Before hiring any company to repair your credit, you need to do as much research as possible beforehand. Has long has the company been established? Has it had many complaints? What are the complaints about?
You may be considering Lexington Law to help fix your credit, but are you knowledgeable about the company? If not, here’s what you should know before hiring Lexington Law, and more.
Be it for procuring a loan, a great interest rate, or buying a house or car, our credit reports and scores markedly influence financial decisions that impact our lives. In some cases, they can even affect employment.
That’s why, if you have unfavorable credit due to inaccurate info, it behooves you to try to improve your credit scores. In fact, just one, incorrect negative item could substantially depress your scoring.
While you can go through credit repair, let’s be clear: if negative info on your credit reports is accurate, only time, patience and perseverance will improve things.
What is Credit Repair?
It’s when you hire a credit repair or services company to have info stricken from your credit reports.
While some such companies front that their goal is to remove inaccurate information from your reports, the truth is that many of them aim to get accurate, albeit negative info taken off before said info eventually drops off on its own.
What is Lexington Law
Lexington Law is a credit repair firm that focuses on erasing wrong or questionable negative info on your credit reports. It purports to do this through credit disputes, credit report analyses and dispute escalation.
The company was established 17 years ago, and since then has sent out more than 221 million challenges and disputes. Last year, Lexington’s client base had more than seven million unfavorable items extracted from its credit reports. For more insight into what the company does, and what others think about it, check out Lexington Law reviews – Bills.com.
What Are My Rights?
By law, any credit repair company, including Lexington Law, is prohibited from charging you up front – before they’ve performed services for you. They also aren’t allowed to do anything for you until you’ve signed a contract and the three-day waiting period, during which you can change your mind at no cost to you, is over.
Credit repair companies may not counsel you to mislead credit reporting agencies or change your identity with the purpose of modifying your credit history.
What Goes in the Agreement?
Your agreement with Lexington or any other agency must specify how much you are to pay, and why and when. It also must be clear about what it will perform on your behalf, and the amount of time it will take to achieve results. And be certain to get the company’s name and physical address.
Ultimately, what you should know before hiring Lexington Law is that there’s nothing any organization, including this one, can legally accomplish for you that you can’t do, for free, by yourself. Still, you may prefer to have someone to go to bat for you – for what can be a large fee.
Before you choose Lexington or any other firm, contact the Better Business Bureau to see what complaints are out there. You should also know your rights under the Fair Credit Reporting Act and the Credit Repair Organizations Act.
Know, too, that if negative info on your report is accurate, you’ll have to live with it until it eventually falls away by itself. If a legit debt is the problem, you can simply pay it off or seek an alternative strategy such as debt settlement.