Doug: Good Evening. This is Doug Johnson and this is “The Truth About Debt Relief.”
My assistant, Kevin Mastaw, is in the studio with me here this evening. How are you
Kevin: Doug, I’m doing great. Thanks for asking.
Doug: It was a beautiful day. What did you do today?
Kevin: A man. We, well of course, I get up early, do some reading, and watch the
political shows. And then we go church and then afterwards we go to the bakery to pick
up my sandwich bread for the week. And, I noticed, as we were going to the bakery,
today, I noticed the USA TODAY in the newspaper stand. An interesting, interesting
front page story entitled, “More Americans Using Credit Cards To Stay Afloat.” And so
rather than spending the 75 cents for the paper, I went home, got on the internet and
printed out the article.
Doug: Ok..You wouldn’t spend 75.
Kevin: No, I’m too cheap for that. But, besides that the USA TODAY isn’t my favorite
paper. I like the Wall Street Journal but that’s another story. I did print this out. And the
story is in this weekend’s USA Today. It’s written by Kathy Chu. And, like I say the
title of it is, “More Americans Using Credit Cards to Stay Afloat.” And, the third
paragraph reads, “across the nation credit counselors are reporting the same trend. Credit
bureau analyses of consumer payment data show that financially squeezed borrowers
have begun paying their credit card and car bills before their mortgages.”
Doug: Then their paying their credit cards before their mortgages?
Kevin: Yep. Their credit card and car bills before their mortgages. So, that has to make
the credit card companies and car financing companies happy but the mortgage lenders
aren’t too happy about that.
Doug: Yeah, we see that trend in our business. We have more and more people who call
in every week who are defaulting on their mortgages but they’re paying their credit cards.
Kevin: Yep. Yep. Anyway, here it says, “that’s a striking reversal from the norm -one
that reflects rising desperation. It suggests that, essentially, some people have given up
trying stay current with their mortgages instead are focusing on using credit cards to
squeak by. If the trend persists, many economists say, it could accelerate mortgage loses
and further drag down the economy. “
What’s your opinion of that, Doug?
Doug: Well, that’s scary. That’s a scary trend. But we’ve seen a lot of other scary trends.
I think the underlying problem in my opinion is the lack of knowledge about debt relief
options. People come to us, day after day after day, or we talk to people out in the
community who don’t know anything about their options. They get confused and fearful
and, well, frustrated.
Kevin: I think this article is showing that obviously people’s incomes, or most people’s
incomes, are not keeping up with their day to day costs of living or everyday expenses.
So, what they’re doing is subsidizing their living costs with their credit cards. And
they’re still not keeping up. So, you know, obviously when people start doing that –
when people have to use their credit cards just to get by, they’re stepping on a treadmill
that’s going to take them nowhere. And, eventually, they’re going to have to jump off
the treadmill. You know, when they see themselves get in that position, that’s really
when they, really, should be talking to us. That’s really when they should be looking for
what are their options, what do they do to keep from getting on the treadmill in the first
place. And if they’re on the treadmill, how do they get off. Do you agree?
Doug: Absolutely. I think the problem is that people call the debt settlement or debt
negotiation salesperson and that person says, “you need to do our remedy,” or call the
credit counseling salesperson and that person says, “your only option is our option,” or
they call the bankruptcy attorney and he says, “oh, that’s nonsense, you need to file
bankruptcy, “ or the mortgage broker says, “you need to take out a home equity loan and
pay all this off and be done with it,” and they don’t know what to do. They are confused.
The reason that we are a better source for them and what we’re trying to accomplish with
this show is our service is to provide truthful, factual, unbiased information because
we’re supported and funded by the twelve to fifteen legitimate companies in the industry.
And there are thousands of companies out there in the industry but that’s twelve to fifteen
legitimate companies want us to get this information out to people and educate people.
And we do that through the radio show, webinars, and live lectures.
Kevin: And those webinars are Monday through Friday, or Monday through Thursday, at
noon o’clock, 12 o’clock, noon central time and 5 o’clock central time, Mondays through
Thursdays. And you do those live.
Doug: I do. And they’re a 15 to 20 minute lecture with a 10 minute Q & A.
Kevin: So that’s a great resource for people to go in and find out what their different
options are when they do get on this treadmill. And if they’re already on the treadmill, we
can help them, too. And, tonight, we’re going to be talking about what if they’ve been on
the treadmill and they’ve gotten thrown off the treadmill and, now, they want to know
how to get their good name back.
