We now live in a world where having a good credit score is of utmost importance. While obvious factors such as the ability to get a mortgage, apply for a loan or even obtain a cell phone plan are still pertinent, the phenomenon is now at the point where some employers are running credit checks on potential employees.
With that being said, even the slightest default can have a long-lasting detrimental effect on your overall credit score. So what do you do if you need to repair bad credit? This is where credit repair entities such as Lexington Law come in to place.
If you’re looking for professional guidance on improving negative marks on your report, then we are going to explore whether or not Lexington Law are a notable option.
We’ll discuss who the company is, what they offer, how much they charge and more. By the end of reading our Lexington Law review, you’ll be able to determine whether they are right credit repair agency for you.
Before we delve in to the fundamentals, let’s quickly explore what credit repair actually means.
What is a Credit Repair and How Does it Work?
As the underlying service offered by Lexington Law is credit repair, it is well worth discussing how such a mechanism works. In its most basic form, credit repair refers to the process of repairing a credit score of poor standing.
It is important to note that the sole purpose of the credit repair process is to look for derogatory marks against your name, and thus, ascertain if and how this can be improved. This can include a number of adverse marks, such as defaults, charge-offs and in more severe cases, bankruptcies.
In order to improve your overall score, credit repair companies will likely need to negotiate with creditors on your behalf. On the other hand, there may be marks on your credit report that you believe have been made in error. If this is the case, the credit repair agency will dispute this directly with the organization in question.
A somewhat unconventional approach that some credit repair agencies also take is to get you to obtain new lines of credit, such as an overdraft or low-limit credit card, with the view of re-building a healthy score. Take note, if your credit rating is already showing signs of strain, you might be best to avoid this option.
This is because applying for too many credit-based products can actually have an even more detrimental effect on your score. Nevertheless, if the credit repair agency in question are good at what they do, then they should be fully aware of this anyway.
Ultimately, it should be recognized that much of what credit repair agencies do can actually be done yourself. This is especially pertinent if you are looking to challenge marks that have been made in error. However, in more complex situations, you might be best utilizing the legal and financial expertise of a credit repair company.
So now that you have a firm grasp of what credit repair actually is, let’s take a closer look at who Lexington Law is.
Who is Lexington Law?
Lexington Law is a credit repair agency that were first launched in 1991. As such, this makes them highly established in the field of credit repair. Based in North Salt Lake, Utah, Lexington Law claim to have assisted more than 500,000 customers with their credit score endeavours.
In order to achieve their goals, Lexington Law utilize the services of more than 24 licensed lawyers, who are based across 19 different U.S. states.
In the vast majority of cases, customers use Lexington Law with the view of improving their credit score before applying for a mortgage. Outside of of the mortgage finance sphere, the company is also engaged in advice related to student loans, identity theft and divorce.
One of the strongest selling points from the perspective of Lexington Law is that they are not only a fully-fledged law firm, but their primarily specialism is that of credit law. This is of huge importance, not least because other companies from within the credit repair space often do not employ qualified lawyers, nor anyone licensed to give legal advice on credit.
Moreover, and as we will discuss in more detail further down, Lexington Law is also one of the cheapest credit repair agencies in the industry. Add this on top of the fact that you’ll likely be able to obtain a free consultation, some of the services offered by Lexington Law are of good value. On the other hand, although Lexington Law are better priced than many of their competitors, using a credit repair agency is not cheap.
So now that you have a good idea as to who the credit repair firm is, in the next part of our Lexington Law review we are going to explore their services in more detail.
What Credit Repair Services do Lexington Law Offer?
In a nutshell, Lexington Law offer four individual credit repair services, each of which come with their own costing levels. The service tier that you decide to sign-up for will ultimately depend on how extensive you need to credit repair to be.
Let’s break these down further.
Lex OnTrack – $24.95 per Month
If you’re looking for the absolute basic of credit repair services, then you might want to consider Lex OnTrack. You’ll pay a fee of $24.95 per month for this, and you’ll need to call the team directly if this is the option you’re looking for.
