Lecture Notes: Credit Report Loophole and Strategies

Introduction

• Exciting news about a Trump loophole from March 2025.
• Allows removal of negative adverse accounts from personal credit reports as if they never existed.
• Loophole originates from a haphazard law enacted three years prior.

Medical Bills and Credit Reports

• A law from 20122 allows medical bills to be removed from credit reports.
• Includes all medical-related expenses like hospital and dental care.
• Even if you have no current medical bills, the loophole can apply to closed accounts.

Legal Concerns and Attorney Approval

• Concerns about legality addressed with the speaker's attorney in Beverly Hills.
• Loophole confirmed as legal for removing closed accounts related to medical expenses.

Understanding Adverse Accounts

• Adverse accounts negatively impact credit scores.
• Goal: Remove these accounts to improve FICO scores and creditworthiness.

Exploiting the Medical Loophole

• Starting March 2025, broader application of the medical bill removal law.
• Includes chiropractor bills, dentistry, oral care, prescriptions.

Strategy for Credit Cards and Closed Accounts

• Closed accounts/charge offs can be claimed as medical if they were used for medical expenses.
• Do not use this strategy for open or revolving accounts.

Steps to Utilize the Loophole

1. Obtain all three credit reports (Experian, Equifax, TransUnion).
2. Highlight adverse accounts, focusing on closed accounts.
3. Identify any possible medical-related charges.
4. Send letters to credit bureaus citing medical bill removal law.

Handling Rejections

• If credit bureaus reject, repeat disputes every 35 days, up to three times.
• If unresolved, escalate to complaints against credit bureaus.

Filing Complaints

• File complaints with state attorney generals and federal government agencies.
• Persistence through the complaint process can lead to removal of adverse accounts.

Expected Outcomes

• Not all accounts may be removed on the first attempt.
• Persistence and strategic planning can improve credit over time.

Future Steps and Final Measures

• If issues persist after six months, consider legal action.
• Future content will cover rebuilding credit and obtaining business credit.

Conclusion

• Emphasis on persistence and proactive management of credit.
• Encouragement to engage with upcoming content on financial strategies.
• Acknowledgment of economic challenges and the necessity for financial independence.

This summary provides a guide to understanding and applying a loophole for removing adverse credit accounts. It covers the basis, legal context, strategic implementation, and escalation procedures for successfully leveraging this opportunity.