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Credit Disputes Archives | Ovation Credit Repair Services

How to Fix Credit Report Errors

By | Credit Repair, Credit Reports

fix-credit-report-errorsThe number of errors that occur on credit reports might surprise you. In fact, as we’ve previously mentioned, “79 percent of all credit reports contain some type of error” and 25 percent of those errors are serious enough to prevent you from getting the loan you are seeking!

While some errors are simple spelling mistakes or an incorrect house number in your address, errors about whether or not you’ve paid a loan or paid a debt on time can be devastating to your credit rating. The effort to keep your credit report as accurate as possible requires ongoing vigilance. There are three steps you must take to keep your credit report(s) as accurate as possible.


You Can’t Fix What You Don’t Know About

To be able to repair your credit, you need access to your credit reports. You are legally allowed to request a copy of your credit report from each of the three reporting agencies (Equifax, Experian, and Trans Union) once per year for free. You can also obtain a free credit report from the reporting agency if you are denied credit. At least once a year (and whenever you are denied credit) you should request those reports and carefully review them for inaccuracies. To order copes of your report from each of the three reporting agencies, visit annualcreditreport.com, or call 1-877-322-8228.


Dispute Inaccuracies

When you find inaccuracies, which you inevitably will, request that the reporting agency correct the errors. Send a letter to the reporting agency and copy the creditor in question. The FTC has a list of guidelines as well as a sample letter that will help.  Provide copies (not originals) of the documentation that backs up your claim, whether it’s a copy of a utility bill verifying your address or a receipt for a loan payoff that is not reflected on your account. Often, credit report agencies will try to use delay tactics to postpone action, even automatically issuing a letter requesting more information, but you can preempt that by providing the necessary proof with your dispute. Disputing inaccuracies can become extremely time-consuming and quite frustrating. Often times, people still do not get the results they were hoping for when taking on such a feat. If you find yourself in this situation, where you’ve grown tired of all the time you’ve spent trying to fix your report, or you’d rather leave it to the professionals, we’re happy to be of assistance.

Managing your credit report requires vigilance, but an accurate report can open doors to lower interest rates and better purchasing power. We offer credit monitoring through services like our Essential Plus program, so contact us today to get the credit report you deserve.

 

3 Credit Myths Debunked

By | Credit Repair, Credit Reports, Credit Scores, Your Credit

There have been a lot of great movies in recent years based on mythological characters: Percy Jackson & the Olympians: The Lightning Thief (2010), Clash of the Titans (2010), Immortals (2011), and Thor (2011). Myth-based movies are great entertainment, but myths about your credit score can be expensive. The following three myths about your credit score can end up being very costly.

Myth One: If I Pay Off the Debt, They’ll Report It

One of the biggest myths about your credit score is believing that the company to whom you’ve paid a debt will properly report it to the credit agencies. People often believe that as soon as they’ve paid off a debt, the company will immediately report that to the credit agencies and their score will improve. Unfortunately, depending on the company’s reporting practices, they may wait three months to report the payoff, or they may never report it at all.

What you actually owe a lender and what’s reporting on your credit report are often two different things. It’s crucial to review your credit report regularly and take charge of making sure it stays up to date if you really want to improve your credit rating.

Myth Two: If It’s Not on the Report, I Don’t Owe the Debt

Another myth that hurts consumers is the assumption that if something does get removed from your credit report that you no longer owe the money. For example, let’s say you really do owe $4,000 on a charge off, but we’re able to get it removed from your credit report because it isn’t being accurately reported. That doesn’t mean you don’t still owe the money.

Myth Three: Paying Off Debt Fixes Everything

Many consumers believe that the minute they pay off their debts that their credit rating will increase significantly. But if you’ve had a history of late payments and delinquencies, companies can still report all the late and missed payments for seven years. It can take that long for your credit to fully recover.

