The Lexington Law Firm is a credit repair service. They will file a dispute with the bureaus and try to remove negative marks from your report.
Removing negative items will improve your payment history. If you pay your current bills on time and remove old negative items then your payment history will improve and so will your FICO score. Your payment history is taken into account for almost 40% of your overall score calculation.
How Do They Work?
1. You Need Your Reports – you will need to forward these to Lexington. You also need to tell them what items you feel are questionable and you would like to have disputed.
2. They Will File a Dispute – this is done by writing a letter to each bureau. In the letter it will need to have; your personal information, the items you are challenging, and the reason it is inaccurate. Congress passed the Fair Credit Reporting Act (FCRA) this law gives you the right to challenge any item that you feel is inaccurate.
3. Bureaus Will Investigate – the bureaus will contact each lender or debt collector and ask them to verify the account, the dates, and the balance. If the account can not be verified then it must be removed from your report.
4. Check Your Mail Box – you will get notification from the bureaus of their results by mail. They will tell you if the item was removed or updated with accurate information. You need to forward these letters to your service so they are up to date with your progress.
5. Watch The Items Fall Off Your File – sit back and relax and watch your report get cleaned up.
How Much Will It Cost?
We can not provide you with a concrete figure as it will depend on how long you use the service. It also is dependent upon how much work needs to be done to clear your file.
There is a $99 up front fee and then a monthly fee starting at $49 a month. Often clients will use the service for about 8-12 months. At the end of the day you are looking at about $500 to use this service.
They will not guarantee results and anyone that does, you should view very skeptically. Unfortunately everyone has a different set of circumstances and while you can rest assured you have experts working for you with a service, they still can not make any guarantees. However a good idea is to look at their past results, how long they have been in business, and what prior clients have to say about their experience with a service.
I Thought This Was Illegal?
Somehow this myth has been spread through our society and couldn’t be further from the truth. Congress passed the FCRA which gives you the right to dispute items on your report, and this was passed to protect consumers from debt collectors and the bureaus.
It is 100% legal and no one has ever faced any criminal prosecution for filling a dispute. Did you know the experts estimate that 25% of all reports have an error on them? Without the FCRA you would have to just live with these errors, which could be damaging your score.
For a free credit consultation call 1-800-232-2903 or for a further review of Lexington Credit Repair service or for more about Credit Repair Services and how they work visit us.