In reality, the Lex OnTrack service is only really suitable for those that need to budge their credit score by a smudging. This is likely to include minor defaults or simple clear-cut errors. Anything more than this and you’ll need to think about another plan.
Concord Standard – $89.95 per Month
The next service tier up from within the Lexington Law product range is that of Concord Standard. This works out at $89.95 per month, which is a considerable jump up from the $24.95 Lex OnTrack plan. According to the Lexington Law package page, the “Concord Standard service level covers the essentials of ethical credit report repair.”
In layman terms, this means that the team of legal practitioners at Lexington Law will make direct contact with both credit bureaus and creditors, with the view of getting your overall credit report in-line.
Concord Premier – $109.95 per Month
Next up in the Lexington Law service tier is the Concord Premier plan. As one would expect, this comes at a higher price, which amounts to $109.95 per month.
This particular service takes things to the next level, subsequently adding additional methods to resolve your credit problems. On top of the credit bureau challenges and credit intervention services available within the Concord Standard plan, you’ll also get inquiry assist, score analysis, report watch and TransUnion alerts.
- Inquiry assist: This provides Concord Premier subscribers with the tools required to challenge unfair credit score damage. This is usually the case when adverse footprints are left when creditors check your report.
- Score analysis: This is a highly advanced personalized credit report based on five key factors. You’ll receive this each and every month during your Concord Premier subscription.
- Report watch: The report watch feature is a useful service that allows you to receive direct training on how to evaluate and resolve adverse credit report changes as and when they materialize.
- TransUnion alerts: This particular service sees Lexington Law monitor your credit on a daily basis via TransUnion. You’ll receive real-time updates in the form of an email or text message, should anything notable occur.
PremierPlus – $129.95 per Month
If you’re looking for the full 360 degree credit repair service from Lexington Law, then you’ll need to stump up a whopping $129.95 per month for the PremierPlus plan.
Although at first glance this does seem somewhat expensive, you need to ask yourself what you are looking to get out of the credit repair process. If you need to increase your score quite considerably in order to obtain a mortgage, then you might need the full works.
On top of getting all of the services offered via the Concord Standard and Concord Premier tiers, you’ll also get access to cease and desist assistance, FICO Score Tracker, identity protection and personal finance tools.
- Cease and desist assistance: For those unaware, a cease and desist letter is a legal document sent to either an individual or company with the view of stopping certain actions.In the case of credit repair, this would normally seek to stop creditors or debt collection agencies from making contact to the debtor. If you’re subscribed to the top-tier plan, Lexington Law will initiate this on your behalf.
- FICO Score Tracker: FICO is one of the most important credit score frameworks, not least because more than 90% of U.S. lenders use it. Lexington Law will track your FICO score for you, and notify you of any notable changes.
- Identity protection: The identity protection feature is potentially one of the best add-ons from the premium plan. This ensures that Lexington Law guard your identity 24/7.
- Personal finance tools: This allows you to check your outstanding finance accounts from within the Lexington Law portal.
Apart from the Lex OnTrack package, which must be obtained by calling Lexington Law directly, you can sign-up to all of the service levels online.
In terms of payment methods, you can either pay by credit card or automated draft via your standard checking account. The monthly rates are charged to your chosen payment method from between 5 and 15 days after you sign-up. After this, you’ll be charged every 30 days.
If you decide that you want to cancel your Lexington Law subscription, you can do this at any time. Take note, if you cancel during a billing month, you’ll be charged a final payment for the services already performed.
The fact that you can utilize the services of Lexington Law on a month-by-month basis is definitely a plus-point, as some providers lock you into longer subscription plans that cannot be cancelled early.
So now that we’ve covered the main service plans offered by Lexington Law, let’s take a closer look at some of the negative credit report marks they might be able to help with.
What Negative Credit Report Marks can Lexington Help Repair?
In the vast majority of cases, credit repair providers such as Lexington Law are best suited for standard defaults or missed payments. This can come in in a number of different manners, however the important thing to note is that a single missed payment can instantaneously have a detrimental affect on your score.
