Credit Repair Secrets Every Homebuyer Should Know | Brianna Wenrich – Kaydem Credit Help

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Show Summary

In this conversation, Brianna Wenrich from Kaydem Credit Help discusses the importance of credit restoration and education. She explains the difference between credit repair and credit building, the multi-channel approach to disputing negative items on credit reports, and the trends she observes in the industry, particularly regarding student loans and evictions. Brianna emphasizes the need for individuals to understand their credit reports and when to seek professional help for credit repair.

Resources and Links from this show:

• • • Investor Fuel Real Estate Mastermind
    • Investor Machine Real Estate Lead Generation
    • Mike on Facebook
    • Mike on Instagram
    • Mike on LinkedIn
    • Brianna Wenrich’s Website
    • Brianna Wenrich on Facebook
    • Brianna Wenrich on Instagram
    • Brianna Wenrich’s Phone Number: (866) 237-0013

  Listen to the Audio Version of this Episode

  Investor Fuel Show Transcript:

  Brianna Wenrich (00:00)
  a lot of people think that. So there is a shelf life for items. So like late payments, right? It’s seven years from the delinquency of when it first happened, when it stays on your credit report. Once it hits that seven year mark, it automatically falls off. But that’s where we come into play. So we target the credit bureaus using different credit repair laws because they have to abide by certain things for them to actually report correctly. And let me tell you a little secret, they don’t.

  Dylan Silver (01:59)
  Hey folks, welcome back to the show. Today’s guest, Brianna Wenrich is in the credit restoration space. She’s with Kaydem Credit Help and they focus on educating and empowering clients to understand how credit truly works and they will dispute items as well to have really a holistic approach to taking control of credit. Brianna, welcome to the show.

  Brianna Wenrich (02:24)
  Hello, thank you so much for having me.

  Dylan Silver (02:25)
  Great to have you on here. We were talking before hopping on here about the credit space and how important it is, of course, as real estate investors, entrepreneurs, but to everybody. And most of the time, people don’t think about credit until they need it, right? But before we get into that and maybe some granular advice and feedback for folks who may be looking at how do they improve their credit.

  I want to ask you how you got into this space. How did you get into the credit repair space?

  Brianna Wenrich (02:54)
  So, Kaydem Credit Help as a whole actually got into it because they saw that there wasn’t a lot of like good credit repair companies out there. So, we started business to business and then just started doing credit repair on our own, you know, using the laws to support our clients to try to get, you know, better approvals or higher rates for things so we can get those items to be removed. How I got into it is I…

  just always loved credit repair. I researched more into it and then I just fell into this company and I moved up from there. But for Kaydem we were a licensed and bonded credit repair company since 2008. So that is our biggest goal is to try to educate our clients.

  Dylan Silver (03:34)
  I want to get a little bit of a background to understand, you know, when people are coming to Kaydem are they typically, hey, I’m needing to make a purchase or hey, I got denied? Or is it ever, hey, I I am newer to this, I’m looking at buying a home, looking at, you know, buying a car, let’s say, and I don’t know much about it? Or is it a mix across the board?

  Brianna Wenrich (04:00)
  It’s honestly a mix across the board. I’ve seen so many different cases. Like I have a lot of people that like they’re, I don’t know what credit repair is. I don’t know what I have on my credit report. I don’t even know where to start from. And then I have people that, you know, are a lot more educated with credit repair, but they still need that help to, you go ahead and get a loan for business or go ahead and apply for that car. So they come to us so we can go out and help them.

  Dylan Silver (04:29)
  I wanna get a little bit granular here. Maybe, I know we don’t wanna give away the secret sauce. We want people to go talk to you. But I do wanna ask some general, maybe broad strokes advice for folks who may be specifically like first time home buyers, right? I wanna dive into two scenarios. Number one is, let’s say someone just doesn’t have a lot of credit. Or maybe they’ve got a small credit card and they’re looking to

  you know, qualify for a home. I am, as a realtor myself, I’m somewhat frustrated by this idea, well, everyone’s gonna need a co-signer. Does Kaydem ever offer advice for those type of folks who may have baby credit or no credit?

  Brianna Wenrich (06:03)
  So that would be more like credit building. So what we do is we dispute, let’s say like late payments, collections, charge off, bankruptcies, inquiries, stuff like that. We dispute them to try to get that to be removed. And then during that program, we’re also educating because it’s not just about getting rid of the negative items. You also have to build credit as well because if you’re getting rid of these negative items, it’s like going to the gym, you know, you can’t.

  Dylan Silver (06:29)
  Yeah.

  Brianna Wenrich (06:30)
  do X, Y, and Z and your points go up 500 points. Like that’s just not how it works. So you have to build credit as well while disputing these negative items. So we like, be like, hey, like having a secure loan or a B-I-T, B-I-L-T card, or just little things to help build that.

