Category

Fair Credit Reporting Act

Information on Credit Reports

By | Consumer Rights, Credit Laws, Credit Repair, Credit Reports, Credit Scores, Fair Credit Reporting Act

Credit Reports generally contain five types of information:

Identification Information: Information such as the name of the individual, current and previous residential addresses, and Social Security number.

Trade Line Information: Detailed information reported by creditors and other furnishers on each current and past loan, lease, or other debt (such as utility and medical debts).

Public Record Information: Information derived from financial-related public records, such as records of bankruptcies, foreclosures, tax liens, garnishments, and other civil judgments.

Collection Account Information: Information reported by collection agencies regarding credit accounts and other debts.

Inquiry Information: Identities of individuals or companies that have requested information from an individual’s credit file; the date of inquiry; and an indication of whether the inquiry was by the consumer, for the review of an existing account, or to help the inquirer decide on a potential future account or relationship.

Unfortunately, an alarming number of these files (credit reports) contain serious errors and could cause the denial of credit, a loan, or a job, so monitor your credit report and minimize or eliminate future credit problems.  A recent study of consumer credit found that 3 out of every 4 credit reports contain errors, some large enough to cause credit denials.

  • Twenty-five percent (25%) of the credit reports contained errors serious enough to result in the denial of credit;
  • Seventy-nine percent (79%) of the credit reports contained mistakes of some kind;
  • Fifty-four percent (54%) of the credit reports contained personal demographic identifying information that was misspelled, long-outdated, belonged to a stranger, or was otherwise incorrect;
  • Thirty percent (30%) of the credit reports contained credit accounts that had been closed by the consumer but incorrectly remained listed as open.

Your Rights Under The Fair Credit Reporting Act

By | Consumer Rights, Credit Laws, Credit Repair, Debt, Fair Credit Reporting Act, Your Credit

Fair Credit Reporting Act

The federal Fair Credit Reporting Act (FCRA) promotes the accuracy, fairness, and privacy of information in the files of consumer reporting agencies. There are many types of consumer reporting agencies, including credit bureaus and specialty agencies (such as agencies that sell information about check writing histories, medical records, and rental history records). Here is a summary of your major rights under the FCRA.

  • You must be told if information in your file has been used against you.

Anyone who uses a credit report or another type of consumer report to deny your application for credit, insurance, or employment – or to take another adverse action against you – must tell you, and must give you the name, address, and phone number of the agency that provided the information.

  • You have the right to know what is in your file.

You may request and obtain all the information about you in the files of a consumer reporting agency (your “file disclosure”). You will be required to provide proper identification, which may include your Social Security number. In many cases, the disclosure will be free.

  • You are entitled to a free file disclosure if:

a person has taken adverse action against you because of information in your credit report; you are the victim of identify theft and place a fraud alert in your file; your file contains inaccurate information as a result of fraud; you are on public assistance; you are unemployed but expect to apply for employment within 60 days.  In addition, as of September 2005 all consumers will be entitled to one free disclosure every 12 months upon request from each nationwide credit bureau and from nationwide specialty consumer reporting agencies.

  • You have the right to ask for a credit score.

Credit scores are numerical summaries of your credit-worthiness based on information from credit bureaus. You may request a credit score from consumer reporting agencies that create scores or distribute scores used in residential real property loans, but you will have to pay for it. In some mortgage transactions, you will receive credit score information for free from the mortgage lender.

  • You have the right to dispute incomplete or inaccurate information.

If you identify information in your file that is incomplete or inaccurate, and report it to the consumer reporting agency, the agency must investigate unless your dispute is frivolous.

  • Consumer reporting agencies must correct or delete inaccurate, incomplete, or unverifiable information.

Inaccurate, incomplete or unverifiable information must be removed or corrected, usually within 30 days. However, a consumer reporting agency may continue to report information it has verified as accurate.

  • Consumer reporting agencies may not report outdated negative information.

 In most cases, a consumer reporting agency may not report negative information that is more than seven years old, or bankruptcies that are more than 10 years old.

  • Access to your file is limited.

A consumer reporting agency may provide information about you only to people with a valid need — usually to consider an application with a creditor, insurer, employer, landlord, or other business. The FCRA specifies those with a valid need for access.

  • You must give your consent for reports to be provided to employers.

A consumer reporting agency may not give out information about you to your employer, or a potential employer, without your written consent given to the employer. Written consent generally is not required in the trucking industry.

