Credit Scores Archives | Page 2 of 2 | Ovation Credit Repair Services

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.

Fixing Your Credit Should Be Your New Year’s Resolution

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

It is the beginning of a new year and most people have made their New Year’s resolutions.  What are your resolutions? Some of the most popular ones each year are: to lose weight, stop smoking, pay off debt, and of course Fix Your Credit. Fixing your credit and paying off your debt can affect a lot of other issues and resolutions in your life, like relieving additional stress in your life.

So, if fixing your credit was one of your resolutions then let’s get started. Credit scores are based upon information reported on a consumer’s credit profile. Unfortunately, statistics show that approximately 3 out of every 4 credit profiles contain potentially serious errors. Here are some alarming statistics about credit reports:

79% of credit reports contain some type of error.

25% of all credit reports contain errors serious enough to result in the denial of credit.

29% of consumers have variances of 50 points or more in their credit scores as reported by each of the three major credit bureaus.

54% of credit reports contain personal demographic identifying information that was misspelled, long-outdated, belonged to a stranger, or was otherwise incorrect.

30% of credit reports contain credit accounts that had been closed by the consumer but incorrectly remained listed as open.

If you fit into any of the above statistics it is important to start fixing these errors as soon as possible. The best way to get them corrected is to go directly to the three credit bureaus: Experian, Equifax, and TransUnion, as well as directly to your creditors. As a consumer it can be very time consuming to research your credit reports and the disputing process and then to actually dispute. That is why most consumers choose a credit repair company to do the work for them.

Ovation Credit Services works with the credit bureaus and your creditors to resolve these issues on your credit reports for you.  Their goal is to help you achieve your optimal credit profile and score as quickly as possible. The professionals at Ovation Credit have studied credit reporting, the credit bureaus and creditor reporting methods to maximize the results they obtain for consumers.  Ovation Credit’s programs are based upon extensive research of consumer credit laws, credit bureau tactics and persistence for their clients. Their programs are 100% legal, and are developed and managed by the very same lawyers who founded the company. They have helped tens of thousands of Americans correct their credit profiles and counting.

As you can see, there are A LOT of reasons that Ovation Credit Services is the BEST! This is also why they are an Accredited Business with the Better Business Bureau and have an A Rating.  So, come and join their family by clicking here https://secure.ovationcredit.com/Signup.aspx and get back to a BETTER financial future! You can also call 1-866-639-3426 Option 2 for a FREE credit consultation today or visit the Ovation Credit site at www.ovationcredit.com for more information.

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]

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!

Study finds that credit reports have errors.

By | Credit Repair, Your Credit

According to a study conducted by the National Association of State PIRGs, mistakes happen on credit reports. That’s unfortunate, but true. Our credit reports reflect our financial responsibility. When there are errors on credit reports, an inaccurate picture is presented to potential lenders and employers. The result may be denial of a loan, or increased costs of borrowing. You may get turned down for job. You may not qualify for insurance. Your credit reports need to be accurate to ensure that the picture presented is the true picture of your financial responsibility.

The three major credit bureaus maintain credit profiles or more than 90 million consumers. Those files are routinely sold to lenders, employers, landlords and other parties interested in understanding your financial responsibility before doing business with you. Sloppy practices by the bureaus are the primary cause of credit report errors. Additional errors are caused by identity theft, but inadequate practices by the bureaus result in difficult and frustrating procedures to resolve identity theft errors.

According to the study, 25% of credit reports have errors significant enough to result in the denial of credit. Additionally, 54% included errors about personal information such as demographic information. More than 22% of credit reports listed duplicate information. Almost 8% were missing major mortgage or loan information that supported the credit worthiness of the consumer.

Despite recent attempt by the bureaus to correct sloppy practices, errors still exist. To help reduce the negative of errors on your credit reports, you should order your free copy every year. Review your reports carefully for errors. Even what appears to be minor discrepancies may result in significant credit score variations.

Consumers May Soon Have Free Access to Their Credit Scores

By | Your Credit

For many years now consumers have been able to get a free copy of their credit report.  This report was available through annualcreditreport.com or through the credit bureau that was used to deny a loan.  Earlier this year the Senate passed an amendment that would give individuals the right see their scores if they were used against them in a financial transaction.  So if you were denied a mortgage or insurance because of your score then you would be allowed to see that score.

In the past you were allowed to review your credit report but you could only see your score by paying for it.  The three major credit bureaus (Equifax, TransUnion, and Experian) have withheld those scores from consumers.  Any lender who investigated your credit would be given your score but you would not know what that score was unless the lender gave it to you.  This number often carried a high price tag.

Each of the bureaus has a different calculation for figuring your score based on the information provided to them by your lenders.  That is why you generally will have three different scores for the three different bureaus.  Since the bureaus do not share their formulas and your lenders may not report to all three bureaus your scores may vary widely.

It is possible that you may have two good scores and one bad score because one lender is reporting negative information to only one of your credit bureaus.  It might also be that your score is reflecting inaccurate information that is negative.  Negative information could range from late payments to collection accounts.  This is why it is important to know what is on your report.  You should review your credit report at least once every year and dispute any information that is inaccurate or misleading.  Having an accurate credit report is crucial in today’s market.  Getting a mortgage, automobile loan, insurance or even a job could trigger an investigation regarding your credit.  It is important to know that if you have a low score it could cost you substantially.  Being denied a loan is bad and paying higher interest rates is even worse.  Correct any mistakes on your reports so that you will be in the best possible position financially.

As long as I pay my bills on time every month I should have high credit scores, right?

By | Ask a Credit Expert

When we were in the dark about credit and credit scores (just 15+ years ago), someone would have told you YES.  However, now that it is almost 2011 we have some more light on the subject and know that just paying our bills on time every month does NOT give us a high credit score.  It helps our credit scores, but it is not the only factor.  There is a balance to having an optimal credit score, one that takes work.   Credit scores are calculated by an algorithm created by Fair Isaac Company to rate consumers on how much of a risk they are when it comes to paying back borrowed money.  Although we have not gained access to the algorithm we have gained some insight into the categories that make up the credit score and how some things can affect our scores.

Our credit scores are broken up into 5 categories: Payment History (35%), Amounts Owed (30%), Length of Credit History (15%), New Credit (10%), and Types of Credit in Use (10%). Making your monthly payments on time is a big part of your credit score (35% to be exact), but it is not everything.  It is important to: keep a good balance of the types of accounts that you have, keep your accounts in good standing as long as you can – the older the accounts the better, keep your balances paid off each month or keep the balances under 50% of the line of credit, if possible.

If you are going to be applying for credit soon, make sure you don’t open any new accounts right before because that can make your credit scores drop.  You also don’t want to pay off your cards and then start closing them out, this shortens your Length of Credit History and will actually make your credit scores go down as well.

Reaching and maintaining a high credit score takes work and understanding of credit.  But you are not alone. Ovation Credit Services is always here to answer your questions and help you achieve your credit goals!

Call Now for a FREE Credit Consultation