Credit Report Repair Using Equifax Data Breach Method

Introduction

• The lecture discusses a method to delete negative items from your credit report using the Equifax data breach method.
• Emphasizes that there is no silver bullet in credit repair, and this is one strategy to execute.
• The method involves submitting a dispute through the Consumer Financial Protection Bureau (CFPB).

Steps to Use Equifax Data Breach Method

Step 1: Check Impact from Equifax Data Breach

• Visit equifaxbreachsettlement.com
• Click on "Find out if your information was impacted."
• Enter your last name and last six digits of your Social Security number to check.
• Screenshot the result as proof if your information was impacted.

Step 2: Obtain an Identity Theft Affidavit

• Visit annualcreditreport.com
• Click on "Protect Your Identity" to find the identity theft affidavit template.
• Complete the affidavit following the template provided.

Step 3: Prepare Required Documents

• Screenshot confirming data breach impact.
• Identity Theft Affidavit as outlined in step 2.
• Fair Credit Reporting Act Section 605b PDF explaining block and removal.
• FTC Identity Theft Report:
  • Go to identitytheft.gov
  • Choose to report identity theft and detail fraudulent accounts.
  • Fill out personal information and specifics of the fraud.
  • Download and save the report.
• Written Statement explaining the request for deletion due to identity theft.

Submission Process

Submit through CFPB

• Create a CFPB account (new account recommended).
• File separate complaints for each credit bureau (Experian, Equifax, TransUnion).
• Attach all necessary documents:
  • Screenshot
  • Identity Theft Affidavit
  • FTC Report
  • Written Statement
  • Fair Credit Reporting Act Section 605b PDF
• Submit complaint with detailed information about incorrect accounts.

Important Considerations

• No Litigation: Using this method disallows future court claims regarding these accounts as they are marked as fraud-related.
• Possible Re-insertion: Deleted accounts may be reinserted if creditors dispute the fraud claim within 30 days.
• Consumer Law Reference: 15 USC 1681 c-2 outlines the rights regarding blocking information due to identity theft.

Additional Tips

• Perform a separate FTC report and complaint submission for each credit bureau.
• Monitor your credit report post-submission for any reinsertions.

Conclusion

• The method can be effective but comes with risks of reinsertion and no legal recourse.
• Carefully consider this method and fully understand the implications before proceeding.

Announcements

• Mentorship program available with discounts to be launched on Black Friday.
• For further questions, follow up in the video comments.

These notes summarize the method and steps discussed in the presentation for using the Equifax data breach method to remove negative items from credit reports.