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Credit Reports Archives | Page 2 of 3 | Ovation Credit Repair Services

What Items Are Reported to the Credit Bureaus?

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

The credit reporting system is not perfect.  In fact, it is far from perfect.  As a result, a consumer that manages credit responsibly may not be rewarded with an appropriate credit score.  To understand how this can happen, consumers need to understand who reports credit data to the credit bureaus. 

Approximately 30,000 data furnishers provide data to the credit bureaus each month.  This results in about 4 billion points of data each month.  That breaks down to approximately 130 million items each and every day.  The largest providers of data are financial service providers such as banks, credit unions, and consumer finance companies. 

While these numbers are staggering, there is a lot of data that is not reported.   Creditors are not actually required to report data to the credit bureaus.  As a result, some creditors choose not to report any data at all.  Other creditors choose to only report negative information or to exclude important key data points such as credit limits.  If you have positive information and your creditors do not report it the bureaus, or if they only report negative or incomplete items, your credit score will be impacted negatively.  This is simply because you will not receive the benefit of this positive information when your credit score is calculated.

So why wouldn’t a creditor want to report information?  Some creditors are concerned that their competitors will obtain valuable information about their customers and then use this information to compete for the customers or evaluate certain lines of business.  Some creditors choose not to report to limit the potential liability imposed on data providers by the Fair Credit Reporting Act.  Some creditors simply want to avoid the costs associated with providing data altogether.  These costs include reporting expenses, dispute investigation expenses, compliance expenses, and system maintenance expenses.  Some regulated entities, such as telephone companies, are restricted by regulations as to the information they may report.  Some of these companies, for example, are only permitted to report data about accounts that are past due or are in a charged-off status.

If you are trying to improve your credit score, it is important that you work with creditors that report both positive information as well as the negative information.  It is also important that they report all of the information, not just selective data that may negatively impact your credit score even though your account is in good standing. Check your credit report frequently and verify that all of your creditors are reporting to the credit bureaus correctly.  Remember that your credit score is based only on the information that is reported, and your credit score could be higher if you have positive information that is not reported or not reported completely.

If I file Bankruptcy, I will not have to pay back my debt and my credit report will be wiped clean, correct?

By | Ask a Credit Expert, Bankruptcy, Collections, Credit Repair, Credit Reports, Credit Scores, Debt, Personal Finance, Your Credit

This is one of the biggest myths and misunderstandings with credit.  When you file bankruptcy you are telling the court that you do not have enough money to pay your bills.  Since you do not have enough money to pay your bills, you will have to include EVERYTHING in the bankruptcy and in return you can wipe away your debt and stop the collection calls.  If you file a Chapter 7, then you debt is wiped away.  If you file a Chapter 13, then you set up a payment program to pay a percentage of the money back to your creditors over the next 3-5 years.  The debt may be gone or may be lowered dramatically and put in a payment plan and the creditor calls will stop, but remember the Bankruptcy as well as all of the creditors included in the bankruptcy will report on your credit report.  All of your creditors (even positive accounts) will now report as Included in Bankruptcy, which reports in the same category as Charge off or Collection accounts.  So, your debt may have been wiped away but you usually end up with an even lower credit score in its place.

Bankruptcy is not the end of the world.  A bankruptcy does report for 10 years but sometimes it is the only way out.  As a consumer you need to focus on rebuilding your credit after you file bankruptcy.  In the last several years a lot of credit companies have changed their approval process and will approve consumers for credit after a bankruptcy.  That is great news, so you can start rebuilding your credit, but start small.

After filing bankruptcy you want to check your credit reports as well and make sure that all of your creditors are reporting accurately.  It is very common for creditors that are included in the bankruptcy to report the account as charge-off that is inaccurate information that can damage your credit score, so you need to get all information reporting inaccurately fixed. That is what Ovation Credit Services is here!

If you have any of these errors or have any questions about a bankruptcy you filed and how it is reporting, give Ovation Credit Services a call.  Our Case Analysts would be happy to review your credit reports with you and make sure everything is reporting accurately.   Call us at 1-866-639-3426 option 2 for your FREE Credit Consultation. During your free credit consultation we will also help you order your credit reports so we know exactly what is going on with your case.

If you have any questions for our Credit Expert Kristi Thornton, please email me at [email protected].

You’re Ready. Is Your Credit?

By | Consumer Rights, Credit Repair, Credit Reports, Credit Scores, Personal Finance, Your Credit

Armed with an impressive resume and knowledge of the company you are interviewing for, you confidently approach the interviewer and begin to craft the inspiring ‘first impression’ you envisioned last night as you went to bed.

