1. The Suppression Blueprint

Kenney Conwell here and in this module, we are going to be covering the suppression blueprint. So I want to welcome you to week 3. I’m so, so excited to be able to be partnering with you on this process. And then this by far is going to really set the stage to help you be very, very effective with this process as we do this with you. So let’s go ahead and get right into this. So here’s what we’re going to cover on this particular module. So the first thing is, what is file suppression? So you need to understand what this is and what this means, so that way you get it and then I’m going to break down why we suppress our files. Once you understand what it is, I’m going to get into what are data furnishers and then what are reporting agencies because we need to understand the difference between the two and how this is going to affect our process moving forward and the coming processes.

The other thing that’s very important for you to understand is FCRC. Fair Credit Reporting Act Section 611(a). I’m going to get into the weeds of the Fair Credit Reporting Act. But with this one specifically, you need to understand that and what your rights are as a consumer. I’m going to break down this thing called the E-Oscar automated system. So if you’ve heard about, Oh, the bureaus aren’t getting it. It’s the electronic system. You’re absolutely correct. It is this. I’m going to break down what that is, and then break down down lastly, Metro 2 Compliance and how this was put in place to attempt to not necessarily circumvent our laws, the Fair Credit Reporting Act, but make it more systematic and how you can leverage this understanding to your favor. So we have a lot of stuff to cover in this module, but I’m going to keep it short, concise to the best of ability and then give you the understanding

so that way, you get what’s going to happen. So chances are, you’ve already heard of Equifax, TransUnion, Experian. That’s the reason why you’re on this training is because the scores don’t look where they need to do. I mean where it should be. So we’re partnering with you. We’re working with you to get these to where they need to be. However, what you probably don’t know is that there’s over 50 other consumer reporting agencies or data furnishers that report data about you. So what most people know is the big three (Equifax, TransUnion, and Experian) however, the lesser known agencies is where you should be looking. Because file suppression is really what this means is, file suppression or freezing means silencing your personal information from being shared by the lesser known consumer reporting agencies. Because again, Equifax TransUnion, Experian are the big three and what they do is they use these other smaller places to verify data about you and you, because this information is your information, you have the legal right to silence or suppress that information from being shared about you because it is your right. Nothing about this as illegal. It’s just your personal information.

So that’s really what files suppression means. Now the question is, how do we, where do we go with these other reporting agencies, which reporting agencies should I be silencing first? Well, that’s exactly what we’re going to cover in this week. You need to get it. So again, nothing about this is, this is actually a very strategic step for you in order to put yourself in the best position. So this is what file suppression is. Now data furnishers and reporting agencies. What’s the difference? Well, data furnishers, these are companies that provide data about consumers and provide said data. It says date. It should say data to reporting agencies.

So what happens is, that these, this is going to drive me crazy if I don’t do it. So give me one second and let me go ahead and do it right now while we’re doing this. Let me get this pulled up. So we’re going to put data. Boom. All right. So let’s go back. So they report that data to reporting agencies. What are reporting agencies? Well, this is a business that maintains historical credit information on individuals and businesses i.e TransUnion, Experian, Equifax, and many people probably don’t know about Innovis, but that’s another reporting agency. It’s not as known by far as the big three, but it is a reporting agency. So a data furnisher is getting this information, or they’re holding this information about you. Even smaller reporting agencies, they’re holding this information. and then when it comes to any type of lending or credit decision, these reporting agencies report said data.

So that way, when you go out to apply to the banks, they’re pulling this information to see whether or not this makes sense or whether or not they should make a good credit decision for you. So that’s the difference. So what we’re going to be breaking down and I’m going to be showing you is how to make sure that when you get to the point of this process, you are significantly increasing your chances to make sure that the information with the reporting agencies is accurate, up-to-date and puts you in the best position to look excellent. When it comes to a lending and credit decision. Now, why do we suppress? Well, number one is we want to maintain control over our personal information and ensure we limit any misinformation being shared about us. So again, there could be misinformation, it could be misinterpreted information.

It could be things out there that maybe your name isn’t spelled correctly, or maybe somebody for whatever reason, you know, merged your file with somebody who has a similar name. There’s so many different things that can happen. So you want to make sure at the very front end you, because this is your information, it’s your financial livelihood. You can control your information. Then number two, the reason why we suppress our files is we want to silence lesser-known specialty credit reporting agencies or silencing lesser-known specialty credit reporting agencies makes it difficult for the item to be verified by the big three (TransUnion, Experian and Equifax). So when it makes it difficult for them to verify that information, because it could be misinformation that’s being shared with you and accurate information is being shared with you, whatever the type information is, this significantly increases your chances of having those negative items removed when you send and you follow a challenge sequence because they won’t be able to verify that information because you would have essentially silenced your information from being shared with these lesser known credit reporting agencies.

So essentially this is why we suppress. This step is really, really missed by about 95% of people who do credit or fixed credit, even credit repair, even people who said they do credit, they don’t do this step because it’s cumbersome, but this is a foundational piece that you are going to do and I want you to get why you’re going to do it. So, Section 611(a)(1). Why am I bringing this up? Why is this important? You may have even seen me covering this with one of my public videos, but I just want to reiterate this because this is a foundational thing for you to get. The Fair Credit Reporting Act is very long. It’s very detailed. It’s broken up into different sections, but this section specifically is relevant to when it comes to getting these items challenged and removed from our credit reports. So this is, and again, the Fair Credit Reporting Act was put in place for us as consumers, right?

