Trying to navigate the financial world without good credit, or at least fair credit, can feel like trying to travel the world without a passport. Having blemishes on your credit reports can make it difficult to get approved for loans and lines of credit — or even an apartment. So, it makes sense Americans want to do everything in their power to strengthen their credit ratings as much as possible before it comes time to submit any applications.
Credit repair companies like Lexington Law proclaim to help consumers challenge negative items on their credit reports in exchange for a fee. The idea is that if this process is successful, one or more negative charges will then drop off the credit report thereby raising the score.
So, is Lexington Law a good credit repair company? And what should consumers know about credit repair before signing up for these services?
What Is Credit Repair?
Credit repair companies analyze customers’ credit reports to find potential negative or inaccurate information, then dispute that information with whichever credit bureaus have the item in question listed. If the bureau examines the dispute and decides it is legitimate, it will then remove the negative item(s). This can have an uplifting effect on consumers’ credit scores.
You may be wondering: How likely is it that one or more of your credit reports has an error on it? According to a survey from Consumer Reports, 34 percent of participants found at least one error on their report, whether it be incorrect personal or account information.
This high error rate absolutely goes to show how worthwhile and crucial it is to do everything you can to ensure your credit report is accurate and up to date. However, it’s worth noting it is possible to do everything a credit repair company can do for you without having to pay a fee. It will take a bit of time to request your free annual copies of your reports and go over them with a fine-toothed comb, but you can submit disputes on your own behalf to correct wrong or incomplete information.
Of course, some consumers still choose to outsource these tasks to credit repair firms for the sake of convenience or because they are unsure how to go about handling it themselves.
Lexington Law Reviews: Is This a Good Credit Repair Company?
If you do decide to work with a credit repair company, you want to make sure it’s a reputable one rather than a scam. Reading through Lexington Law reviews is the best way to get a feel for the company both in terms of its services and what past customers have to say about their experiences.
One thing Lexington Law has working in its favor is its team of lawyers privy to the latest pertinent laws. This helps the company avoid outcomes like overreporting errors, which may increase the chances of credit reporting bureaus flagging these dispute claims as frivolous and ignoring them.
Best Company has amassed more than 3,200 customer reviews which give Lexington Law four out of five stars. It’s worth reading through the many positive reviews as well as some of the negative reviews to understand what worked and what did not work for various customers.
The consensus seems to be that Lexington Law is indeed a legitimate credit repair firm abiding by all industry laws — making it a solid choice if you decide to pay for credit repair services rather than trying to get errors removed from your credit reports on your own for free. The choice is ultimately yours depending on your budget and how much research you want to do.
