Disputing Credit Archives | Ovation Credit Repair Services

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percent (54%) of the credit reports contained personal demographic identifying information that was misspelled, long-outdated, belonged to a stranger, or was otherwise incorrect;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.

What is an EIN? Since My Credit is Bad, Can I Apply for an EIN and Start Over with a New Credit File with the Credit Bureaus?

By | Ask a Credit Expert, Consumer Rights, Credit Laws, Credit Repair, Personal Finance, Your Credit

An EIN is an Employer Identification Number.  It is given to new businesses and used to track their payroll and business taxes and for businesses to file their taxes.  This is not to be used for individual use. However, there are some credit repair companies out there that tell consumers to apply for an EIN for their personal use and for their credit. By trying to use an EIN as your SSN you will actually create a File Segregation (two different files at the credit bureaus) AND it is Illegal. Once the Credit Bureaus find this error they will put both of your credit files together usually making your credit situation worse than what it was before.

If you are looking to improve or repair your credit and you call a company for help and they tell you to apply for an EIN, turn and run. It is illegal and will get you into trouble which can include fines and other consequences. Make sure you write down the information about the company and then file a complaint with the Federal Trade Commission at www.ftc.gov.  Tell the FTC about this company and any other information that you have about them: like where they are located, a web address, what they told you, the company name, phone number, etc.

If you are looking for help with your credit reports and with credit repair then don’t worry about those companies.  Contact the BEST, Ovation Credit Services and you will not have to worry about anything illegal or any type of scam.  Give our Credit Analysts a call at 866-639-3426 – Option 2 or send them your questions to [email protected].  If you have any questions for our Credit Expert Kristi Thornton you can write her at [email protected].  We look forward to helping you with all of your credit needs!!!

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]

Call Now for a FREE Credit Consultation