And we are back! hope everyone had a great Christmas and Holiday!


Then he says…


“Now you’re willing to attack something else, maybe a charge off, WE FOUND that if a charge off is 10 years old they’ve sold that to payment agency (he means a debt buyer) at .05 cents on the dollar (the average is 2% according to the Consumer Protection Financial Bureau ) so with the example of $1000 bill, they want $50 bucks we’ll give them $100 they’ll cooperate, everyone wins, credit score goes up “ANOTHER” 30 points”.



SO here is the reality and that as well as the legal aspect of it…………


A charge off can only stay on your credit report for 7 years from the date it was charged off. Why he is saying 10 years is beyond me.


Now, the debt could be 30 years old and you would still technically owe the money to SOMEONE however, the original creditor most likely sold their rights to the debt. Most legitimate Debt buyers won’t even waste their time, resources or even a letter to send out in regards to it.


Now then there is what we in the industry call “Zombie debt buyers” out there, these are companies or people who buy old debt WAY past the charge off date for an average of .001 and sometimes less in bulk. These are the people/companies who call you and act like they are from the courthouse, state their name is “agent” something and leave messages in “regards to case #” or threaten to sue you today if you don’t pay them. This is a blog for another time on these slime balls.


Now most states have a debt statute of limitations ranging on average from 3 – 5 years where the original creditor OR the new Debt Buyer could sue you for the debt. A few states are 10 years, however most debt buyers as well as original creditors have an across the board policy of after 4 years (some debt buyers 3 years) pass they will not sue you even if they could. So then:


  • WHY would he say to pay a company who claims they own the debt with no proof?
  • Why would he have a consumer pay an account that is not on their credit any longer? They cannot be sued and then lie to the client saying they will get a 30 point increase in their score when the account is not even on their credit report?
  • WHY would he say that by taking care of it will give the consumer 30 points?????

(So important I had to say it twice)


I always find it amusing how companies/ people are so free with others people’s money such as “ok, pay this, or this needs to be paid off so just pay it”. I’m sure the person is thinking if I had the money I would have already done that, this is your advice to me?!?


Additionally, companies like these in this example he gave are NOT going to take $100 they are trying to get so much more money since it’s basically free to them. They will lie, threaten jail or lawsuit and they have no ability to do so not that it will stop them from trying to.


What bothers me the most other than the dumb, inaccurate, irresponsible and false statement about the charge off mostly is his statement that “boom, theirs another 30 points to your credit score”!


Being on squawk box, a popular financial news company, the company is supposed to bring credibility to its guests and having the mixed message of a legitimate nonprofit telling outright lies to consumers is demeaning of the company’s reputation in the very least.


So let’s do a little legal Homework here. In case you have never heard that a negative account (other than chapter 7 bankruptcy) can only stay on your credit report for 7 years. This is located in the Fair Credit Reporting Act as well as individual State consumer laws.


So what is the actual definition of a charge off? It occurs after 6 months/ 180 days of missed credit card payments (120 day on installment accounts, ex: car payment).


That Is the “7 year clock” you  have probably heard about, if there was no charge off date then negative accounts could stay on your credit file forever, so that is a small part of what the Fair Credit Reporting Act has in it.


That statement alone invalidates not only his statement but makes you question everything he says, if an account is not on your credit and you settle it with an alleged debt owner then HOW can your score increase when it wasn’t on your credit report to begin with and then how can the score go up?


A credit report is a snapshot of your ability to pay back money “today” when a lender pulls your credit to decide if they want to do business with you.


So with that general understanding since a credit score is a complex math equation, then the older an account gets the less and less it affects your credit score, correct?


Ex: why would a lender care if you had a charge off 6.5 years ago if you’re currently a 700 + score today with impeccable credit history over the last 6 years?


I don’t know if making a statement like “increasing you 30 points” is stupid or just a flat out lie.


Mathematical false claims of how many credit score “points” they can get you on one account is just wrong.


Ok, so this one is tricky unless you know things and pay attention.


So one of the first main statements he makes is Operation Hope can get you “54 points in 6 months” and “120 points in 24 months”

But if you’re dealing with lower credit scores then you typically have numerous negative accounts ranging in the 10+.

So he is implying to people that every negative account they remove from your credit report is worth 30 points (even the ones NOT on their credit report… lots of sarcasm on that statement, lol).

So 2 negative accounts = 60 points and 4 negative accounts = 120 points?

So does 10 negatives mean you get 300 points?    You can’t just throw these fake numbers out and give people false hope, its cruel and deceptive.


Now here is an analogy I like to give that helps break this down for consumers to help them understand this. Think of your credit score like a deck of messy cards, the messier the cards are the lower your score is, however that also means there is more to work with to help the credit score.

In my 17 years of experience my average is 50- 150 points within 3-6 months.

I stated earlier that a credit report is like a thumbprint so its different (result wise) for each individual person to achieve the same credit score doing the same work, why?

If you have a 450 credit score, typically I can get you to a 580+ credit score in less than 4 months.

NOW understand those results are for most people NOT everyone, I then say 580 is not good but amazing compared to the 450 you had and now we can roll up our sleeves and delve into the rest of the damage.

HOWEVER according to Mr. Bryant how can the score increase ONLY be 54 points when “90% of the time when they challenge something it gets removed and the “boom that gives you 30 points” as he claims.

The simple answer…… he lied

I have done simulations and just did one yesterday with a loan officer for someone trying to buy a home, the negative account was approximately 6 years old and removing it had no effect on the credit score.  I have seen simulations with accounts less thn2 years old have no effect on the credit score, this is WHY I say credit reports are like fingerprints… they are ALL DIFFERENT.

This was not my first time doing a simulation for something like this, after 17 years it has probably ranged in the thousands.

While this was definitely a long winded blog and sorry for that as I like to write these as if we were sitting down having coffee with me explaining it to you, I hope you learned a few things.


Now many people these days love or hate certain media outlets or website so if you want to watch or read the article from one of these I have a few of them below for you to choose if you want.

Yahoo Finance





Take care of yourselves and going to be more proactive with writing blogs till the end of the year about debt settlement companies and credit bureau updates you may not be aware of what they are doing to consumers behind the scenes….a tip— nothing that benefits us.

If you have a life challenge and want someone to tell you the truth about what actual real options you have reach out to me by visiting my website:

Or just email me ( making spaces to prevent spam bots so take out the spaces in this email address:    Wayne @ CreditBureau   ( that’s the company email )


Come back soon for more blogs in regards to :

  • Debt buyers suing you
  • Debt Settlement scam tactics
  • Dave Ramsey – Financially smart but a moron with credit

( using his notoriety to give average Americans HORRIBLE advice concerning credit ).


See you next year!