Ovation By LendingTree Review 2022 | Fees, Complaints & More

Ovation by LendingTree is a credit repair service that can assist you in resolving concerns with your credit report that has erroneous, incomplete, or unverifiable information.

This review will show you everything there is to know about Ovation, including their services, customer feedback, fees, plans, and other features.

Background of the Company

Ovation Credit is a credit repair firm that works in partnership with TransUnion. Established in 2004 by Terry Cordell, the company was acquired by LendingTree in 2018. Doug Lebda is founder and CEO of LendingTree. Ovation Credit has its headquarters in Jacksonville, Florida, with Michael Hall as Chief Operating Officer and GM Executive Operations.

The services offered by Ovation include credit monitoring, credit education, and credit repair.

Ovation Credit: Reputation, Complaints & Ratings

Based on more than 197 evaluations, Ovation Credit has a 4.6 rating with Trustpilot. It scores a 4.3 rating from 333 reviews on Consumer Affairs. On the Better Business Bureau website, customers give the business a slightly different impression, giving it an average rating of about 3.5 from 80 reviews.

The Consumer Financial Protection Bureau (CFPB), which mentions three complaints against Ovation Credit, is objective. Still, when you explore Ovation Credit, you might want to keep an eye out for complaints usually made by people who have canceled service but are still getting charged monthly fees.

Few CFPB complaints don't necessarily imply that a business has a good reputation, so we advise you to do your research.

  • BBB Rating: A+
  • BBB Complaints: 78 complaints closed in last three years 
  • Investopedia: ⭐⭐⭐⭐ (4.2/5)   
  • Trustpilot ⭐⭐⭐⭐⭐ (4.7/5) Based on 212 reviews
  • Consumer Affairs: ⭐⭐⭐⭐ (4.3/5) Ratings - Based on 333 Reviews  
  • Google My Business: ⭐⭐⭐⭐ (3.5/5) Ratings - Based on 700 reviews 
  • Facebook: ⭐⭐⭐⭐ (4.1/5) Ratings - Based on 72 reviews/ 15,282 followers

What credit repair services do they offer? 

Depending on your level of assistance needs and the urgency of your situation, Ovation Credit offers packages. The services they provide include:

Expert credit analysis

All people start with a free credit analysis conducted by a live credit analyst. If you want to engage them, they will review your credit reports with you and point out areas where you can make improvements and how Ovation Credit could help.

Disputes

Checking out the Dispute Tracker on your online account will be one of your first actions after hiring Ovation Credit. The analysis will make it easier for you to track what must be done to each inaccuracy noted on your credit reports. One of the quickest and simplest methods to increase your credit score is to have inaccurate information on your credit reports repaired, and Ovation Credit will try to make as many repairs as are required each month.

Credit Letters

One of the plans gives you access to sample letters that you may use to contact creditors and repair your credit. The letters can request that creditors clear any wrong information from your credit reports if you have made on-time payments or request for evidence that the debts they are trying to collect are legitimate.

If you're planning to apply for any loans in the future, Ovation Credit might write a letter of credit recommendation for you, but remember that these don't have any legal standing.

Identity Theft Insurance

If you choose the premium option, Ovation Credit provides a minimal level of identity theft insurance. Before signing up, ensure you know how much you qualify for and how long your coverage will last.

Credit Monitoring by TransUnion

Ovation Credit will monitor your TransUnion credit report and notify you if anything needs your attention or could negatively affect your credit. This service could be beneficial if your identity got stolen before and you want to keep an eye out for any potential shady activity. However, we feel this service is a bit limited.

TransUnion is just one of three regularly utilized credit bureaus apart from Equifax and Experian. There are options to track all three credit bureaus if credit monitoring is a service you're interested in, as information will occasionally appear on some reports but not on others.

Tools for Financial Planning

Financial tools are available from Ovation Credit to assist you with budgeting so you can reduce the amount of debt you take on, all of which contributes to building a solid credit score.

Optional Additions

The two service levels offered by Ovation Credit should be adequate for most customers. If these are insufficient, the firm provides the Fast Track program as an additional option add-on.

Consider paying a one-time charge for the Fast Track Program if you need to get started immediately and your work entails credit disputes. If you currently pay for the premium-tier subscription, you can skip the line and receive same-day help for resolving credit disputes.