Doug: Yep. Now, let me mention, before we bring our guest on this evening, how they
access these webinars – how they could access us to do a lecture for them – a live lecture.
By the way, it’s no cost to anyone. There are no fees involved. That phone number is
615-971-0489. Again that’s 615-971-0489. Our website is debtrelief-thetruth, that’s
debtrelief-thetruth.com. There’s information on the site about our webinars, when they
are, and every detail people need to know. Anything we need to add to that?
Kevin: Not that I can think of. They go to the website, debtrelief-thetruth.com, login
instructions are there. What you’ll do is you’ll login, you’ll get login information to see
the visual part of the presentation and then you’ll dial a phone number which is also
given on the website. They’ll dial the phone number to get into the conference call. And
people can just dial in. They don’t have to identify themselves, if they don’t want to.
They can just sit and watch. You can watch as often as you want. Great starting place.
Doug: I think it is too. Why don’t we bring our guest on this evening. He’s been waiting
patiently on the wayside, here. His name is Byron Hobson. I want to call him Brian but
it’s Byron Hobson and he’s going to clear up the myth and misinformation relative to our
credit scores and credit reports.
There’s been a nasty trend – another trend, here – but a nasty trend where credit scores be
more and more involved in our business affairs. Credit scores determine if we qualify
for a mortgage loan or car loan. If we do qualify, they determine what rates we’re going
pay. If you get a student loan, your credit score is checked. If you go to apply for a job,
they’re going to check your credit scores, now. Your insurance rates are contingent on
credit scores. And our credit card offers are dependent on credit scores. Now, I’m sure
Byron can tell us other areas I’m overlooking that credit scores now effect.
How are you doing this evening, Byron?
You’re going to have to speak, again there, we missed ya.
Byron: I’m sorry. How are you doing, tonight, Doug? Hi Kevin.
Kevin: Hey Byron. How are ya? I have the first question. Before credit scores, what did
Byron: Before credit scores?
Byron: It’s a compilation. A credit score is comprised, kind of like a test in high school
or college, where you have different parts over a period of time which add up to one
score. In the current world, 45 percent of your score is based upon your payment history.
This is what you’ve done over the years, if you paid your bills on time, did you lates, did
you have charge-offs, things like that. Another 30 percent of your score is based on
outstanding debt – what kind of debt do you have now, are your credit cards maxed out,
do have control – that becomes 30 percent of your score. Another 15 percent of your
score is based on the length of time you’ve had credit.. The longer you’ve had credit, the
more of a sample of how good you are with your credit and, therefore, the better they can
evaluate you on that.
Kevin: Now, when did the credit score actually come into use.
Doug: Before you answer that, Byron, I have to give out the call in number. I know that
people want to call in this evening. That number is 800-688-WLAC. Once again, that’s
800-688-9522. Or you can call *9522 on your Verizon wireless. And we do welcome
your questions and comments, this evening.
Go ahead, Byron, and answer that question if you would.
Byron: I’m sorry. What was that question, again, Kevin?
Kevin: Before, well when did the credit score come into use?
Byron: Most credit scores have been used all the way back to the 1920’s.
Kevin: Oh, I actually heard that they used to use your 3 game bowling score. That’s why
700 ‘s very good . 720 is like a 240 average. Is that right?
Doug: Absolutely. There is.
Kevin: Ok. That’s my stupid joke for tonight. Now I’ll shut up.
Byron: It’s been used going back to the 1920’s. They were primarily used for credit in
stores, things like that. As they started to network and share information so it kind of
grew into what it is today.
Doug: That’s bizarre. Well, some of listeners may not know what a credit report is and
what a credit score is. Can you go back to the very basics for us, there, Byron?
Byron: Sure. A credit score is a report that shows your credit worthiness based on what
you’re trying to purchase or what you’re trying to accomplish, credit wise. There’s three
primary reporting agencies: there’s Experion, Transunion, and Equifax. And they all
have their own models constructing – they’re all similar but not quite the same. A credit
score will range anywhere from a low of 300 to a high of 850. Technically, there’s
actually a 900 and 920 score out there. They tried to implement the new system back in
March of 2006 but the credit industry just didn’t take hold of it. So, it’s not being used.
