Lexington Law was established in 1991 and has helped hundreds of thousands of people repair their credit during nearly three decades of operation. In fact, the company's website claims to have helped remove 10,000,000 negative items from clients' credit reports in 2017 alone.
Although their track record and reputation are impressive, is Lexington Law really the best credit-repair company? Or is this service full of false promises, exaggerated claims, and sales hype? This review will cover everything you need to know about Lexington Law and help you decide whether this credit-repair company is right for you.
Negative items on your credit report can have a negative impact on your financial health because a poor credit score can result in higher interest rates, which in turn can cost you thousands per year in overpaid interest. In other words, it can keep you from being accepted for credit altogether.
With today's economic challenges, it's a necessity to have and maintain a good credit score. Lexington Law can help you remove many items from your credit report, including the following:
This list is not comprehensive. See their website or call the company for a full set of services.
Free Case Evaluation: Once you sign up with Lexington Law, their experts will help you obtain your credit reports from the three major credit bureaus (Equifax, Experian, and TransUnion). Since the law requires credit bureaus to provide consumers with one free copy of their credit report per year, this step has no additional charge. Lexington Law will then collect information about the circumstances surrounding each questionable item in the credit report.
Legal Action: After the firm's lawyers review your credit report, they will immediately begin generating "dispute letters" to all three credit bureaus, objecting to all of the disputable items in your credit report. These carefully crafted strategies result in a higher success rate.
Results Monitoring: Once you've signed up with Lexington Law, you will receive access to an online web interface, where you can track your progress in real time. Everything is completely transparent, and you can easily see the status of every credit dispute and watch each negative item as it gets removed from your credit report.
Personalized Advice: If you're a Premier customer (see section on “How Much does Lexington Law Cost?” below), the company will also send you a monthly credit score improvement analysis and give you access to their paralegal team for coaching on how to improve your credit history.
When evaluating a credit-repair company, the biggest indicator to look at is the success rate among clients. Here are some facts to consider about Lexington Law's credit-repair service:
This company offers three different levels of service, depending on your situation.
Standard: This plan is called "The Concord Standard" and is their basic level of service. In addition to communication with the credit bureaus, this service also includes several legal interventions targeted at your creditors. This multipronged approach helps increase the likelihood of negative items being removed from your credit report.
Premier: This service plan is called "The Concord Premier" and aims to do a little more than just addressing your credit reports with creditors and credit bureaus. This service plan offers additional benefits, such as monthly credit monitoring and identity-theft insurance.
PremierPlus: This is Lexington Law's most expensive (and comprehensive) offering. In addition to everything you get with Premier, you can request support with cease-and-desist letters, better data security, and more.
While there isn't a huge jump in cost between these tiers, it's still important to do a bit of your own research, determine your needs, and then figure out the plan that's best for you.
Some people are concerned if credit repair is risky — or even legal. The answer? No financial decisions are without risk, but credit repair is certainly a viable and legal path that many people take.
Passed in 1970, the Fair Credit Reporting Act (FCRA) governs the collection of credit information and access to personal credit histories. The goal of the FCRA is to make sure that the data contained in credit reporting agencies' files are fair and accurate.
To this end, the FCRA offers many reasons for disputing negative credit items, including if a particular item is:
Credit repair companies like Lexington Law, Sky Blue Credit, and CreditRepair.com have emerged to help individuals who might not be familiar with the details of the FCRA make sure that their data is correct.
Considering how much a bad credit score can cost you in high interest rates or even prevent you from getting a loan, we definitely think that Lexington Law's credit-repair service is worth the price. Their service plans are affordable for most consumers and are in line with its competitors.
In conclusion, with over 27 years of experience and an A+ rating with the Better Business Bureau, we have confidence in recommending Lexington Law to anyone looking to remove negative items from their credit report and improving their credit score. If you're still on the fence, give their team a call and get a free case evaluation to see if they can help you.