  Dylan Silver (06:48)
  And I don’t want to, I would say harp on this, is the credit building space and the credit restoration space entirely separate? Like generally, are our companies involved in one or the other?

  Brianna Wenrich (06:57)
  They are.

  They are separate credit repair and credit building are two different things, but that’s why we try to educate a little bit to be like, hey, you know, it’s not just removing negative items, but it’s also building your credit. But we don’t do too much of the building of credit.

  Dylan Silver (07:14)
  I want to again get granular here without giving away all the gold. You know if someone takes a look at let’s say their TransUnion credit report and they see something that’s been on there for like 10 years and they know like they haven’t made any payments on it, they haven’t touched it and they’re gonna say well let me just go write TransUnion a letter, send it to the PO box. Is that one way where people could dispute things themselves?

  Brianna Wenrich (07:39)
  Yeah, they can definitely go ahead. So disputing things is how you get them to be removed or how the credit bureau takes a look at them. And that’s where we come into play too. So how we’re kind of a little bit different than other credit repair companies is that we use what is called a multi-channel approach to disputes, engaging with the different departments at the credit bureaus to get it escalated to each of the departments to get these removed. So we’re disputing it through.

  letters or online disputes or through phone coaching. So we’re trying to hit them with a different credit repair law, a different dispute tactic and a different way of disputing. So that is a way to go ahead and try to get that to be removed.

  Dylan Silver (08:18)
  Very interesting, know, talking about multi-channel approach. I think it’s very important to use that whether you’re doing credit restoration or whether you’re just trying to get some information really anywhere. I think a a follow-up strategy, people who may not be in credit repair or may not be needing to get a hold of someone in that space can relate to that. I do want to pivot here, Brianna, and ask you specifically, are you seeing, you know, any trends?

  Brianna Wenrich (08:31)
  Yeah.

  Dylan Silver (08:46)
  when it comes to credit restoration? most of this like medical? most, of course it’s gonna be different case by case, but is a lot of the debt that people have credit cards, you know, auto payments, medical, or is it is it really across the board and there’s no, you know, one hang up that you see people running into time and time again

  Brianna Wenrich (09:05)
  Yeah, it’s it’s honestly really across the board. Like I have seen so many different instances where there’s just different circumstances and you know, we’re all human to like mistakes happen. One thing that I have been seeing a whole lot more is Department of Education. We’ve been seeing a lot more lay payments popping up on Department of Education and so we’re disputing those and we have had a lot of success recently for it too.

  Dylan Silver (09:22)
  Okay.

  Okay, so Department of… I’m very interested in this. Okay, so I kind of have a mixed personal opinion on higher education. I have lots of friends, family who’ve gone that route, but I also think the value of degrees may be diluted with time, and we’re seeing more of that. I kind of feel like an advanced advanced degree, like a secondary, know, MBA, that type of thing, is now the equivalent of what a bachelor’s degree was like 30 years ago.

  But if we’re talking about Department of Education delinquency, so these are people not paying their student loans.

  Brianna Wenrich (10:35)
  Correct. like, so they’re back in 2020 when COVID happened, a lot of them were put on deferment and that is coming to an end right now. And a lot of people just don’t realize that that is coming to an end. So they’re thinking that it’s still deferred and those late payments are popping up. So we’ve been getting a lot of cases with that.

  Dylan Silver (10:54)
  forgive me for my ignorance here. I was under the impression that there’s no way to remove that because it stays with you till you’re like, death

  Brianna Wenrich (11:05)
  And

  a lot of people think that. So there is a shelf life for items. So like late payments, right? It’s seven years from the delinquency of when it first happened, when it stays on your credit report. Once it hits that seven year mark, it automatically falls off. But that’s where we come into play. So we target the credit bureaus using different credit repair laws because they have to abide by certain things for them to actually report correctly. And let me tell you a little secret, they don’t.

  So like a lot of people like

  have information be crossed or on all of the three different credit bureaus, they’re all reporting inaccurately. So we use that to their advantage.

  Dylan Silver (11:41)
  Interesting. So can people then let’s let’s say and I don’t want to get people an easy out right but let’s say someone has not been paying their student loan for however many years I’m imagining they’ve got potentially you know lawsuits happening I don’t know how this works but I can imagine on you know if you don’t pay your credit card and you’ve racked up a big bill you might get a letter in the mail saying you know someone’s taking you to claims court or something like this. On the Department of Education

  Is that what it says Department of Education? Is that what the loans will say?

  Brianna Wenrich (12:12)
  On the credit report, sometimes it says Department of Education. Sometimes it’ll say something completely different. Like a lot of the times it’ll be MOLOFT. A lot of the times it’ll be ⁓ M-O-H-L-E-A. So it says different things or it’ll say NET on there, which is Department of Education.