So, for practical purposes its 300 to 850. What that score means, and in today’s world
credit is being tightened, anybody with a score of 690 or below will have a tough time
refinancing their house right now. A year ago, somebody who had a 550 score could refi.
Now, you’re looking at 680, and in a lot of cases a lot of lenders are looking at a 720
Doug: Byron, sorry for interrupting. We have a caller. I’m going to go ahead and take
this call, if you don’t mind.
Doug: Sharon in Texas, you’re on the air.
Sharon: Hi, I have a question. I’ve always been a thrifty person. And I have no credit
cards, no debts, nothing like student loans. Two years ago, I tried to buy my very first
car. And, I mean, car places, they gave me hell about having no credit. And I really
don’t understand why they look me as someone who has bad credit. I don’t understand
Byron: Huh huh. They’ll treat you the same. You have to understand that when the
financial community looks at a credit report to make a decision, they do not think the way
you or I do. The way look at is that this person has no credit. Therefore, they might be a
great risk. They might be ok. They don’t know, yet. So, they’re going to take the
negative view. They’re going to assume you’re a bad risk and make it difficult for you to
have credit. Or if they do extend you credit, they’re going to do so at a higher rate as
opposed to someone who has credit established and has proven to them that they can
have credit over a period of time, pay it on time. Then they’ll give that person, you
know, a lower rate. They’re less of a risk in their eyes.
Sharon: I don’t see why someone like me has a harder time getting credit than someone
with bad credit.
Doug: Byron, we’re going to have to take a break here. Sharon, if you could hold on the
line, let’s have Byron answer that question after the break. This is the Truth About Debt
Relief. Don’t go away. We’ll be right back.
Doug: We’re back with The Truth About Debt Relief. I’m Doug Johnson. We’re visiting
this evening with Byron Hobson who’s hear to clear up the myth and misinformation
relative to our credit scores and credit reports.
We have Sharon on the line from Texas. Sharon, would you ask that question, again,
please, that you asked before the break?
Sharon: I totally forgot! I’m so sorry.
Kevin: You applied for a car loan, right? And, you’ve always been on a cash basis and,
now, you can’t get the car loan because you’ve always paid cash, is that correct?
Sharon: Well, the car man told me that to get a good rate I’d have to come up with a
$5,000 down payment. And, yeah, so I said, “5,000? I was just going to put down
3,000.” And, so, he told me 5,000. So, I said, “ok.” So, I wound up putting $5,000 down
while his rate was, like 4.9.
So, basically, my question is someone like me who’s had no debt and has been paying,
but someone who has bad credit, they could get a loan faster than somebody like me with
no debt history. And I don’t understand that.
Are you there?
Byron: Yeah. These people don’t get credit faster. That’s true, they won’t get the 4.9%,
I can assure you that. It did work out well in that area. The good news is that now that
you have an auto loan that will build credit for you. Another way you can get credit is to
simply get a credit card at a department store. They tend to be a little bit more lenient
about giving out credit. They’ll give you a credit card for a $200-$300 limit on it. And,
as you charge and pay it off, that will build up credit for you as well. That’s a pretty easy
way for you to do it.
Sharon: Ok. Thank you so much.
Byron: You’re welcome
Doug: Sharon, thank you for calling in.
We’ve got another caller here. We got Lori in Wisconsin. Lori, thank you for holding.
What can we help you with this evening?
Lori: Well, my credit cards are past the statute of limitations. And I’m wondering how I
can start to restore my credit?
Byron: Hmm, hm. Are they still showing on your credit report?
Byron: They are. Ok. Well this is kind of what our company does specifically. We work
with people who have had negative or derogatory items placed on their credit file. And
we have our own proprietary system called a Section 609 excuse system and I won’t go
into a great amount of detail but it’s based on Section 609 of the Fair Credit Reporting
Act which is a section of law that tells the credit bureaus, among other things, exactly
what they must do in order for them to make somebody’s debt public information.
When you read through the 87 some odd pages of the law, it boils down to two basic
things. Number one the information they provide must be accurate. And, number two it
must be verifiable. Now, the vast majority, in fact almost all the credit – and I hate this
word – credit repair companies out there attack the validity side of it - that is, is it
accurate? And what they do is have their customers pretend that that’s not theirs or, you
know, God forbid, they get a second social security number and make a second credit
file under that which is highly illegal. What we do is take the exact opposite tact, our
self. What we do is take a look at the verifiable side and we found that the credit bureaus
are not legally or properly verifying as the law is written. As a result, we are able to get
negatives off of credit files, legally and ethically.
