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00:00:00 – 00:39:24
The video, featuring host Rich and guest Corey P. Smith, delves into the intricacies of credit management and financial literacy, especially as it pertains to marginalized communities. Corey P. Smith, renowned for his books "How to Outsmart the Credit Bureaus" and "The Conspiracy of Credit," shares practical insights drawn from personal experience to aid viewers in taking control of their credit.
Key points covered include the exploitation within credit repair schemes, the burdens of student loans, and the strategic use of notarized affidavits to challenge credit report inaccuracies. Smith also discusses the importance of not directly paying collection agencies, understanding one's rights under the Fair Credit Reporting Act, and leveraging credit to improve one's financial standing.
Emphasizing financial autonomy, Smith critiques the systemic issues perpetuated by credit bureaus and raises concerns about lack of credit education. He also highlights the potential for credit to transform lives, sharing successes in aiding homeless individuals through credit improvement. Towards the end, Smith speaks on his initiatives like forming a foundation, planning self-funded promotional efforts, and advocating the strategic purchase of real estate.
Throughout, the video stresses the significance of actionable knowledge over quick fixes, and the importance of self-empowerment and education in financial matters. Smith's work underscores the transformative power of credit, detailing methods and strategies that can lead to financial freedom.
00:00:00
In this part of the video, the host Rich introduces Corey P. Smith, an author specialized in credit matters, emphasizing his works “How to Outsmart the Credit Bureaus” and “The Conspiracy of Credit.” Corey P. Smith shares his intent to provide valuable information about financial self-improvement to the audience. He acknowledges the challenges within the Black community regarding financial literacy and the abundance of misleading credit repair schemes. He emphasizes that his approach is based on personal experience rather than hearsay, aiming to offer practical, actionable information rather than offering quick-fix solutions.
00:05:00
In this part of the video, the speaker discusses their experiences with federal authorities and The Secret Service after publishing a book on credit bureaus. They emphasize the importance of understanding credit and focus on the use of notarized affidavits to remove items like tax liens from credit reports. They explain the process: writing a statement to local authorities, receiving a letter confirming they don’t report to credit bureaus, and using this in an affidavit to challenge unverified accounts under privacy laws and the Fair Credit Reporting Act. The speaker emphasizes providing real, actionable knowledge and warns against schemes offered by so-called credit experts. They stress that controlling one’s credit is essential to financial freedom and compare credit issues to public lynching, highlighting the significance of this issue, especially regarding student loans.
00:10:00
In this part, the speaker discusses the burden of student loans and how they can persist into middle age. They mention a method to remove student loans from credit reports, though it does not absolve the borrower from repayment. The speaker emphasizes that credit control is a significant issue for poor people and shares an example of helping homeless individuals leverage credit to improve their situations. The speaker argues that education is overrated and suggests that practical skills and trades can be more valuable. They also discuss the timeframes for improving credit scores, noting that while some might see quick results, others may take months, stressing the importance of patience.
00:15:00
In this segment, the speaker advises against paying collection agencies directly when receiving a collection notice. Instead of requesting validation of the debt—since agencies can easily provide a screenshot or affidavit—the speaker recommends responding by stating you have no knowledge of the account or agreement, which makes it illegal for the agency to continue debt collection efforts. They also suggest filing complaints against the collection agency with the Better Business Bureau, Consumer Affairs, and the Consumer Financial Protection Bureau. The segment further explains that although there is no significant difference between the three major credit bureaus (Equifax, Experian, and TransUnion) in their operations, their significant influence and lobbying efforts often work against consumer-friendly legislation, such as proposals to remove paid collection accounts from credit reports or reduce the time negative items stay on credit reports.
00:20:00
In this part of the video, the discussion revolves around building confidence to address credit issues. The speaker emphasizes starting with small actions, such as ordering a credit report and disputing it through the mail, to gradually build confidence. A key point is not to be afraid and to take proactive steps like making phone calls to the Better Business Bureau or credit bureaus. The speaker also highlights that fear can hold people back in various aspects of life, not just in managing credit. An important detail discussed is the collaboration between the IRS and credit bureaus, where canceled debts on credit cards or foreclosures result in a 1099 form and subsequent tax obligations. This adds another layer of financial burden on individuals with already damaged credit. The comparison between robbers and conmen is used to illustrate the hidden dangers posed by credit bureaus and corporations. The segment concludes with a critique of the idea that taxes are avoidable, stressing the importance of fulfilling tax obligations as there are no legitimate ways around it in a supposedly free country.
00:25:00
In this part of the video, the speaker emphasizes the freedom that money provides, acknowledging that while money can’t buy happiness, it can solve many problems. The speaker discusses misconceptions around wealth, such as the idea that money inherently causes issues like drug addiction or unhappiness. They also stress the importance of providing evidence to support their claims about financial success, including real-life examples and personal documentation. The segment touches on the discriminatory practices of credit bureaus that use geographical and demographic information to redline individuals. Finally, the speaker shares that their methods and book have been well-received since 1999, primarily through word of mouth and various talk shows.
00:30:00
In this part of the video, the speaker discusses their current efforts to establish a foundation and their future plan to self-fund TV commercials or infomercials to promote themselves. They express confidence in their abilities and invite challenges from others. The speaker explains their method of utilizing community credit to purchase real estate, mentioning personal success in buying multiple properties, particularly in Midtown Memphis. They address misconceptions and stereotypes they face due to their achievements and provide their educational background. The speaker emphasizes the importance of leveraging credit as a financial tool over engaging in discussions about systemic issues.
00:35:00
In this part of the video, a speaker elaborates on his journey to securing $2.4 million in fraudulent loans, emphasizing the strategic utilization of undiscovered resources. He highlights the transformative power of credit, using the example of helping two homeless individuals rebuild their lives through credit. The speaker underscores the significance of one’s name and the power it holds. He advocates educating others on how to leverage credit effectively. The conversation pivots to the importance of understanding credit and business, noting the lack of education on these topics. The video’s guest, Cory P. Smith, author of books on outsmarting the credit system, provides his contact information for further inquiries and offers to share verifiable documentation of his claims. The segment concludes with gratitude for the platform and an invitation for future discussions.