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At Ovation, we believe the best way to better your credit is to understand how your credit is affected by current laws, institutions and events. Below are the most recent topics discussed at creditrepairblog.net. Click on article titles to view entire article.
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Sub-Prime Lending 07/09/2007
Also called “B/C Paper,” “near-prime,” or “second chance” lending, is a general term
that refers to the practice of making loans to borrowers who do not qualify for market
interest rates because of problems with their credit history. A sub-prime loan is
one that is offered at a rate higher than A-paper loans due to the increased risk.
Sub-prime lending encompasses a variety of credit instruments, including sub-prime
mortgages, sub-prime car loans, and sub-prime credit cards, among others.
Sub-prime lending is typically defined by the status of... |
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Debt Management Plans 01/05/2007
If your financial problems stem from too much debt or your inability to repay your
debts, a credit counseling agency may recommend that you enroll in a debt management
plan (DMP). A DMP alone is not credit counseling, and DMPs are not for everyone. You
should sign up for one of these plans only after a certified credit counselor has
spent time thoroughly reviewing your financial situation, and has offered you customized
advice on managing your money. Even if a DMP is appropriate for you, a reputable credit
counseling organization still can help you create a budget and... |
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The Fair Debt Collection Practices Act 11/10/2006
The federal Fair Debt Collection Practices Act or FDCPA prohibits certain debt collectors
from engaging in abusive behavior. It covers debt collectors who work for collection
agencies. It does not cover debt collectors that are employed by the original creditor
(the business or person who first extended you credit or loaned you money). If a debt
collector that works for a collection agency breaks the law, you can take steps to
make sure it doesn't happen again.
What Bills Collectors Can't Do
Bills collectors from collection agencies cannot do any... |
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Do you know what Adware is? 07/28/2006
Our largest competitor does, and they use it to spy on you. If you are searching
on our website, www.ovationlaw.com, and
an advertisement for one of our competitors pops up, it is because they are utilizing
controversial and malicious software known as Adware and Spyware.
Adware and Spyware, also called "Malware", are software programs installed on your
computer by publishers that allow them to snoop on your browsing activity, see what
you purchase and send you numerous unsolicited... |
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Bankruptcy and Credit Repair 07/13/2006
Bankruptcy is a federal court process designed to help consumers and businesses eliminate
their debts or repay them under the protection of the bankruptcy court. Bankruptcies
can generally be described as "liquidations" or "reorganizations."
Chapter 7 bankruptcy is the liquidation variety -- property is sold (liquidated) to
pay off as much of your debt as possible, while leaving you with enough property to
make a fresh start. Chapter 13 is the most common type of "reorganization" bankruptcy
for consumers -- you repay your debts over three to five... |
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How does Bad Credit happen? 03/23/2006
Six out of ten Americans suffer from a "bad credit rating." Bad credit starts with
imprudent choices, maxed-out credit cards, exhausted savings, overdue bills ... then
a letter from a collection agency.
This is followed by more letters and phone calls every day. Now each time you submit
an application for credit or even a job, you will be troubled and humiliated by the
specter of late payments on your credit rating.
Credit grantors tend to view any kind of collection account, whether paid or not,
as negative. These negative entries can stay on... |
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Credit Bureaus Announce a New Credit Scoring Standard. 03/16/2006
On March 14, 2006 the nation’s three main credit bureaus sent out a press release
announcing that they have adopted a new credit scoring system. This new scoring
system is not a whole lot different then the old FICO scoring system, but there are
differences. The FICO scoring system had a different algorithm to compute the
credit score for each bureau. The FICO scoring system also had a different range
of scores for each bureau.
This was what the credit bureaus were looking to standardize with the new VantageScore
system. ... |
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What is the importance of good credit? 02/25/2006
It's easy to think that bad credit is no problem from the advertisements in the media.
However, have you ever examined the fine print on those "easy credit" ads? You'll
discover that people with bad credit and bankruptcies are paying twice, three times,
even four times the amount of interest that a person with good credit pays.
By getting the lowest possible interest rates, you save a substantial amount of money.
It is estimated that consumers with compromised credit pay billions in additional
costs per annum. Credit grantors, fueled by credit... |
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4 Steps to Establishing Good Credit 02/12/2006
As a consumer you've learned the importance of establishing a good credit rating with
your lenders. Whether you are shopping for a new home or auto, or searching for the
best deals on insurance, your credit worthiness will be judged by your credit rating
or credit score.
A bad credit history or bad credit habits will place "black marks" on your credit
profile. These include things such as late payments, having an account assigned to
a collection agency, and of course bankruptcy.
Establishing good credit habits and therefore a good credit rating... |
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What is a credit inquiry? 02/04/2006
A credit inquiry is an item on a credit report that shows a business with a "permissible
purpose" (as defined under the federal Fair Credit Reporting Act) has previously requested
a copy of the report.
When you check your credit report, you may notice that a number of credit inquiries
have been made, sometimes from businesses that you don’t know. But the only inquiries
that count toward your FICO score are the ones that result from your applications
for new credit.
There is only one type of credit inquiry that counts toward your FICO score.... |