Lori: Ok. So, what do I have to do?
Byron: Well, what you need to do is, in order to get that off – first of all, you could
dispute with the credit bureaus yourself.
Byron: You could simply write down and say, “this information is outdated, please
remove it.” Now, if it’s past seven years, and it has been paid, chances are they will
remove it for you. Apart from that, then you need to get somebody, like our company,
involved to work on your behalf.
Byron: But if it’s after seven years, a simple letter to three credit bureaus, individually,
just stating that it is outdated information and please remove it. And, that should get it
Lori: Ok..and then I should call you.
Lori: Ok. Thanks a lot!
Byron: You’re welcome.
Doug: Thank you so much. We have another caller here.
Kevin: Actually, Lori, you’ll want to call Doug. That number, by the way, is
615-971-0489. If you heard the spot during the commercial break, one of the things
Doug talks about is instead of debt keeping you awake at night, get up in the middle of
the night and call him. That’s his cell phone number.
Doug: Ok.. Byron, we have another caller, here. Lee in Franklin, thank you for holding.
You’re live on the air. How can we help you?
Lee: Hi Doug. Thank you for taking my call.
Lee: Basically, I’ve got a lot of inquiries on my credit report. I’m guessing that’s why
it’s pretty low. I just want to know, is there a way to get rid of the inquiries? Is there
anything I can do about that?
Byron: Yes, there is. Inquiries are a very big problem. Inquiries come from numerous
Back in 2000, President Bush passed a law that allows credit card companies, banks, and
insurance companies to pull your credit for the purpose of making solicitations to you.
And what they do is they do it based on your credit scores. So, if I have a 700 credit
score, I’m going to get a credit card offer that is the 4.9%, $10,000 limit. I can transfer
my credit card balances for 0% for a year. If you had a 500 credit score, you’re going to
get the 27% credit card with a $600 limit and you don’t have to respond to that.
What you could do is opt-out of that list, called commercial suppression, which is what
we do with every file that we get, and you could also, on the inquiries, you could just
have those revoked. It’s what’s called a non-account holding inquiry. And anything
that’s called non-account holding can be revoked. Non-account holding means it’s not
related to a loan that you have out presently. So, if you went looking for a car and
decided not to get the car, that inquiry can be removed.
Lee: So, my next step for getting inquiries removed is do what?
Byron: Again, to get inquiries removed is to contact the credit bureaus or you contact
Doug or Kevin and they can do it for you. It’s a matter of writing the credit bureaus,
asking them to remove it knowing what is a non-account holding and what is an account
holding inquiry. Ask for them to be removed and they will remove them. If they don’t do
it, they’ll stay on your credit file for two years.
Lee: ok..Thanks a lot. I’ll do that.
Doug: Lee, thank you for question, here, this evening.
This is “The Truth About Debt Relief.” Our guest this evening is Byron Hobson. The
number to call in is 800-688-9522. That’s 800-688-9522. You can call *9522 on your
Ok, Byron, tell me, can you share a few success stories for us? People that have been
able to increase their credit scores using your service.
Byron: Well, we have hundreds. The vast majority of our business comes from the
mortgage industry. And, actually 100% of our business is referrals. The loan officers
have their clients that can’t get loans or can’t refi, they send them to us and then we give
them back to them. In, usually, about a 6 – 8 month time frame credit scores are, on
average, 60 to 100 points higher.
My favorite story is I have a lady that, actually here in Boston.
Doug: Before you get into that, let me interrupt, we’ve got another caller, here. We’ve
had a long list of callers and some of them are dropping off. So, if you don’t mind, let’s
come back to that story.
We’ll first talk to Ellen in Gallatin. Ellen, you’re live on the air. How can we help you?
Ellen: Byron, hi, this is Ellen.
Byron: Hi, Ellen.
Ellen: I want to know, can the credit bureau put the items back on after they’ve been
Byron: It depends on who removes them. With our system, no. With others, they can.
