This summary of the video was created by an AI. It might contain some inaccuracies.
00:00:00 – 00:39:24
The video features a deep conversation between the host, Rich, and guest Corey P. Smith, author of "How to Outsmart the Credit Bureaus" and "The Conspiracy of Credit." Corey shares his extensive experience with credit improvement, emphasizing actionable and straightforward strategies based on his personal experiences rather than quick fixes. He highlights using notarized affidavits to dispute inaccuracies on credit reports, leveraging privacy laws and the Fair Credit Reporting Act. The discussion also addresses systemic issues like the burden of student loans, the role of credit in economic freedom, and deceptive practices by credit bureaus.
Key points include the importance of financial literacy within the black community and the significant impact that understanding and managing credit can have on personal freedom and economic stability. Corey advises practical steps such as disputing credit report errors by mail, building confidence in handling credit issues, and understanding the interplay between the IRS and credit bureaus regarding tax implications. He also criticizes discriminatory practices like redlining and encourages focusing on financial empowerment over systemic challenges.
Corey shares his success strategies, such as investing in media presence and leveraging community credit to acquire real estate. Despite facing scrutiny, he underscores the transformative power of credit, exemplified by helping homeless individuals improve their lives. The segment concludes with Corey's contact information and encouragement to use available resources, including his books, to gain financial independence.
00:00:00
In this segment of the video, the host, Rich, introduces his guest Corey P. Smith, the author of “How to Outsmart the Credit Bureaus” and “The Conspiracy of Credit.” Corey reached out to Rich after being impressed by his previous shows. Rich emphasizes the importance of financial knowledge, especially within the black community, and underscores the platform’s role in presenting diverse perspectives. Corey expresses his passion for helping people and discusses his unique approach to credit improvement. Unlike others who offer quick fixes, Corey stresses that his methods are based on personal experience and that he prefers to provide information for individuals to use as they choose rather than offering direct credit repair services.
00:05:00
In this part of the video, the speaker discusses their experiences and strategies related to credit and financial management. They mention that after publishing their first book on outsmarting credit bureaus, they were approached by federal agencies like the Secret Service. The speaker emphasizes the importance of using notarized affidavits, not related to UCC filings or sovereign citizen tactics, for disputing discrepancies like tax liens on credit reports.
The process involves sending a notarized statement to the relevant county office and then using their response to argue the inaccuracy of the reported lien with the credit bureaus, leveraging privacy laws and the Fair Credit Reporting Act. This method can be effectively applied to other issues like bankruptcies and student loans. The speaker advocates for providing people with actionable, paper-based knowledge rather than complex schemes, highlighting the impact of financial control on personal freedom. The overarching goal is to empower individuals with accurate information to improve their credit situations.
00:10:00
In this part of the video, the speaker discusses the burden of student loans and how they can financially trap individuals for decades. They reference a method where student loans can be removed from one’s credit report, although this does not eliminate the debt itself. The speaker emphasizes that credit controls poor people and that understanding how to leverage debt is crucial. An example is given of helping two homeless individuals improve their credit, ultimately enhancing their lives. The speaker challenges the value of traditional education, suggesting that practical skills and early income generation may be more beneficial. Additionally, the speaker touches on the process of improving credit scores, noting that results can vary widely based on individual circumstances, and patience is essential.
00:15:00
In this part of the video, the speaker advises against sending a validation request to a collection agency because they can typically validate the debt with ease, even using a screenshot or an affidavit of destroyed instrument. Instead, they recommend responding by stating you have no knowledge of the account, effectively making it illegal for the agency to continue collection efforts. If necessary, the speaker suggests filing complaints against the agency with the Better Business Bureau, Consumer Affairs, and the Consumer Financial Protection Bureau. They then discuss the minor differences between the three major credit bureaus (Equifax, Experian, and TransUnion) and mention legislative efforts by Congresswoman Maxine Waters to improve credit reporting practices, though such measures face significant opposition from the credit bureaus.
00:20:00
In this part of the video, the discussion focuses on building the confidence to handle credit issues, such as calling the Better Business Bureau. It is advised to start small with everyday actions to gradually build confidence. Suggested actions include ordering credit reports and disputing inaccuracies through mail. The speaker emphasizes the importance of overcoming fear, as fear can hold people back in many aspects of life, not just in handling credit. Practical advice is given on making necessary phone calls and not being afraid to take action. There’s a detailed explanation of how the IRS and credit bureaus collaborate, especially in situations involving canceled debts, foreclosures, and the resulting tax implications (Form 1099). Additionally, the conversation touches on the deceptive practices of credit bureaus, likening them to conmen, as well as the undeniable obligation to pay taxes despite various claims to the contrary. The segment concludes with a note on the necessity of money and the lack of true freedom without financial stability.
00:25:00
In this segment of the video, the speaker discusses the concept of money providing freedom, arguing against the notion that money cannot buy happiness. They clarify that having money does not inherently solve personal problems, such as drug issues, but it offers opportunities that many wouldn’t trade away. The speaker emphasizes the need for tangible evidence of success and addresses skepticism by offering real examples and paperwork that validate their claims. They mention discriminatory practices like redlining in credit reporting, which unfairly categorizes people based on their neighborhoods. The speaker also shares their personal experience of successfully spreading their message and selling their book through considerable word-of-mouth and some media appearances, emphasizing the positive reception received from their audience since 1999.
00:30:00
In this segment of the video, the speaker discusses their strategy for gaining media presence by investing their own money into TV commercials or infomercials. They emphasize their confidence in their abilities and invite challenges to prove their expertise. The speaker shares their experience in utilizing community credit to purchase real estate, highlighting their ownership of multiple properties in Memphis despite facing scrutiny and accusations. They detail their educational background and assert that financial empowerment through credit is a powerful tool for overcoming societal obstacles. The speaker encourages others to focus on improving their finances rather than dwelling on systemic issues.
00:35:00
In this segment, the speaker discusses obtaining $2.4 million in fraudulent loans, indicating how resourcefulness in credit usage played a significant role. They emphasize the transformative power of credit, sharing an example of helping two homeless individuals rebuild their lives using their names and credit. The speaker asserts the ease of borrowing substantial amounts compared to earning them through employment, and expresses a mission to teach others this skill. The segment concludes with a thanks for the opportunity to be on the show, information on where to find the speaker’s books, and multiple ways to contact him for further inquiries.