Remember that this indicates they'll begin working on the disputes, but they won't always get resolved in a single day. Resolution may take several weeks.

Ovation Credit Basic Plans

Ovation offers two credit repair plans:

Essentials Plan

A personalized credit repair plan and dispute support are both included in the Essentials Plan. You can also access a debt repayment calculator that will assist you in estimating when you will be debt-free.

Essentials Plus Plan

This plan contains TransUnion credit report monitoring to protect your credit score and identify problems quickly. It also includes all the frills of the Essentials Plan. This service includes unlimited debt validation disputes, creditor goodwill, and referral letters.

The credit repair letters stand for the following:

  •  A debt validation letter requests confirmation of the relevant records.
  • A letter of goodwill to creditors informs them that your account is in good standing and asks, in good faith, for an account review or the deletion of records.
  • A credit reference letter is given to lenders to vouch for your creditworthiness.

Ovation Credit Fees

The price of Ovation Credit varies depending on the plan you select:

  • The monthly price for the Essentials Plan is $79
  • The fee per month for the Essentials Plus Plan is $109

There is a one-time $89 work fee for each package. Seniors, married couples, and armed force members all qualify for discounts.

Although Ovation Credit doesn't guarantee how long the process will take, most customers who employ professional credit repair use the service for three to six months. Expect the process to take longer if your credit score is low due to debt or late payments.

You must be 18 years old to enroll with Ovation Credit. Your date of birth and the last four digits of your Social Security number is also required to obtain your credit summary from an Ovation Credit analyst.

What we like about Ovation Credit 

  • Free consulting: 

    A credit expert will examine your credit report at no cost to determine your position.

  • Discounts and referrals:
    Couples receive a 20% discount, while seniors and armed force members get a 10% monthly discount. Furthermore, Ovation Credit will give you a $50 credit for a couple and a $30 credit for each person you refer.
  • No contract:

    If the services weren't delivered as promised in the package, you might be eligible for a refund and can cancel the service whenever you want.

  • One-on-one assistance:

    You receive assistance in creating a unique credit payment schedule. Consequently, you can ask questions and speak directly to a representative.

  • Individualized service levels:

    Ovation Credit offers two service packages and an optional add-on if you want to start immediately.

  • Intuitive tools and displays:

    In one simple-to-use portal, you can readily understand where you are in the process, what Ovation Credit is doing to assist you, and any steps you need to take.

What we dislike about Ovation Credit 

  • No money-back assurance:
    Ovation will waive their monthly fee if you're dissatisfied with the service. Assuming you're still interested in continuing the service, fees already paid cannot be refunded.
  • Only TransUnion reports credit monitoring: 

    The company only keeps track of one (TransUnion) of the three credit agencies where your information is stored and only when you pay for the premium service.

  • High continued costs:

    Ovation Credit customers may need six to eight months to get the "best outcomes." That may translate into more expenses on the basic and the premium plans over six months.

FAQs

Is Ovation Credit worth the money?

Ovation can assist with improving your score if false information is weighing down your credit record. Their credit analysts offer free consultations if people are unsure about the services. The business also provides add-ons that let you tailor services to your needs. While Ovation charges hefty monthly fees, it offers discounts to military personnel, seniors, and couples.

What is the process for canceling Ovation Credit?

To stop using the service, contact Ovation Credit. The company does not tie you to an agreement; you are free to cancel whenever you wish. But it's important to remember that the no-risk refund policy does not guarantee a return if you decide to cancel. 

For instance, if your advisor promises to challenge a credit report inaccuracy but doesn't, you might be entitled to a reimbursement. Regardless, if your credit doesn't improve as expected after the company has done what it promised, you won't get a refund.

How effective is repairing credit?

If Ovation Credit can delete any erroneous information from your credit report, it can repair your credit. How many inaccurate items Ovation removes will determine how much your credit score rises. Ovation Credit cannot remove accurate yet unfavorable items from your credit report. The company's experts can offer guidance on how to improve your score through prudent financial behavior.

About the author Greg Lorenzo

Greg is a financial expert who has been advising his audience on loans for over 10 years. He has a wealth of knowledge and experience in the area, and he is passionate about helping people get the best possible deal on their loans. Greg is an expert in negotiating loans, and he has a proven track record of getting his clients the best possible terms. He is also a strong advocate for financial literacy, and he regularly gives workshops and seminars on the topic.

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