  • You may limit “prescreened” offers of credit and insurance you get based on information in your credit report.

Unsolicited “prescreened” offers for credit and insurance must include a toll-free phone number you can call if you choose to remove your name and address from the lists these offers are based on.

  • You may seek damages from violators.

If a consumer reporting agency, or, in some cases, a user of consumer reports or a furnisher of information to a consumer reporting agency violates the FCRA, you may be able to sue in state or federal court.

Who Is The BEST For My Credit Repair?

By | Ask a Credit Expert, Consumer Rights, Credit Laws, Credit Repair, Fair Credit Reporting Act, Personal Finance, Save Money, Your Credit

When it comes to repairing your credit report you need to do some research.  You want to know: who you are working with, what services they provide, what kind of guarantee they have, what your responsibility is during the process, how much it costs, and how long it generally takes.

I can tell you all of this for Ovation Credit Services. Ovation Credit Services is an attorney run business that started in 2004.  Our administration is made up of several people that have been in the industry for over 10+ years.  Before we ever took on clients we made sure that we had a staff that was fully trained and knowledgeable in credit repair, credit reports, the credit bureaus, the FCRA (Fair Credit Reporting Act), and CROA (Credit Repair Organization Act). We made sure that we had a strong foundation for our clients to rely on by providing the following:

  • Excellent customizable programs for every consumer
  • Staff that always answers the phone so our clients do not get voicemail during business hours
  • All emails are returned within 24 hours
  • An excellent sales team in place to answer all questions and provide Free Credit Consultations
  • Different discounts so all consumers can afford our services
  • 100% Service Guarantee
  • No-risk refund policy

Ovation’s programs are based upon extensive research of consumer credit laws, experience with credit bureau and creditor tactics, and persistence for our clients. Our programs are 100% legal and have helped tens of thousands of Americans correct and update their credit profiles resulting in higher credit scores. We currently offer two program choices to address your particular credit needs; Essentials and Essentials Plus. To learn more about these programs, click on the link to read all about our programs, add on options, and discounts. http://www.ovationcredit.com/services/services.php

Our service guarantee and no-risk refund policy were put into place to protect both us and our clients.  Our service guarantee is very straight forward. During any month, if we fail to provide the agreed upon services, we will not charge your Monthly Fees for that month. It’s as simple as that! We stand behind the quality of the work we do for you, and it shows. If you feel that something was not done on your case, you can ask for a refund at any time as well. Also, understand that each case is different, and results will vary upon the specific issues contained on your credit reports. They will also vary based upon the amount of time you are willing to commit to your credit report repair. As such, Ovation Credit does not and can not guarantee specific results.

As a client of Ovation Credit Services you are expected to participate in your credit repair process as well.  As you commit your time to your case it will show as you receive results back.  Generally, clients that participate more get better results.  Once you are a client you agree to do the following: provide your 3 credit reports to get started, send us any additional information that is required or necessary for us to dispute for you, and forward all correspondence from the credit bureaus, creditors, and other related services.

With Ovation Credit Services you get more for your money. Right now, you can get signed up with Ovation for only $60 for an individual and $96 for a couple.  Thirty days after you sign up, you start your monthly billing.  Our monthly prices are: $37 for Essentials and $57 for Essentials Plus – for an individual.  For couples, it is $60 a month for Essentials and $92 a month for Essentials Plus. To customize the programs even more you can add on Identity Optimization and/or Fast Track for $25 each. Click on this link to learn even more about our programs and add on programs: http://www.ovationcredit.com/services/services.php

As you work with Ovation Credit, you will see that we work hard to get our clients the best results possible, as quickly as possible.  On average our clients are with us 6-8 months and receive 19 improvements.  We are also the ONLY credit repair company in the United States that disputes directly into TransUnion’s system.  With this new program our clients receive their updated credit reports back from TransUnion via email and usually within 2-3 weeks each time we dispute instead of 45-60 days.

As you can see, there are A LOT of reasons that Ovation Credit Services is the BEST! This is also why we are an Accredited Business with the Better Business Bureau and have an A Rating.  So, come and join our family by clicking on the sign up page and get back to a BETTER financial future! You can also call one of our Credit Analysts at 1-866-639-3426 option 2.

If you have a question for our Credit Expert Kristi Thornton, send an email to [email protected]

Can I Get My Credit Scores for Free?