And I hate to be vague like that. It depends on how you have it removed. There are
things out there that companies do that are called “rapid rescores” where they will sit
there and dispute an item and, if they don’t have the documentation to back it up, it
comes back on the next month. There are other ones out there that remove it but if it gets
transferred to another account or another company it come back on as you’re paying on
it. The way that we do it, it never comes back on because have proved to be legally
unverifiable and according to the law, especially section 617 of the fair credit reporting
act it cannot come back on without penalty to the credit bureaus themselves.
Ellen: And if I want to get in touch with your company should I just call Doug Johnson?
Yes, you can go to a website which is AR850.com/3212 or your local number, I believe
is, correct me if I’m wrong Doug, is 615-942-1221.
Doug: That is correct.
Ellen: And I want to know, how long have you been people to restore their credit?
Byron: Eight years.
Ellen: Ok. Well, thank you so much, Byron.
Byron: You’re welcome.
Doug: Thank you for calling in this evening. We certainly appreciate your question.
Ellen: Thank you. I enjoy your show.
Doug: Thank you so much.
Ok, Byron, before we went to Ellen you were talking about a particular client who had a
lot of success.
Byron: Yes, I have one lady who kind of sticks out in my mind, that she works for a very
large law firm, here in Boston, and had gone through a divorce and ended up in a
bankruptcy and called and wanted to get the bankruptcy removed. And I told her that we
could do that and told her the process and how it would work. And she talked to some of
her colleagues, some of her lawyers at the firm, and they had 3 different lawyers tell her,
absolutely, positively that a bankruptcy could not be removed from her file. And that it
had to be on there for ten years. She trusted to let us to do this for her and her told her to
make a bit with the attorneys for the amount of our fee. And she didn’t do it with all but
with, apparently, one of them. I got a phone call about seven or eight months later. And
the phone rang, and this lady’s on the phone and she was crying. I though somebody had
passed away or something and she said, “this is so-and-so, you know, guess what? It’s
gone! I got my credit report, today, and it’s gone!” And I said, “what’s gone?” She said,
“the bankruptcy, it’s not there, any more!” I said, “of course, not!” She said, “oh, thank
you so much.” She was elated and then she called me a week later and she told me she
was sitting in a restaurant, here in Boston and having dinner with the money she had won
from one of the attorneys. And, I also got the attorneys referring business to me as well.
Doug: Wow, that’s great! That’s a great story! The other question I had for you before
one of the guest called in, are, you started to talk about the credit bureaus awhile ago but I
don’t think you talked about who they really are. There seems to be a big myth about
who the credit bureaus are. Could you clarify that, please?
Byron: Sure. We found that a large percentage of people out there – almost 90% -
believe that the credit bureaus are a government agency much like the IRS. Nothing
could be further from the truth. The credit bureaus, Experion, Equifax, and Transunion,
are for profit companies. Creditors pay them to list their items on their credit reports to
make them public. And the more stuff that they have on there the more they get paid.
Whether it’s correct or incorrect, as far as they’re concerned as long as they’re getting
paid, is irrelevant to them.
Doug: Ok. So, that explains why there’s so much information on these credit reports.
This is a business, a for profit business.
Byron: We also know, statistically speaking, about 25%, a full one-quarter of all credit
reports have errors on them.
Doug: Wow. Say that again.
Byron: Twenty-five percent, one out of four, credit reports have errors on them.
Doug: Wow, and where did that statistic come from, Byron?
Byron: Well, that is actually out of the mortgage industry. I’ve heard it quoted as high as
30% but the number I’ve seen most often is 25 percent.
Doug: Let me give the call in number, again. That’s 800-688-WLAC. That’s
800-688-9522. You can dial *9522 on your Verizon wireless. And, Byron, I want you to
give out your website, again, and are there testimonials on that website? Do people…?
We don’t have time for too many more stories, here, this evening, but can people leave
testimonials on your website?
Doug: Could give that website out and your local, Nashville, number as well.
Byron: Sure, the website, again, is AR850.com/3212 and your local number there is
Doug: Now, I noticed on that site there’s the name, Mike Workman. Clarify who Mike
Workman is. Mike is the national sales manager for the company for Austen Resources.
Kevin: Byron, I have a question for you. I have a, I know a couple who, their credit is
bad and they’re going to need your services for restoration but they still get solicitations
from credit card companies for more credit cards. Are these companies, do the credit
card companies check somebody’s credit before they send them or are these just mass
mailings that are sent out without regard to who they’re sending them to?
