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Message
Anyone ever used Ovation Credit repair?
Posted on 1/16/12 at 2:16 pm
Posted on 1/16/12 at 2:16 pm
They were recommended from a co worker as a way to get negative factors off your credit report. My credit is good, not excellent (avg 720) but I have two things from the past that are biting me in the arse and I have been trying to rebuild it for the last year and a half. My biggest problem is lack of credit history which is the hardest thing to start so I can't get approved for a higher CC than what I have currently. I was thinking about using this company to wipe off the negative factors and see what happens then for getting approved for a higher limit credit card than the $500 one I have been stuck with for over a year. TIA
4
Posted on 1/16/12 at 2:30 pm to TEXASTIGER22
quote:
Most people try credit repair companies, debt consolidation, debt management or bankruptcy. Companies touting quick, pain-free fixes are really scams that cause more harm than good. These services almost never help solve the true debt management problem: one's behavior.
LINK
This post was edited on 1/16/12 at 2:31 pm
Posted on 1/16/12 at 3:05 pm to TEXASTIGER22
Credit repair companies are almost always scams. If you have a couple of items that are seven years old or more, you can call the three bureaus to get them removed yourself. Otherwise they stay on your report.
Posted on 1/16/12 at 8:31 pm to TEXASTIGER22
Take care of the negative items before worrying about getting your credit card limit increased.
Just put whatever you are willing to pay "Ovation" towards clearing up the old items....you'll be better off in the long run.
Just put whatever you are willing to pay "Ovation" towards clearing up the old items....you'll be better off in the long run.
Posted on 1/16/12 at 9:35 pm to Tiger4Ever
quote:
Just put whatever you are willing to pay "Ovation" towards clearing up the old items....you'll be better off in the long run.
There is nothing a credit repair company can legally do that you can't. You cannot, for example, remove valid bad items until after seven years (check this, it was seven last time I looked anyway).
You can remove items that are incorrectly reported at any time, in fact you should do so as soon as possible, but that's pretty much it. If you had a chargeoff three years ago you are stuck with it for four more and any company that tells you otherwise is scamming you.
Posted on 1/16/12 at 9:41 pm to foshizzle
These guys flood the credit bureaus with letters contesting negative items hoping that the creditor doesn't respond in the allotted amount of time. If they don't, the negative item may temporarily come off, but only until the bureau receives the creditors response.
It's just a flat out scam, period. If the slim chance that a negative item comes off only temporarily is your goal...start writing letters of dispute to the bureaus on your own for the cost of a stamp.
Or just friggin' settle up on your obligations and cut up the credit card and really be happy.
It's just a flat out scam, period. If the slim chance that a negative item comes off only temporarily is your goal...start writing letters of dispute to the bureaus on your own for the cost of a stamp.
Or just friggin' settle up on your obligations and cut up the credit card and really be happy.
Posted on 1/16/12 at 9:56 pm to Will Cover
quote:
Most people don't know that financial planners make almost all of their money by selling you a product
Ironic since Ramsey is trying to sell you his product.
Posted on 1/16/12 at 10:09 pm to TEXASTIGER22
I know others will condemn all credit repair because most are scams. However,640orfree.com will refund your money to you if they cannot get your score up to at least 640.
Posted on 1/16/12 at 11:17 pm to Tiger4Ever
quote:
Or just friggin' settle up on your obligations and cut up the credit card and really be happy.
I don't have any debt besides my car note. The negative factors are from years ago and all settled but show on my report as late. My 3 scores are all above 700 so it's not a score thing but my report has only a car note and a $500 max credit card showing as current positive factors. I spend around 4k a month on a debt card that I could use a credit card for and pay off to build more credit but I can't get the initial approval. I'm 27 years old and didn't understand how credit works until a few years ago which is why I didn't care at the time I was late on two BS accounts. I owed like 30 bucks but it was late 60,90, and 120 days out of pure laziness.
After reading this I will probably pass and just bite the bullet for the next 5 years. It's rough trying to build credit when you can't get started.
This post was edited on 1/16/12 at 11:21 pm
Posted on 1/16/12 at 11:37 pm to TEXASTIGER22
quote:
After reading this I will probably pass and just bite the bullet for the next 5 years.
You should only have to wait 7 from the date it was reported. Once that mark passes write the 3 bureaus asking them to have these items removed.
Heck, if the debts involved were only $30 or so and you've paid up since then, try calling the creditors and ask them to change it to "paid as agreed". For such small items they just might do it and it costs nothing but a phone call to ask.
Posted on 1/16/12 at 11:41 pm to foshizzle
One has already done this, the other will not. This is my fault but damn, it's a pain in the arse 
Posted on 1/16/12 at 11:44 pm to TEXASTIGER22
Oh well, at least you tried. Try again next year, maybe you'll get a more lenient person on the phone.
Anyway, if you stay out of trouble lenders will pay less attention to this as time goes on even before the 7 years are up. It could be worse.
Anyway, if you stay out of trouble lenders will pay less attention to this as time goes on even before the 7 years are up. It could be worse.
Posted on 1/17/12 at 7:19 am to foshizzle
quote:
You should only have to wait 7 from the date it was reported
It is actually 7 years since you paid it off. If they report you late on 1/1/2012 but you do not satisfy it until 7/1/2012, the 7 years starts there.
Posted on 1/17/12 at 10:32 am to foshizzle
quote:
You cannot, for example, remove valid bad items until after seven years (check this, it was seven last time I looked anyway).
You can if the credit card company doesn't verify your inquiry within 30 days.
1. You have a couple of late payments on your credit report 4 years ago.
2. You dispute those (for no reason other than to chance getting it removed) and they have 30 days to respond.
3. If they do not verify it within 30 days, it has to be removed by law.
Posted on 1/17/12 at 12:53 pm to LSUAlum2001
quote:
3. If they do not verify it within 30 days, it has to be removed by law.
And on the 31st day when their response is received, it goes back on.
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