You may feel prepared for the interview and qualified for the new job, but there is a strong possibility that the interviewer has already formed an opinion about you – through information contained in your credit report. 

Increasing numbers of companies are requesting credit reports to assist them in the job hiring process.  Essentially, your credit report is your financial resume and employers use it as an indicator of your personal integrity and how and how you conduct your life.  With that in mind, it’s alarming that seventy none percent of all credit reports contain errors.  A qualified job seeker simply can’t afford to have credit report errors sabotage an excellent employment history.

In the competitive job market, an accurate credit history may be the decisive factor in gaining a job interview.  Inaccurate credit reports can torpedo the most impressive resumes, and you won’t have a second chance to make a first impression.

The labor market is not only intense form the job seekers standpoint, but employers also are striving to gain a competitive advantage in the hiring process by accessing all the information available to improve the quality of the workforce.  Employers are also more likely to check the credit history of prospective employees who will be involved in some aspect of the company’s finances.

You can use this trend of employer credit checking to your benefit by repairing and/or maintaining a clean credit history.  Your credit report is your financial fingerprint, so check it frequently and keep it accurate so you are prepared to jump on the dream job opportunity should the occasion arise.

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.

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]

Can I Raise my Credit Scores by Paying Off my Credit Cards and Closing the Accounts?

By | Ask a Credit Expert, Credit Cards, Credit Repair, Debt, Payment, Personal Finance, Revolving Debt, Your Credit

The credit score was designed to show lenders how much of a risk a consumer can be.  The higher your credit scores are the lower the risk you are to creditors and obviously the lower your credit scores are the higher the risk you are.  When it comes to your credit and credit score, paying off your credit cards and credit accounts is always a good idea and can help raise your credit score.  However, closing your credit accounts does not always help your credit score, even if they are paid off.  Sometimes closing your credit accounts will even lower your credit scores.  Let me explain why.  When you pay off an account it helps raise your credit score in a couple of areas.  First, it helps the payment history to show that the account is paid and positive.  Second, it shows you have less money you owe on that account and on your overall credit. But, the downside is when you close your credit accounts you are stopping your payment history on that account, therefore shortening the timeframe of your payment history. If any of the credit accounts you paid off have been open for 2 years or less than you are ok to close them out because you are not getting rid of a long history. However, if you have had the card for 5+ years than I would recommend you keep it open so you don’t lose that payment history. Payment history counts as 35% of your credit score. What this means is that the longer you have your credit accounts (mostly credit cards because they are revolving) the better.  Your credit score takes an average of your payment history time frame, for example, if you had 2 cards for 10 years and 1 card for 1 year, the credit account that you have only had for a year is actually bringing down your average.  So, if you pay the accounts off that is great but don’t close them unless you have to and if you do close any, close the one you have had for a year so your average will go back to 10 years.  This will help your credit score!

Good Luck and with any other credit questions, ask our Credit Expert Kristi Thornton by emailing your questions to [email protected].  You can also call any of our Case Analysts at 1-866-639-3426 Option 2 or check out our site at www.ovationcredit.com.

When I pay off a collection or charge off account, will it start reporting as paid in full and as a positive account?

By | Ask a Credit Expert, Collections, Consumer Rights, Credit Cards, Credit Laws, Credit Repair, Debt, Payment, Personal Finance, Your Credit

When you pay off a collection or charge off account on your credit report that is great. It is always in a consumer’s best interest to pay off their debt. However, a lot of consumers think that once the account is paid that it is no longer negative and has actually become positive. That would be great, unfortunately that is not the case, and it is still a negative account. The creditor should update your account on your credit report to show that it is paid in full or paid collection/charge off.  By updating that information it will have a positive impact on your credit report and more importantly on your credit score. The amounts owed on your accounts is 30% of your credit score, so as you pay accounts off it will help to raise your credit score. By paying accounts off they no longer have such a bad impact on the credit score.

Your credit scores will improve when you pay off accounts because your reports will show you owe less money to creditors, it will stop the account from updating every month that it is not paid and it’s late, and it will keep the date of last activity as when it was paid.  When the account is paid off it stops the activity on the account so that it will fall off of your credit reports 7 years (for most items) from the date of last activity.  All collection, charge off, and late payments should come off your reports 7 years from the date of last activity. If you have accounts that have not updated as paid or have not come off your reports when they were supposed to, then give us a call.

If you have any other questions about items on your credit reports, how items are reporting, and when items will come off your credit reports, please call one of our Experts at Ovation Credit Services.  Call 1-866-639-3426 and schedule a FREE credit consultation! Check out http://www.ovationcredit.com/howItWorks/howWeHelp.php to see other ways we can help! We are here to guide you to a BETTER Financial Future!

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!

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