Byron: It’s a combination of both. What they’ll do is they’ll have a mailing for a certain
score and under that they’ll mass mail out. Just because they get something in the mail
does not mean they’ll be approved for that card, necessarily. In a lot of cases, they’re
not. But, two years ago, a lot of those cards did get approved. Today, with the credit
tight the way that has, fewer are in the lower range – in the 500’s.
Kevin: Ok. Thank you.
Doug: We’re going to take another break, here. When we come back, we’re going to
answer the question, does credit restoration jeopardize the credit system. I know a lot of
people want an answer to that question.
This is THE TRUTH ABOUT DEBT RELIEF. Don’t go away. We’ll be right back.
Doug: We’re back with THE TRUTH ABOUT DEBT RELIEF. I’m Doug Johnson. My
guest this evening is Byron Hobson and he’s clearing up the myths and misinformation
about credit scores, credit reports, credit bureaus and so on.
Now, we have another caller, here. Byron, standby.
David in Cedar Hill. Thank you for holding. How can we help you, this evening?
David: Good evening, Doug, Kevin, Byron. How are you guys?
Doug: Oh, we’re great.
David: You guys are throwing out some really good information. You got my interest
perked up. I, like I’m sure a lot of your listeners, need help with the credit restoration.
My first question would be, how long does the credit restoration process normally take?
You know, just the average?
Bryson: We have about 28,000 clients and the average time frame is between six and
eight months. You will see improvement before that but to complete the process, the
eight month time frame is about right. If you have something like a foreclosure or a
bankruptcy or a federal tax lien or something like that it may be more along the lines of
nine to twelve months.
David: Sure, that’s great. I guess my next question would be, how much does it cost?
Bryson: What we do is we charge a flat fee of $599 and that is for an individual or two
people in the same household. So, if there’s a husband and a wife that want to get it
done, together, it’s just 599. We don’t charge them, separately, for it.
David: Definitely, very affordable, especially for what the end result is for what you get
out of it. Could you guys repeat how I get in touch with this program.
Bryson: The website you go to is AR850.com/3212 . And the local number there is
David: Thank you, Doug, so much.
Doug: Thank you for your question, David. Byron, you might mention that in addition to
doing credit restoration, there are some other perks or advantages to this program. I don’t
think you pointed that out, this evening.
Byron: Absolutely. Let’s back up a second and talk about is there any such thing as
credit repair. Because in the typical sense the answer is no. For example federal and
state law prohibit us from saying that all negative items can be guaranteed. Yet by the
same token, any information, no matter how accurate which cannot be verified in a
reasonable amount of time could be included on a persons credit report. So, I can tell you
we can’t repair your credit but we can clear up the reporting of your credit.
Byron: Now, what we do…and getting the negatives off, that’s kind of the sexy portion
of our business. People who went on, they can’t believe it. But, again, only 30 percent
of your score is based on your payment history. We also have an educational series that
teaches people exactly how the credit system works and how to maximize that score
under that system. And we’ll talk about things like: what type of credit should you have,
revolving installment accounts, how many of these type of accounts should you have on
there, what are the ideal limits to have on a credit card, what should your debt to income
ratio. We are the only company out there that actually deals with the other 65 percent.
All the other people just deal with the 35 percent and try to wow people and ultimately
they don’t get the results that we do.
Doug: Ok, and when David called, you mentioned the credit restoration and the
education. How long do you police a credit report for a client – for that fee?
Byron: Our contract is for a full year. And most of them take six to eight months to
complete but we give them a full year if it takes a little bit longer.
Doug: So, you’re saying you’ll oversee their credit report for a year regardless of what
happens. What happens if they continue to get negatives on that credit report during that
year? Are you responsible for those as well?
Byron: That’s the question. And it kind of goes into the question that you asked before
the break: does what we do jeopardize the credit system? The nice part about our system
is that it’s kind of self correcting in the sense that if somebody – we’re here to give
people a second chance on their credit. Now, why it got messed up could be a variety of
reasons but if they’re back on their feet, if they’re making payments on time, and they
have bad credit hanging over their head that’s when we come in to help them out. Now
the first thing they have to do, honestly, is pay their bills on time. If while we’re helping
them restore their credit, they’re continuing to add new negatives to their report, your
credit score’s not going to go anywhere. We will never, ever catch up to them.