One such example of this is something as simple as a missed cell phone payment. Although the amounts in question are likely to be minute, in the eyes of credit bureau agencies this indicates that you did not honour your credit agreement. In fact, if left untreated, such a default can stay on your credit report for up to 7 years.
The next level up from a missed payment or default is a charge-off. This is where a creditor will make a declaration that the debtor is unlikely to meet their dues, and this is usually the case after 6 months without a single payment.
Charge-offs are significantly more severe than a single missed payment, not least because it indicates that the debtor has a problem meeting their credit obligations.
When it comes to student loans, a missed payment can have serious effects on your credit score if you fail to make a payment within 90 days, or 30 days for a private loan. If you fail to make a federal student loan payment for 270 days, then this is classed as a default.
In terms of mortgage payments, if the consequence of prolonged defaults results in a foreclosure, then creditors will be able to see this on your report for up to 7 years.
Ultimately, many of the more serious credit defaults on your report will require significantly more attention than a minor missed payment.
So now that you know the types of negative marks that Lexington Law will strive to repair, in the next part of our review we are going to review the standard four step plan executed by the firm.
How Does Lexington Law Repair my Credit?
When you sign up to Lexington Law, there is a standard process that the credit repair agency take. Take note, some of the services outlined below are only available for higher tiers.
- Case Intake Once you first sign-up, Lexington Law will initially obtain your full credit reports from the three major bureaus. Notably, this includes Equifax, TransUnion and Experian. This will allow the team at Lexington Law to assess your individual case, and determine which steps need to be taken next.
- Legal Action Once the Lexington Law paralegals have reviewed your credit reports, they’ll then begin to make contact with your respective credit bureaus and creditors. This will see the team target specific marks that have been made on your report.
- Credit Score Analysis Once the initial legal action process has been initiated, those that have signed up for the Concord Premier or above plans will have their credit scores analysed each and every month.
The team will look out for any potential improvements that can be made, with the view of repairing your score on an ongoing basis. Moreover, you also have the option of contacting the paralegal team at Lexington Law for further credit repair-related assistance, training and tips.
- Follow-up and EscalationThis is potentially one of the most important steps to the Lexington Law service plan, as it sees their team take legal proceedings to a federal level.
This is likely to be in the event that a creditor or credit bureau has refused to take a specific action relevant to your score, and thus, Lexington Law will take the required legal steps for resolution.
Does Lexington Law Work? Is it Worth the Money?
This is potentially one of the most difficult questions to answer, as there really is no one-size-fits-all approach to credit repair. First and foremost, it is important to note that there are never any guarantees that Lexington Law will be able to achieve the results you are looking for.
This viewpoint is clarified by Lexington Law themselves, who state that:
“It is important to understand there are no guarantees involved with legal services. It is just like in a court of law where an attorney could never guarantee a client that the judge or jury would find in their favor.”
This indicates that Lexington Law are very upfront about what it is they can do. While they are confident in their 27+ years experience in the credit repair industry, they make it clear that they cannot offer any guarantees.
In terms of the fundamentals, Lexington Law claim to remove an average of 10.2 negative marks per client over the course of 4 months. This covers all three credit bureau reports.
Ultimately, although it is difficult to assess whether the Lexington Law paralegal team are going to be able to repair your credit until they look at your reports, it might be best to explore some unbiased testimonials that are available in the public domain. some
This will allow you understand some of the results that Lexington Law have successfully achieved.
Lexington Law Testimonials: What Have They Achieved?
When you access the main Lexington Law platform, the website has a dedicated testimonial section. This contains details of how the firm have serviced specific clients, and subsequently helped them improve their credit report.
However, although Lexington Law are a highly established company with a long-standing reputation in the credit repair space, it is always best to obtain testimonials available within the public domain. This ensures that you are able to obtain an impartial and unbiased viewpoints.