So this specific section says if the completeness or accuracy of any item of information contained in a consumer’s file at a consumer reporting agency, i.e you know what that is now, is disputed by a consumer and the consumer notifies the agency directly or indirectly through a reseller, of such dispute, the agency shall, free of charge, conduct a reasonable investigation to determine whether the disputed information is inaccurate and record the current status of dispute information, or delete the item from the file in accordance with paragraph (5) and paragraph (5) goes into treatment of inaccurate or unverifiable information, before the end of the 30-day period beginning on the date on which the agency receives the notice of dispute from a consumer or reseller. So this is what the law says. I’ll provide the Fair Credit Reporting Act. Actually, I already did. I provided the Fair Credit Reporting Act, I want to say that was week 2. When we were breaking down the differences, it was week 1 actually. I provided that when I was talking about quick fixes. So you can go back and reference the Fair Credit Reporting Act. All of those sections are broken down. You know what, to keep it simple, I’ll include it again at the bottom of this. So you can see all of it, but this is what that section of the law says. And you probably Kenney, I mean, I hear what you’re saying, but why

it’s important? Well, I’m glad you asked. There’s something called Metro 2 Compliance. Because the Fair Credit Reporting Act is so detailed and it’s so long, and it’s so many sections, what the bureaus did was they put together a Metro 2 Compliance deal, or essentially, a standardized reporting format and they agree between the major consumer reporting agencies and the data furnishers to send information electronically. So because it’s so much paper. So what Metro 2 Compliance does, it gives them the ability to send the information electronically. And it was designed to help the furnishers and reporting agencies comply with the Fair Credit Reporting Act in an efficient way. And then also the Equal Credit Opportunity Act. So this is why Metro 2 Compliance assists. But again Kenney, what does this have to do with all of this stuff? Why is this important. Number one, you need to understand that the Fair Credit Reporting Act was put in place to protect you and I, but then to make it efficient for the credit reporting agencies and data furnishers to not have to go through that big old thing and make sure that the way they’re doing their processes internally they created this compliance measure to ensure that they are doing things within a compliance.

Now, here is where all of this stuff really hits the road. Now there’s something called The e-Oscar System. With the e-Oscar system, it works with Metro 2 compliance. Originally it was established in 1993 by the big three (TransUnion, Equifax and Experian). E-Oscar is a web based, Metro 2 compliant, automated system that enables data furnishes, which you know what that is and credit reporting agencies, which you know what that is to create and respond to consumer credit history disputes. Credit reporting agencies include Equifax, Experian, TransUnion, and Innovis, their affiliates, or independent credit bureaus and mortgage reporting companies. Like I was saying, all those additional reporting agencies that are reporting data about you. So, I say all that I have to say and ask the question, well, why should you care about the e-Oscar? Well, because every dispute you send is reduced to a 3-digit code. Okay?

Now, this is hugely important to understand because, well, you can stop and when you look at it, I don’t have all the codes, these are just the codes I was able to get into the weeds and find, but I want to give you the context behind this. So the system categorizes a complaint and, or dispute in one of 29, three digit codes. For example, if the code is 001- that means not his or hers, 002 means belongs to another individual with the same or similar name, 008 – late due to change of address, or never received statement, 010 – settlement.

You get the point. So, per Section 611(a)(1), the bureaus are required to do a reasonable investigation. Now, I don’t know about you, but my dispute going, and being to an automated system and it being reduced to a three-digit code based of what it thinks my letter is saying is not, in my opinion, a reasonable investigation. And as I’m bringing this to the light, you probably like, man, that ain’t really, no reasonable investigation. They didn’t investigate. They let the system do the investigation. And must have been didn’t even get to the bureau because it got this code, right.

And that’s how they came back verified. So this is very, very important for you to understand, because once you understand the fact that the bureaus aren’t necessarily getting your information. I even broke this down in week one about why we don’t dispute online, this is another reason why we don’t dispute online. So, this is going to really transition, this is going to transition us for me to start breaking down, really why we challenge and how we essentially work with this system to ensure that our information gets passed this and the bureaus have to respond, right? That’s the moral of the story. So I covered a lot, and I want you to understand why we suppress. So we suppress on the front end because it makes it, number one is it’s our data, right? We want our data to not be shared with all these other smaller lesser-known specialty reporting agencies.

Number two, we want to make it very difficult, we’re not going to make it easy for them to verify the information about us. Number three, it’s our personal information, right? We want to make sure we have control over our personal information. We now understand the difference between the reporting agencies and data furnishers. We get the fact that this law and the Fair Credit Reporting Act was put in place in favor for us. And now we know exactly why we’re going to suppress and how this foundational step is going to significantly increase the chances of you having that item either verified, updated, and or removed. So this is powerful. Now you get the E-Oscar automated system, and I’m going to teach you how to ensure that you communicate with it and make sure your information gets directly to the bureau. So they have to respond to your challenge. All right. So hope this video helps. I know it did, and I will see you in the next module.