  Dylan Silver (12:29)
  Now, I’m imagining once it’s off their credit report, people are, I don’t know how this works. Are they then not obligated to pay any longer? What’s the guidance that you give folks at that point?

  Brianna Wenrich (12:40)
  No, so credit repair doesn’t get rid of debt. Credit repair helps get items on your credit report removed. It doesn’t mean like, oh, I have this $50,000. I’m just not going to pay because no longer on my credit report. That’s not how it works. And actually, like if you, we do have better instances, like where you go ahead and it is a paid item. It’s easier to get removed than an unpaid item. Now we’ve had success with both, but it’s easier for that.

  paid item to get removed other than unpaid, but that debt is still yours.

  Dylan Silver (13:12)
  I want to ask you pivoting to the real estate space about evictions. So when you are applying for apartments, one of the death blows can be evictions. Do people ever come to Kaydem saying, hey, look, I actually don’t have necessarily terrible credit, but I imagine that if they haven’t been through an eviction, that maybe that would affect their credit pretty heavily. But I can also see cases where people may be current on some of their bills or a lot of their bills, but they also

  got evicted for one reason or another. How how do evictions work with getting that off of a credit report? Because that’s a different type of thing entirely, right?

  Brianna Wenrich (13:47)
  Yeah, it is a different thing entirely, but it is still reporting on your credit report negatively, like repossessions too. Like we dispute repossessions as well. So like it’s just a different thing. We dispute all negative items that are on your credit report. So it is no longer on there. So we just use a different tactics to get that off.

  Dylan Silver (14:07)
  I wanna to pivot a bit here ask you about the three different bureaus you got Experian TransUnion Equifax I’ve used all three of them I had I like the Experian app I feel like if there was an application I’m rating all three of them I like feel like it’s more user-friendly I think they’re tied in with other banks and and whatnot I also think like Equifax when I log on I’m like this is very old-school right TransUnion seems to be somewhat in the middle ⁓ do you find that

  Brianna Wenrich (14:20)
  I agree.

  Dylan Silver (14:35)
  some credit repair places may be more adept than others at at being able to provide a solution across these three platforms because each one is unique as a as a consumer when I log in I say okay each one is entirely different.

  Brianna Wenrich (15:32)
  Yeah, so they definitely do. And a lot of people don’t understand that they don’t talk to each other. So like if you have an item on Experian, but it’s not on the other two, it’s because they do not talk to each other. So that’s why they’re all reporting inaccurately. They’re not the same place, which is also why there are credit repair companies out there that are better adapted to hitting all three. And like there are credit repair companies out there that just send out letters and that’s not working.

  It’s not working any longer. You have to constantly continue to hit them from all different sides to change it up.

  Dylan Silver (16:07)
  very interesting. I was actually considering looking at this myself. And one of the things I thought about was I’ll just send a letter. Let’s see how that goes. Well, that’s being disputed right now and ⁓ right before my eyes here. I do want to ask you, we are coming up on time here, but I do want to ask you about folks who may be thinking about, you know, making a big home purchase. Let’s say it’s their first time looking at buying a home. Maybe they have this experience. I know a lot of people have had this happen where

  You go to a lender and you say, okay, I’ve got good enough credit, but the lender says, well, yeah, this is this is here and you know you may need a co-signer, this type of thing. At what point would it make sense for someone to reach out to a a credit repair specialist? If if, let’s say they’re mid 600s and so they’re looking at, you know, potentially qualifying for a home, but they may have some old delinquencies that thinking, does this really affect?

  Does that make sense for them to reach out to someone like yourself or is it really more for you know cases where there’s more distress happening in a credit profile?

  Brianna Wenrich (17:13)
  No, we’ve we’ve had clients from all over. Like I I honestly just had a client recently that they were specifically looking to get a home loan. They were, then I had another one that was trying to get a HELOC and they only had like one or two items on their credit report, but they wanted the best outcome. So they came to us for us to dispute these items so they can get the best outcome for that.

  Dylan Silver (17:36)
  Well, Brianna, I appreciate what you’re doing over there at Kaydem I also know how important it is. And now with things being slightly more challenging, you can’t probably send in just a letter and hope to get a positive outcome. But I appreciate the multifaceted attack and approach that you guys take over there. We are coming up on on time though. Where can folks go to reach out to yourself to learn more about Kaydem How can folks get in contact with you?

  Brianna Wenrich (18:04)
  So they can go to our website, kaydemcredithelp.com to go ahead and look at the prices of our programs on there or give us a call back at 866-237-0013. We would get you scheduled for a consultation and discuss the program and how we can move forward to help you better.

  Dylan Silver (18:21)
  Brianna, thank you so much for coming on the show here today.

  Brianna Wenrich (18:24)
  Thank you so much.