “Hi-ho silver”, or anything, cause I think I’ve heard of this guy,

Dave: That’s actually his brother, this guys has a red cape with an “S” on it –

Mitch: [LAUGHTER] and – for once, it’s nice to have a guy on your side that can shoot the silver bullet, who knows if he’s gonna hit exactly where he’s supposed to hit, — but it’s nice to know that, we got this kind of guy on our side [CROSSTALK], how long has he been on business again?

Dave: Over 20 years now, over 20 years now, in fact he backs us up with a 100% guarantee period. Now – so, the rules of the guarantee are simple, there’s 3 rules, 1. When you get the dispute letters from him, you mail them promptly to the bureaus, 2. you have to keep making your payments on your account, this isn’t the time to stop making payments, go out get a new credit cards, you don’t make any changes, you stay put, you hold your breath for 90 days or less, OK, and you don’t make any changes, cause this will upset what’s going on and as long as you do that, he guarantees to improving credit for people, if he doesn’t for some reason and wasn’t able to improve your credit, he will refund 100% of every penny you pay, no questions asked, he’s done that guarantee since the day he went into business, and I asked him, I said, so how many have you had to pay that? He said I haven’t paid it once, I always improve the credit, always, and he says, if I gotta put extra time, it don’t matter, I will make it happen, because he knows, what you need to have done affects your life and determines whether or not you could move forward with your plans, and to him that’s very personal and he wants to remove this log jammed, get it out of the way, so this shouldn’t go on, on you journey, and so I really thoroughly enjoy him from a ethics and how he does things, so honestly and he is so fast, it’s wonderful.

Mitch: Well it sounds like — the kind of muscle that you would need and just — i wanna clear — we’re straight shooters here, like you said, every case is individual, you can’t say how much that they gonna improve it, but it sounds like to me, from a personal standpoint, I’ve had problems with my credit as far as, not that I don’t pay my bills, I have problems people with putting stuff with my credit that doesn’t belong there and so, to me specially after learning from you how much my credit affects my entire life, it’s a no brainer to sign up for this thing and make sure I have someone watching after me, and taking care of me,– certainly this can’t go on under perpetuity, but how long does he monitor your credit for a certain period of time or is it a one time feel, is he with there for years or how long is he with you, or how long does the relationship lasts.

Dave: Well, what we do is we get people, we teach people to give them the tools for improving credit, so that they can do some of these themselves, in other words, we show them every year pull your credit reports, alright, go through the reports, we give them report to understand how to read the codes and everything, look for any of that garbage that you mentioned that shown up on your report, that shouldn’t be there, if there’s anything that you don’t like, he further backs up his work with a 2 year performance guarantee, it basically says, if you see something a year or 2 from now, that you don’t like on your bureau or whatever, get in the reports and he’ll do a consultation with you, in most cases he can tell just exactly just do this, this and this and that’ll clear it up, if you needed him to take action, that would be additional fee between you and him, but he keeps it very reasonable. So, he does doesn’t do it once and abandon you, because this is something you need to understand, how to do it yourself and then turn to a professional like him, if there’s something you can’t fix, that might pop up later on, So you’re right Mitch, this is an ongoing process because that is you in 3 digits on a piece of paper and you gotta protect them and make sure that it represents you fairly.

Mitch: You know one of the things that happened to me and this is my personal case, I had some medical issues, and you know how insurances is now, if you’re gonna walk into a doctor’s office and they said well you know, that visit was a 150 bucks, [INAUDIBLE – says well I’m with insurance] it’s OK, but they don’t say that, when you hand them the insurance card, say how much was this, they say we don’t know, they gonna check with whatever, they never give you an answer on how much it costs for the visit, if you hand them the insurance card, it’s very frustrating for me and so I’m was getting medical bills that I knew that I paid it already, I knew I paid them and what happens is they sell their accounts to people — like they fell in the factoring, seems to me like the hospital will sell these things like factoring, they’ll sell their accounts receivable for cash today and they turn it over to some collection company, and I kept telling the collection company “hey, I already paid this”, he even send them the check or copy of it and they still call you 3 months later and they haven’t taken off your credit report and it really infuriated me and I just got to the point where I had thrown my hands up and decided that I could spend hour on hours on hours, trying to solve this issue or I could just ignore this calls, absorb the heat on my credit and go out buy another house and make 20 grand, you know no one’s paying me 20 grand to solve my credit issues, so I have a choice of what my hour to be every day is, do I spend a whole day or 3 days or 5 days or a month getting to the bottom of this? Or do I just go out and make an extra 20 grand and say well life’s just not fair, and what I like about this is, I don’t have to do that anymore. I can go out, make my $20,000 a house or whatever deal I’m working on, and I can turn this over to him for what is a very reasonable fee, I’ve gotta say. Very reasonable given the fact that how much it affects you and I don’t have to worry about it anymore, I have very few things to do I just have to send in 3 requirements, sending those things and not mess up my credit anymore but, i found it a great comfort myself, I think that — I know – we’re gonna have a link here, so you can hook up with David and he’ll get you hooked up with his program, right?

Dave: Yeah, we’ll have a link and then all people have to do is click the link and just enter some basic information and just have a free consultation, I’ll visit with you for a few minutes, answer your questions and get you an idea of how this might work for you and if it is then we’ll go ahead and put you in the program so the attorney can immediately get a hold of you and start you through the program, this is for you, your family members friends, it’s for the buyers of your houses, this is for everybody, but you know that’s your decision as to if this the right resource. Just the other day, I had a close friend that got a hold of me, — well actually I hadn’t talked to him in quite a while and I was talking about things and he just mentioned that he trying to buy a house and didn’t get approved and i said “ah you’ve got a few dings” he said “yeah, I didn’t even know I had the dings” he was shocked, and he was in the low 600’s, low 600’s, so I hooked him up immediately with the attorney and I just got an email from him a few days ago, he said “Dave, all 3 bureaus are over 700 and rising” he is thrilled, he is applying for his mortgage, I think in the next week or two, so you know, I know the program works, — think of it Mitch, it’s just like — some people try to do their taxes alone and they may do with an OK job, with an online service or whatever, but most of us realize the value of having a real pro, whether it comes to taxes or accounting or legal work, well this is the same thing, this is a legal pro that’s gonna protect the most important asset we own, which is our credit scores and he know what to do, he knows how to do it and he’s gonna share information on how to keep yourself back — get yourself back on track and keep yourself there. And it’s just a part of managing your financial life, so you could be a successful as you wanna be.

Mitch: You know Dave, I’m really glad that we have this conversation, I’m sure there is more than just a few people that have experienced the same kinda things that we’ve talked about and I wanna thank you for being on this call, I mean I don’t wanna cut it short, but if there’s anything else that we need to talk about, then feel free to jump right in but, if this is pretty much the synopsis then let’s call it a day but, I really appreciate you being here because this is a super tremendous tool in my toolbox to help keep my business and my life running the way it’s supposed to run and I just really appreciate you for taking the time and going through — in figuring out the solution for all of us who just – don’t know how to – where to even start, and I know for a fact — just came out of a personal situation for you and you were infuriated I’m just glad that you get to the bottom of it and we have some place to go now, I really appreciate you Dave, Thanks for being on the call.

Dave: My pleasure and I hope I can help as many people as possible with improving credit. Thanks Mitch.

Mitch: Thanks Dave.


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