Hey, Credit Heroes!
Today we are talking with Vance Dotson who has the most unique business I have ever heard of in Credit Repair!
He's not an attorney, but he makes millions suing Debt Collectors, Banks, and Credit Bureaus!
And on this week's Podcast, he will show you exactly how he does it!
Okay, so a few weeks ago, I was at Funnel Hacking Live. It's a huge marketing event put on by Russell Brunson and ClickFunnels, and everything that we know about marketing, that we've used to grow Credit Repair Cloud, we've learned from them.
At the event, there were so many Credit Heroes. I couldn't believe it.
One of them was Vance Dotson, who has the most unique business I have ever heard of! On his website, it says, "I help people sue debt collectors, banks, and consumer reporting agencies for money!"
If you have a Credit Repair Business, YOU NEED TO HEAR THIS!
If you're being hounded by debt collectors, YOU NEED TO HEAR THIS!
So grab a pen and paper because you're gonna wanna take notes!
But first little disclaimer. Vance has a lot of knowledge to share, but I have to remind you that we are not attorneys, so do not take any of this as legal advice. Federal law is different than state law, and every state is different. So for legal advice, consult with an attorney. And there I said it, that's the disclaimer.
So buckle up, Credit Heroes! This is a good one!
Here are a few of the highlights…
So, what gave you the idea that you could turn this into a business and how did you start it?
You know, this is probably around when an internet was first kicking up on the phones, you know? So there was information, but there wasn't that much information around. I always had friends who were lawyers, you know? You can just call lawyers, and they're gonna trickle out information, but at that time, I didn’t know how valuable the information was. And then I found Pacer. When I got onto Pacer, I was just blown away.
PACER is an acronym for Public Access for Court Electronic Records. That's where all of the federal lawsuits are housed. You can go to Virginia, California, Oklahoma, and you can just look up the lawsuits. And so when I looked up the Fair Credit Reporting Act on lawsuits and the Fair Debt Collection Practices Act. It was just information. And so I took that information, started studying it, and then I bumped into a guy named Leonard Bennett. Aw man.
When I discovered his cases, hands down it changed my life. It changed everything about me, you know? Because I was looking at his cases and he got a lot of case law within America on the Fair Credit Reporting Act.
I was working on drilling rigs, you know? In the back of my head, I didn't know how far that was gonna go. So one day I'm driving to the drilling rig, I'm talking on the phone speaker phone and I'm eating Long John Silver's fish and I'm driving with my knee, with my leg, and I wrecked. Flew out the front of the car. And so from that, they called the ambulance, they called the police. So they took me to the hospital, and guess what came? A medical bill.
I didn't pay the medical bill. So they sent it to a Debt Collector, and the Debt Collector called me.
The first tip I want to give people is when they're dealing with Debt Collector calls is to pull out a recorder.
So say, for example, people have phones, people have iPads or Laptops and those devices can record. So just hit "Record," and then you can tell the Debt Collector different scenarios.
I'm gonna give one scenario: right now I'm working, so I will answer the phone and say, "Hey, I'm at work right now and it's not a good time to talk." You kind of just gradually say, "Hey, my break is almost up," or "I have to go right now."
Don't answer the question, "when can we call back?" Never answer that question.
So, for example, if you are meditating and then the Debt Collector calls you, you just say, "Hey, I'm meditating right now, it's not a good time to talk.”
And from there you put the Debt Collector on notice that it's an inconvenience to you. So the second time they call, that's a violation of the FDCPA, but you have to state what you're doing.
So, "I'm on Daniel's podcast right now, it's not a good time to talk.”
And that let that be that.
And then that recording can be used in the suit?
Yeah, it depends on if it's a one-party consent state, which is Oklahoma. It depends on if it's a two-party consent state, which is California. But consumers have to understand that Debt Collectors always say, "this is an attempt to collect the debt…any information may be used for that purpose…all phone calls may be monitored and recorded." Once you hear that segment right there, that gives you, no matter if you're in a two-party, one party, the consent to record.
How did this turn into a business?
It goes back to, you know, me breaking it down scientifically. Say, for example, you got black, you got white, you got up, you got down. So it's opposition to everything. Once I understood from looking at the Fair Isaac website and information on there, I just said, man, this is scientific. So I did the research on the two guys who founded Fair Isaac, it popped into my head, and what they was doing, or what they are still doing, is using people's past to predict their future using a mathematic algorithm.
Can you tell us about some cases?