You know, this is really designed for a person that has had problems, they’re back on
their feet, they’re making money, they’re paying their bills on time, and, now, they’re
serious about getting their credit back on track. That person we can help all day long.
Doug: And so, how does the credit restoration jeopardize the credit system?
Byron: It does not? Like I said, because ours, we believe that anybody is entitled to a
second chance. The credit bureaus tend to be very unyielding. And, I’ll give a quick
example. I had a client, recently, that had a very high credit score – 826 to be precise.
Byron: Yeah, I mean stellar credit. An 820 being considered A credit, he was an 826. He
had a – I’ll even tell you the bank. It was Bank of America – and he had….
Doug: Let me interrupt you. We have to take another break. Can you continue that story
when we get back?
Doug: ok..thank you so much. This is THE TRUTH ABOUT DEBT RELIEF. We’ll get
back with Byron and his explanation of credit restoration as soon as we come back.
Doug: We’re back with THE TRUTH ABOUT DEBT RELIEF. I am Doug Johnson.
My guest this evening is Byron Johnson who’s been clearing up myths and
misinformation about credit scores and credit reporting. I’m going to give out Byron’s
website, again, or, Byron, would you please give out your website, here, and contact
Byron: Sure. It’s AR850.com/3212. And the local number is, area code, 615-942-1221.
Doug: Ok. Thank you so much. I wanted to ask. We’re getting toward the end of the
show, here. But I wanted to ask you about the Section 609. You mentioned Section 609.
Can you clarify how that works?
Byron: Sure. Section 609 is a section of the Fair Credit Reporting Act that tells the
bureaus exactly what they must do in order to make somebody’s debt public information.
And, as I mentioned before, it boils down to two basic things. In order for them to do it,
it has to be accurate, and number two it has to be verifiable. Now, what we do is assume
that everything in the credit report is 100% accurate. We know better. We know 25% of
all credit reports have errors on them but we give them that for the time being. The
verifiable side, however, is an entirely different story. It also goes on in section 609, and
it talks, specifically, about what verifies an account. And, according to the law, the only
piece of information that verifies an account is a copy of the original documentation, the
original contract, if you will, between the debtor and the creditor. And what we found is
that the credit bureaus don’t necessarily have that all the time. In other words, they’re not
following the letter of the law. And we force them to follow that law.
Kevin: So, the credit bureaus have to have an original?
Byron: No, they need to have a copy.
Kevin: Oh, they have to have a copy of the original between them, and most of them
don’t, is what you’re saying?
Byron: In fact, we’ve never seen one produced.
Doug: Wow. And how long have you been in business?
Byron: Eight years. Actually, it’ll be nine in April of this year.
Kevin: What prevents the client, then, from just writing a letter to the, uh, reporting
agencies and asking for that agreement?
Byron: Sorry, please repeat that again?
Kevin: What prevents a client, say one of your clients, just from writing a letter to the
reporting agency and asking for the verifiable proof?
Byron: They positively, absolutely can. Absolutely they can. Anybody can dispute the
credit bureaus on their own. Absolutely, 100%, they have the right to do that. But unless
they know reporting law, if they kind of specialize in it, they may not have as much
success as they would hope to have.
Kevin: Ok. But you’re experts in that area. So, that’s why they would want you to do it.
Byron: That’s all that we do.
Doug: Byron, we very much appreciate you coming onto the show here, this evening.
We had so many callers who called in, simultaneously, that a lot of them didn’t stay on
hold and they dropped off, unfortunately. Perhaps we can have you on another week
where we can catch some of those callers who didn’t get to ask you a question.
Byron: I’d be happy to.
Doug: Thank you so much.
Byron: Thank you, Doug. Thank you, Kevin.
Kevin: Thank you, Byron.
Doug: Now, I’d love to hear from our listeners during the week. Please feel free to call
me at 615-971-0489. That’s 615-971-0489. There are a few people I’d like to recognize
who have made this show possible, who’ve been very supportive and very generous to us.
That’s Brian Schwartz of Apex Computer Troubleshooter. Theresa Martin of Volunteer
Benefits – she’s a financial services advisor. Vinny Ribas of CEO Space who does
consulting with people who want to start a business. And, last of all, Jesse Rucker who’s
a visionary and humanitarian and has been very supportive of our cause.
We’ve had a great show this evening. Please join us next week. Thank you and good