Paying off your debts and bringing payments current will help your overall credit score. Making the debt go away, especially if it is in collection, helps in two ways: one, it shows paid instead of still owed. Two, it stops the date of last activity, which means seven years from that date it goes away. Otherwise, it just keeps being a current reporting, and the seven years keeps being seven years in the future.

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.

Can I dispute an account on my credit reports that I know is my account?

By | Ask a Credit Expert, Bankruptcy, Collections, Consumer Rights, Credit Cards, Credit Repair, Payment, Your Credit

Yes, you can dispute accounts on your credit reports that belong to you.  Just because an account is yours, does not mean that it is reporting accurately or that all of the information reporting on the account is correct. Statistics show that 79% of credit reports in the United States contain errors.  If an account has incomplete or inaccurate information then you would want to dispute the account and any information reporting on it that is incorrect.  You can dispute the balance of the account, any incorrect dates reporting with the account, whether the account is open or closed, or any other information that is listed incorrectly. For example, if you have an account that is reporting as being 90 days late and you know it was never late, then you would dispute the late payment to get the late payment updated/removed from your report, not the entire account.  That is exactly why you want to review your report at least once a year.

As a consumer it is in your best interest to go through your credit report once or twice a year and review all of the accounts and the information reporting on each account. That way if you find inaccurate information and/or accounts, you can dispute them right away. Too many consumers wait and then review their credit reports when they are trying to finance a car or a home and then it is too late. If there are negative errors on your credit reports you run the risk of being declined or being approved but with a high interest rate or needing a co-signer. So, check your report and review each account that is reporting to make sure everything is accurate. If something is inaccurate or incomplete at that time then you can dispute the information and get it corrected before you need to use your credit.

If you need help disputing your credit reports, contact the Experts at Ovation Credit Services where you will get First Class Customer Service! Go to www.ovationcredit.com for more information, or call 1-866-639-3426!

Why Do Ovation Credit Services Disputes Succeed, When My Disputes Don’t?

By | Ask a Credit Expert

Initially, for a consumer to start disputing items on their credit reports it can take a lot of time.  To get started, you will need to order your credit reports, review your reports for errors, and if errors are found, do the research to dispute the specific issues you are having on your credit reports and find out who and where to send the disputes.  You will want to research the credit bureaus and the best way to contact them for disputing. As a consumer you will want to research different techniques consumers have used for disputing information on a credit report and the different laws pertaining to disputing such as the Fair Credit Reporting Act.  For example, you would not dispute personal information (addresses, employers, alias’, etc.) the same way you would dispute a late payment or an inquiry.  You will need to know how to handle any letters and/or updated credit reports the credit bureaus send back in response to your disputes.  Understanding the dispute process is your best weapon against the credit bureaus and your creditors.  Disputing on your own can work very well when you only have one or two items that need to be corrected on your credit reports. However, if you have more than 3 items per credit report that you want to dispute then it is definitely worth it for you to hire Ovation Credit Services and let us handle all of the hassle for you.

At Ovation Credit Services our disputes and programs are successful because we stay current on consumer credit laws, and economic issues.  We also utilize the newest technology and proven techniques to ensure successful removal of inaccurate credit report information for our clients.  At Ovation Credit Services, our experience (and dedication to our clients) in working with the credit bureaus facilitates the credit repair process because we are more likely to anticipate the tactics and responses of the credit bureau. Members of our professional team have experience in interacting with the bureaus and creditors and have gained insight in regards to efficiently and effectively disputing credit report errors. We understand that everyone’s credit report and financial situation are unique. This is why we offer comprehensive, personalized and proven credit repair programs. When you become an Ovation client, we will customize your credit repair program to your exact credit situation and goals. Click the following link to see our customizable programs to fit your credit repair needs – http://www.ovationcredit.com/services/services.php.

You can count on Ovation Credit Services, for our experience, expertise, and excellent customer service.  Click here – https://secure.ovationcredit.com/Signup.aspx to get signed up today and get started towards a better financial future!

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