I was a part of a case that was 1.5 million with Experian. So what Experian was doing is sort of like what TransUnion is doing today. The consumer would dispute, or the Credit Repair Company would dispute, and then you would get something in the mail that's saying, "Hey, we, got a suspicious request." Or what TransUnion is doing is like, "Hey, we got something from a Credit Repair Company" or whatever the case might be.
Stall Letters?
Yeah, that's a violation of the Fair Credit Reporting Act.
Anyone can do something on someone's behalf if they have permission. That's the case with Credit Repair. So doing Credit Repair is not illegal, but these companies, like the CRAs, they look down on Credit Repair companies.
So I spend a lot of my time consulting and doing lawsuits around America.
You're also buying people's debt. Is that correct?
Yes. So the unique thing about that is it's what the Debt Collectors do in the reverse.
Okay. So my mother, my daddy, I couldn't have been here if it wasn't for them two coming together. So that's the same thing with your credit card. The credit card account agreement wouldn't be in existence if you didn't apply for it and accept the offer. What I'm saying is the consumer has just as much rights as, let's just say, for example, Citibank. Okay? So the consumer doesn't pay Citibank and the consumer, we're just gonna say Midland, for example, sells the rights to Midland. So what I do and what I have done was go to the consumer and say, "Hey, can I buy your debt and let me take ownership?" It's nothing different, you know? So what I've done that for several years now is pursue the Debt Collector when the violation presents itself.
A lot of my business is dealing with a section in the Fair Debt Collection Practices Act E8.
The consumer calls the Debt Collector and, for example, let's say, if they're dealing with a medical bill. The consumer will say, "Hey, I thought my insurance paid this medical bill off?" The Debt Collector will communicate/report and they won't inform the Consumer Reporting Agencies that the consumer has disputed. That's a violation of section E8.
They always raise the argument and say, "this person did not say the word dispute." Well, the courts and the appeals court has come and said you don't have to say "dispute" in order for a consumer to dispute.
A good example is if someone takes your seat and you say, "Hey man, you took my seat!" And they say, "no, I didn't take your seat," that's a discrepancy.
That's why a lot of consumers around the nation is getting ignored. So I look at a lot of disputes. A lot of people are complaining, and the Consumer Reporting Agencies don't take 'em very serious. So we pursue them under the Fair Credit Reporting Act.
So you have section EB of the Fair Credit Reporting Act. Section EB is the accuracy of the reports. So it's before the consumer disputes. So section EB kicks in before the consumer disputes and then when they receive the dispute, it's called a reinvestigation. So them are the procedures that they have to follow.
But this is the thing, once the consumer disputes and sends that notification, the Consumer Reporting Agencies have to convey that dispute over to the furnishers. That's never done. That's never done.
So how they communicate the disputes is electronically. But this is the thing. The Fair Credit Reporting Act says when a consumer sends the disputes, they have to convey over the information to the furnisher and when the furnisher responds to the dispute, they have to look at the information and they have to make a decision based off the information. That is never done.
So a lot of my cases is dealing with that section of the Fair Credit Reporting Act while dealing with the furnishers. I had the pleasure of meeting Ms. Terry Hinkel, and so she took Midland Credit to court. She's an older lady. The case came out of the 11th circuit and she took Midland to federal court. She won on the appeals. That decision. How Midland was trying to manipulate the situation. It's awesome. So it's Hinkel vs. Midland Credit Management.
The credit repair family should study that case!
VANCE was a fantastic guest!
He revealed more essential cases to study, even more tips on fighting Debt Collectors, and dropped a ton of gold!
You have to listen to the entire interview, TAKE NOTES, and SHARE IT!
So, go check out the full episode on YouTube to learn how Vance makes a great living suing Debt Collectors, Banks, and Credit Bureaus!
Also, for more information about Vance, check out his Website, his Mentorship Service, and his Instagram where he posts all his case wins, and be sure to Friend him on Facebook!
I'll end by saying…
If you don't already have a Credit Repair Cloud account, check it out. It's the software that most Credit Repair businesses in America run on. Just sign up for a 30-Day Free Trial at CreditRepairCloud.com/freetrial
And if you'd like to change lives and grow your own credit repair business, check out our Credit Hero Challenge!
It's an amazing program, and we've got another challenge starting in a few days, so grab your spot right now at CreditHeroChallenge.com!
Until next time, remember…
If you know your rights, you can fight back, and you can WIN! Keep fighting!
Keep giving knowledge away and keep changing lives!