By | Ask a Credit Expert, Credit Laws, Credit Repair, Fair Credit Reporting Act, Personal Finance, Save Money, Your Credit

Currently, consumers CANNOT get their credit scores for free.  Generally, the only way to get your credit scores is to buy them, or get them through a credit monitoring service.  There are several websites available to purchase your credit scores.  It usually costs about $15-$30.  You can also get your credit scores and credit reports, directly from the credit bureaus.  Their websites are: www.Experian.com, www.Equifax.com, and www.TransUnion.com. Plus, you are entitled to one free credit report from each of the credit bureaus every 12 months and the credit bureaus set up a specific website for consumers to use: www.annualcreditreport.com.  Once you get your credit reports, you will only have to buy your credit scores from the credit bureaus or a third party.

As for credit monitoring, there are several options out there for consumers to do a FREE trial of credit monitoring, usually 7-14 days, which usually includes your three credit reports and your three credit scores.  Credit monitoring can be a good service to have if you have had identity theft or you are working on your credit and trying to fix items on your credit reports.  However, it is not a necessity and usually when you dispute items on your credit reports the credit bureaus will send you updated credit reports back via the mail.

Ovation Credit Services sends their clients to GoFreeCredit.com to sign up for a FREE trial of credit monitoring to get their credit reports and credit scores.  You can obtain all three credit reports and scores by clicking here. This site offers consumers credit reports and scores with a FREE seven-day trial in monthly credit monitoring. You will not be charged for anything if you cancel the service during the free seven-day trial membership.  If you need any assistance ordering your credit reports, getting your credit scores, or would like a FREE Credit Consultation please call 1-866-639-3426 option 2.

If you have a question for our Credit Expert Kristi Thornton, send an email to [email protected]

When an Account on My Credit Report Changes to Say It Is In DISPUTE, Does That Hurt My Credit Score?

By | Ask a Credit Expert, Credit Repair, Debt, Fair Credit Reporting Act, Home Buying, Loan, Mortgage, Personal Finance, Your Credit

First, let’s talk about disputing. As a consumer you have every right to dispute any accounts and/or personal information on your credit reports that you feel has inaccurate, misleading, and/or incomplete information. Now, don’t be misled into thinking that means the entire credit account must be or has to be wrong in order to dispute the account. As consumers we need to review our credit reports at least once a year for errors. We need to look over every account and make sure the balance is reporting accurately.  If there are late payments reporting, look over them and make sure everything is accurate.  If something shows open when it should be closed then it needs to be updated, if the balance is wrong then it needs to be updated as well.  If something is reporting that does not belong to you then it needs to be disputed and removed.

Now that you know what needs to be disputed, let’s talk about the affect it will have on your credit score. When you dispute an account it will show on your credit report that the account is in dispute, but that should not be looked upon as negative. Now, if you pull your credit score while you are disputing accounts it will make your credit score fluctuate. When you pull your credit score it pulls that information at that exact moment and calculates the score. Any account in dispute will not be factored into your credit score at that time. That can have a positive affect or a negative affect on your credit score. Since it can have a negative affect it is usually best if you do not pull your credit score or apply for credit while you are disputing credit items on your credit reports. If you wait to apply for credit then you will allow time for the disputes to be finished and hopefully your credit score will increase from the work that was done. Another reason you want to wait for disputes to be complete, is that A LOT of mortgage brokers will not close a loan if your credit reports say an account in dispute. So, it is best to dispute everything you need to dispute and get your credit reports updated before you apply for a mortgage loan.

For all of your disputing needs, call the best in the industry – Ovation Credit Services. Our Credit Analysts are here for your FREE Credit Consultation and to answer any of your questions. Call us at 1-866-639-3426 option 2.

If you have a question for our Credit Expert Kristi Thornton, send an email to [email protected]

The Truth About the Credit Bureaus

By | Ask a Credit Expert, Consumer Rights, Credit Laws, Credit Repair, Fair Credit Reporting Act, Your Credit

Let’s talk about the Credit Bureaus. A lot of consumers think that because they are called bureaus that they are some type of government run agency – however, that is incorrect.  The Credit Bureaus are for-profit businesses just like any other business and the majority of their money comes from lenders/creditors. Our creditors pay the Credit Bureaus to store, collect, and report our credit information – good or bad. They also make money from creditors buying our credit reports, so they can review our credit history and decide if they want to grant us credit or review our credit for our current accounts. Another way they make money is from consumers, when we buy our credit reports, credit scores, and credit monitoring directly from them.