One of the best sources in this respect is the likes of Consumer Affairs. The website contains more than 1,300 reviews on the services offered by Lexington Law, which is an excellent mechanism to gauge the general consensus.
Quite a lot of the reviewers talk about a mismanagement of credit in their early 20s, however this is something Lexington Law were able to see to. Moreover, a lot of clients express their delight that Lexington Law were able to improve their credit scores within just a couple of months.
Ultimately, although the general consensus is that Lexington Law are capable of producing some notable results, once again there is no guarantee that they will be able to repair your credit. This is because each and every case is unique.
In conclusion, if you’re looking for a credit repair agency that is able to fix adverse marks on your credit report, then Lexington Law are a noteworthy contender. The fundamental benefit to using Lexington Law is that they are not only a fully licensed law firm, but their specific area of expertise is in credit law.
This is huge in the credit repair space, not least because a lot of agencies do not have the required legal training to provide you with what you are looking to achieve.
One the one hand, prices are now cheap at Lexington Law. Excluding the Lex OnTrack plan, which doesn’t really offer anything of value, the minimum monthly charge that you’ll be looking at is $89.95.
Moreover, if you want the full works, which you might need if your credit score is really adverse, then you’ll likely need to go for the top tier package at $129.95 per month.
However, on the other hand, having a good credit score is absolutely crucial in the modern world. This is especially true if you are looking to get on the property ladder and you’re staring at a negative score.
Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank or credit card issuer and have not been reviewed, approved or otherwise endorsed by any of these entities.
Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.
How to Get Help with My Credit?
A low credit score does not only make loans costly or inaccessible. It may affect your employment, and even prevent you from renting the best apartment. As an indicator of creditworthiness, it is checked by lenders, insurers, employers, and landlords. If the total is far from perfect, there are several ways to fix it. The best repair companies will do it on your behalf.
Why Scores Go Down
In the US, the most popular scoring systems are FICO and VantageScore. They use a similar combination of factors to assess data on credit reports. Three major bureaus — TransUnion, Equifax, and Experian — document your payments and all events related to borrowing. For example, the three most important elements for FICO are:
- history of payments (35%);
- the total amount of debt (30%);
- age of credit history (15%).
From this, you can deduce the conditions for the best scores. You need to have an impeccable record without missed or late payments, and the total amount of debt should be as low as possible. The longer your history — the better. You may also raise the score by using more credit products (credit mix accounts for 10%) and opening new accounts (10%).
Do You Need Repair?
This term refers to the correction of official records. Today, affordable credit repair services help you clean the reports fast. These measures are not always necessary. The accuracy of the records determines whether you need repair. You may need to rebuild your history, not fix it. For example, you will see the credit score go up after paying debt.
Every year, you may request a copy of your reports. There is no need to contact the agencies individually. Until April 20, 2022, www.annualcreditreport.com allows you to get them for free once a week.
If the documents are accurate, there is nothing to fix. However, you may still raise the score by rebuilding your credit history. There are several ways to do this, such as:
- Increasing limits on credit cards or paying off the balances (this lowers the credit utilization ratio);
- Getting a new credit card (to bring down the same indicator);
- Taking out new loans and paying back diligently;
- Adding more data to your reports through Experian Boost, and more.
How Repair Works
Mistakes on official reports are not uncommon. You may find errors in spelling or completely false entries, such as judgments, evictions, or bankruptcies. These derogatories will tarnish your records for a long time. Most negative entries affect the score for 7 years, and some bankruptcies influence it for a decade, depending on the chapter.
Every consumer has a right to dispute such errors on their own. This is a challenging and lengthy process. Not only should you navigate consumer credit laws. It is necessary to liaise with bureaus, lenders, and collectors. Communication involves formal letters of specific formats. If you lack the expertise, a credit repair company is your best bet.
Overview of Professional Services
These providers have teams of weathered experts. They will collect your data, identify the most damaging mistakes and have them removed. This process involves four key stages and takes several months on average. The company will:
- collect your reports from all major bureaus;
- scrutinize the documents to identify inaccuracies;
- develop a strategy to fix the score as quickly as possible;
- collect evidence to prove that the items are false;
- send formal dispute letters to credit bureaus to have the mistakes deleted.
Most providers offer different tiers of services. The cheapest packages include five disputes per billing cycle on average. The core services are analysis and disputes. In addition, you may access score monitoring tools, personal budgeting apps, identity theft protection, and other extras.
On average, repair takes between 2 and 6 months. This depends on the number of mistakes you want to eradicate. The more derogatories — the longer you (or your hired experts) need to collect the evidence and initiate the disputes.
How to Find a Reliable Provider
In the United States, credit repair is a big industry. Dozens of companies offer to raise your total quickly, but choosing the right one is tricky. Pay attention to the following:
- reputation and BBB rating;
- range of services;
- money-back guarantee.
Your provider may or may not be accredited with the Better Business Bureau. Still, this platform offers crucial insights (e.g., the number of complaints in the past 3 years and any pending lawsuits). Feedback is also available on sites like www.consumeraffairs.com and TrustPilot. In addition, check expert reviews from reputable sources like Investopedia.
In terms of pricing, learn about the ‘first work fee’, or ‘setup fee’. It is paid upfront. Subsequently, the company will charge you every month as long as you need its services. On average, you may pay between $79 and $129 per cycle.
Pay close attention to the refund policy. Some companies will not return your money even if they fail to delete a single item from the records. At the same time, there are unconditional policies. These allow you to get a refund for any reason within the first 90 days.
You need convenient access to progress tracking. Most providers allow you to check the status of your case on their web portal. The biggest companies have proprietary apps. You may reach their office by phone on any weekday, and support is also available during shorter weekend hours.
If you need help with repair, choose trusted providers in your area. Check their reputation, legal status, and feedback from customers. Beware of scammers. With professional assistance, you may see the first results in just over a month.
La Reyna Del Credito Helping People Defeat the Financial System by Improving Their Credit Scores
Financial freedom is somewhat an alien word where Ivonne Arvizu comes from, and she made a solemn promise to make it happen for herself and as many others as possible. With a work rate that has cut across different clients with varying professions such as medicine, entertainment, business, legal, real estate, financial professionals, police officers, and thousands of other people who needed credit report at one time or the other, Ivonne Arvizu has created a strong impression about La Reyna Del Credito. Ivonne acquired her credit repair knowledge a long time before she established her credit repair company, and she started helping people fix their credit while she worked at a bank. The bank was against her offering such services due to a conflict of interest. Ivonne, not willing to let herself get tied down in some banking bureaucracy she didn’t agree with, resigned from the bank and made her company into a full-fledged, official credit repair business.
Ivonne Arvizu has always been about excellence and flying the flag high all her life. Despite coming from a humble background and a poor family that never fulfilled the American dream, Ivonne set out to make a difference. She became a homeowner at the age of 20 and has dedicated more than 18 years of her life helping the Latino community elevate its financial status. Ivonne has been featured in Spanish programs on television networks like Telemundo, Univision, Radio Nueva Vida, Radio Inspiracion, and other broadcast services educating the public about financial freedom. Through La Reyna Del Credito, Ivonne is changing lives and shaking things up in the financial world.
La Reyna Del Credito was established on the premise of “Life happens, and anyone can get into a bad credit situation.” In Ivonne’s words, “Nobody ever hopes to have bad credit. It just happens, and it does not discriminate. There are so many variables that cause people to have bad credit and fortunately for them, ‘La Reyna del Credito’ exists.” Beyond fixing bad credit scores, La Reyna Del Credito helps people get their mortgage credit within days so they can buy their dream homes without stress. The company established a FICO program that ensures this guarantee, and it has boosted La Reyna Del Credito’s credibility in the Latino community.