There are three main credit bureaus: Experian, Equifax, and TransUnion. There is also a fourth company that is trying to become one of the large Credit Bureaus and that is Innovis. The majority of creditors and lenders do not report to them at this time. The main law that governs the Credit Bureaus and how they report our credit information is: the FCRA (Fair Credit Reporting Act). The agency that governs the Credit Bureaus and makes sure they do not violate the FCRA is the FTC (Federal Trade Commission). If you ever have a problem with a Credit Bureau where they are violating the FCRA, you can file a complaint against them through the FTC at www.ftc.gov.

The Credit Bureaus are the only ones that can change, update, and delete information on a consumer’s credit reports. If there is an error on your report, you would need to dispute to the Credit Bureaus. The Credit Bureau then contacts the creditor to investigate the error. The creditors have 30 days to investigate and update the Credit Bureau. If the creditor finds there is an error then they tell the Credit Bureau to update the information or delete it from the credit report. It is the Credit Bureau’s job to fix the information on the credit report.

The Credit Bureaus are not perfect, as I said before they are businesses and just like any other business they make mistakes. As a matter of fact 79% of all credit reports have errors. Check your credit reports at least once a year for any errors. You can obtain all three credit reports and scores by clicking here. This site offers consumers credit reports and scores with a FREE seven-day trial in monthly credit monitoring. You will not be charged for anything as long as you cancel the service during the free seven-day trial membership. If you need any assistance ordering your credit reports, please give me call.

Once you review your credit reports, if there are any errors you can dispute them directly with the Credit Bureaus. You can dispute with the Credit Bureaus online, over the phone, or by sending a letter. For more information about disputing with the Credit Bureaus you can go to their websites: www.equifax.com, www.experian.com, and www.transunion.com. If you want professional assistance in disputing your credit reports then call the BEST in the industry: Ovation Credit Services at 1-866-639-3426 Option 2 or go to the website to get more information www.ovationcredit.com.

For specific questions about your credit or disputing, ask our Credit Expert Kristi Thornton, email your questions to [email protected].

HOW DO I ORDER MY CREDIT REPORTS FOR FREE?

By | Ask a Credit Expert, Consumer Rights, Credit Repair, Fair Credit Reporting Act, Personal Finance, Save Money, Your Credit

Getting your credit reports for FREE is much easier since the FACT ACT was passed in 2003.  The Fact Act is an amendment made to the Fair Credit Report Act making it possible for consumers to get one free credit report every 12 months from each of the three credit bureaus.  When the Fact Act was passed the credit bureaus got together and created one site for consumers to use to get their FREE copy of each credit report.  You can log into www.AnnualCreditReport.com to get your copy of each credit report (Experian, Equifax, and TransUnion) once every 12 months.

Some other options for free credit reports, are websites that offer you a week to a month FREE trial of their Credit Monitoring program so you can log in, order all three reports (sometimes credit scores too) and review your credit reports.  Once you get your credit reports from the credit monitoring company it is up to you whether you stay with the program or not.  If you decide you do not want the program then make sure you cancel before the trial is up so you do not get billed for their service.

If you have been denied credit in the last 90 days you can get a credit report for FREE from which ever bureau the potential lender used to decide if you were approved or not.  You can also order your credit reports from the credit bureaus directly at www.TransUnion.com www.Experian.com, and www.Equifax.com.

For qualified consumers, there are some additional options provided under the Fair Credit Reporting Act that entitle you to receive a free copy of your credit report. You are entitled to a free copy of your credit report if you’ve been denied credit, insurance or employment and request the report within 60 days of notice, or if you can prove that (a) you’re unemployed and plan to look for a job within 60 days, (b) you’re on welfare, or (c) your report is inaccurate because of fraud or identity theft. If your application for credit, insurance, or employment is denied because of your credit information, the company to which you applied must give you the name and address of the credit bureau they used to make their decision. If you don’t qualify under any of those categories, you can use one of the options above, or you will need to purchase your credit reports, which are approximately $9.00 – $12.95 each when purchased directly from the credit bureaus.

Once you get your credit reports, please give us a call at 1-866-639-3426 Option 2 or email [email protected] to schedule a FREE Credit Consultation.  At Ovation Credit Services, our Credit Analysts would be happy to review your credit reports with you.  We can discuss your credit options and how we can help you to improve your credit reports and credit scores. You can also visit http://www.ovationcredit.com/services/services.php to learn about our programs and services.

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