La Reyna Del Credito has proven to be a game-changer for the Latino community and has pushed its members to focus on becoming more financially stable in their retirement age. With more than 1,087 real estate deals closed in 2018 alone and a money-back guarantee on all credit fixes if the company does not deliver the score, La Reyna Del Credito has given people more confidence in its services as it continues to deliver excellent results. The bulk of the company’s clients are Spanish-speaking Latinos who migrated to the United States without knowledge of how credit scores work, and they need guidance. Ivonne Arvizu has built something outstanding, and she’s willing to see it through till she has fixed the finances of hundreds of thousands of people.
Learn more about La Reyna Del Credito on the company’s official website.
Improve Your Credit Score with a Credit Repair Company
Securing a loan for your home or business investment can turn out to be quite overwhelming for individuals and businesses out there. People with poor credit scores often struggle with their loan applications, as it gets a bit challenging to have your loan application approved at a low interest. In fact, a credit score happens to be the first thing a bank or a financial institution is likely to notice when reviewing your loan application.
Sometimes, simple things such as late payments and irregular bill payments can lower your credit score significantly. Even if you manage to find a private lender who’s willing to approve your loan application, there is a good chance they will charge you a high interest for the loan.
Why Do I Need to Hire a Credit Repair Company?
It isn’t always your utility bills or debt payments that lower your credit rankings, but sometimes, you might end up with a bad credit score because of a small error on your credit report. Regardless of the complexity of the issue you are facing, you can’t deal with the problem on your own. It is important that you seek help from a credit repair company to look into the matter and fix the issue quickly. As the name suggests, the credit repair company is in charge of fixing the errors in your credit report and removing the items that might be lowering your credit score. This includes charge-offs, late payments, liens, debt collections, and so on.
With a large number of credit repairing companies claiming to offer high-quality and cost-effective services, the decision of choosing the most reliable company could be a little overwhelming. Each company offers a set of unique services that are designed to improve your credit score in different ways. You might have to apply for a loan to finance emergency health requirements, your dream home, a startup, business capital, child’s education, and other requirements. Here are a few other reasons why you must hire a credit repair company:
· Fix Inaccuracies on Your Credit Reports
Research shows that more than half the population of the United States report inaccuracies and unnecessary errors in their credit reports every year. These errors occur due to the miscalculation is wrong information. As mentioned earlier, it isn’t always your debts and late payments that affect your credit rankings.
Sometimes, small errors in the report could have a profound impact on your credit score. It is, therefore, important for businesses and individuals to get their credit reports reviewed once in a while. Only a credit repair company has the expertise and skills it requires for reviewing the credit reports thoroughly and fixing the errors. The sooner you get these errors fixed, the faster you will be able to apply for a home loan.
· Job Opportunities
Many reputable companies ask applicants to attach a copy of their credit reports with the job application so that they know their staff is trustworthy. A good credit score increases your chances of getting hired by a reputable company.
· Insurance Policies
You can’t secure the best and low-priced insurance policy with a bad credit score. It’s important to work on your credit score to get the best deals on insurance policies. That’s because a majority of insurance providers offer insurance plans based on your credit reports. A reliable credit repair company will help fix your credit score, saving you a significant amount of money on an insurance policy.
Best Credit Repair Companies
There is no denying that good credit repair companies can help improve your credit reports by erasing the negative items and fixing the inaccuracies. Here are a few popular credit repair companies you can count on for premium services.
· Credit Saint: With more than 10 years of experience in this industry, Credit Saint tops our list of the best credit repair company. The Better Business Bureau has rated it A+ for the variety of services it offers. The company has undoubtedly improved the credit rating of a large number of customers successfully over the past few years. It reviews your FICO credit score, evaluates the negative items, and fixes the damaged credit score.
· Sky Blue Credit: If the price and quality of the services are your main concerns, Sky Blue Credit is your best bet. The company has kept a fixed price, which is $79 a month, for an extensive range of credit repair services.
· The Credit Pros: With over 200,000 customers based across different parts of the world, The Credit Pros is a 12-year old company that has received an A+ rating from the Better Business Bureau. You can enroll in its monthly plan that costs a flat fee of $49 or choose the prosperity package – whatever fits your preference and budget.
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