Cecily Zamora
Lexington Law is one of the largest and most successful credit repair companies in the United States. The firm offers credit repair plans to help clients remove negative items from their credit reports, including charge-offs. A charge-off is a negative entry on a credit report that occurs when a creditor writes off unpaid debt as a loss. While Lexington Law cannot guarantee the removal of legitimate items, such as late payments or defaults, they have successfully helped clients remove over 83 million negative items from their credit reports since 2004. The firm provides services such as challenging credit report items, sending attorney-written letters, and intervening with creditors. The cost of their services is $139.95 per month, with an average client usage of six months, and no obligation to continue beyond that.
| Characteristics | Values |
|---|---|
| Removal of negative items from credit reports | Yes |
| Cost | $139.95 per month |
| Average duration of service | Six months |
| No. of items removed from clients' credit reports since 2004 | Over 83 million |
| Removal of legitimate items | No |
| Removal of charged-off accounts | Yes, after seven years from the original delinquency date |
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What You'll Learn
Lexington Law Firm's credit repair services
A charge-off is an entry on your credit report that occurs when a creditor has written off unpaid debt as a loss. This usually happens after several months of missed payments. A charge-off can have long-lasting consequences for your credit score and can remain on your credit report for up to seven years.
Lexington Law is a credit repair company that can help remove charge-offs and other negative items from your credit report. They offer a free initial credit report analysis and then charge a monthly fee of $139.95. The average customer uses the service for six months, although there is no obligation to continue for this long, and you can opt out at any time.
Lexington Law cannot remove legitimate items from your credit report, such as late payments or defaults. However, they can help with the removal of fraudulent accounts, duplicate accounts, and other negative items that may be impacting your credit score. They will also provide attorney-written letters for you to send to creditors yourself and handle additional correspondence with creditors if needed.
Reviews for Lexington Law are mixed. Some clients have seen positive results, with an increase in their credit score and successful removal of negative items from their credit reports. However, other reviews mention that their credit score did not improve despite paying for the service for several months.
It's important to note that credit repair is a lengthy process, and it may take time to see improvements in your credit score, even with the help of a credit repair company.
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The process of removing charge-offs
A charge-off is an entry on your credit report that occurs when a creditor has written off unpaid debt as a loss. This usually happens after several months of missed payments, and a lender can declare a charge-off for any type of credit loan, including credit cards, auto loans, and student loans. A charge-off can have long-lasting consequences for your credit and can lower your credit score by many points.
Lexington Law is a credit repair company that helps people remove charge-offs and other negative items from their credit reports. They offer a free initial credit report analysis and then charge a monthly fee of $139.95. The average client uses their services for six months, and Lexington Law Firm clients have seen over 83 million items removed from their credit reports since 2004.
It's important to note that Lexington Law cannot remove legitimate items, such as late payments or defaults, from credit reports. They also cannot guarantee results within a certain time frame, as the process of credit repair can take many months. Additionally, while a charge-off can be removed from a credit report, the debt itself is not forgiven, and it may still need to be paid.
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The impact of charge-offs on credit scores
A charge-off on a credit report is a negative item that indicates a borrower is unreliable and has a history of not paying back debts. It occurs when a creditor has written off unpaid debt as a loss, usually after several months of missed payments. This can have long-lasting consequences for an individual's credit score, with the missed payments leading up to the charge-off and the charge-off itself causing a significant drop in the credit score.
The impact of a charge-off on a credit score can be severe and long-lasting. Firstly, the months of missed payments leading up to the charge-off will likely result in a lower credit score. Secondly, the charge-off itself indicates to future lenders that the borrower is unreliable and may cause a notable drop in the credit score. This is because a charge-off is seen as a negative item by lenders, who may be hesitant to extend credit to individuals with such a mark on their report. Thirdly, if the charged-off debt is sent to a collection agency, having a collection account on the credit report will also negatively impact the credit score.
The length of time that a charge-off stays on a credit report can also affect an individual's financial situation for years. A charge-off can remain on a credit report for up to seven years from the date of the first missed or late payment. During this time, the ability to obtain credit approval may be impacted. However, it is important to note that paying off the charge-off in full will result in an update to the credit report, showing the debt as "paid".
Given the negative consequences of charge-offs, individuals may seek the services of credit repair firms like Lexington Law Firm to remove these items from their credit reports. Lexington Law Firm is one of the largest and most successful groups in removing negative items from consumer credit reports. They offer their services for a monthly fee of $139.95, with the average client using the service for six months. While Lexington Law Firm cannot guarantee results within a certain timeframe, they have successfully removed over 83 million items from their clients' credit reports since 2004.
Overall, charge-offs can have a significant negative impact on an individual's credit score and financial health. While credit repair firms like Lexington Law Firm can assist in removing these items, it is important to understand the potential consequences and seek appropriate financial advice.
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The cost of Lexington Law's services
Lexington Law Firm is a trusted law firm that provides credit repair services to its clients. The firm has a range of services aimed at helping clients improve their credit scores and overall creditworthiness. The cost of Lexington Law's services varies depending on the specific plan chosen by the customer. They offer three core credit repair service levels, namely:
- The Lexington Essentials plan, which is the most basic plan, provides customers with essential tools to manage their finances for $59.95 per month. It includes two creditor interventions per month.
- The Concord Standard plan is the middle option at $99.95 per month. This plan includes three credit interventions per month and helps answer bureau and creditor challenges filed on the credit report.
- The Concord Premier plan is the most comprehensive option at $119.95 per month. This plan offers monthly credit report analysis and monitoring, which are not included in the standard plan.
Lexington Law also offers additional services such as identity theft protection, credit monitoring, and credit score coaching. The firm provides a free online credit assessment and a free consultation with a trained credit repair advisor to help potential customers understand their credit situation and determine if their services are a good fit. The first work fee is charged 5-15 days after engaging their services, and it is separate from the monthly billing cycle. This fee covers the initial setup of the account, including gathering credit information and building a custom plan.
While the cost of Lexington Law's services may vary depending on the specific needs and budget of the customer, the firm has a range of options to make their services accessible to those seeking to improve their credit reports and scores.
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Reviews of Lexington Law Firm
Reviews for Lexington Law Firm are generally positive, with clients reporting improvements in their credit scores and successful removals of negative items from their credit reports. The firm offers credit repair, identity theft protection, and credit monitoring services.
One client, Venus M., reports that Lexington Law Firm was "excellent in helping [her] work to remove negative items from all three major credit bureaus." She was able to reach her credit goal and qualified to purchase a home as a result. Another client commends the firm for doing "exactly what they said they would do," providing monthly reports of their work and transparency about the companies they work with on the client's behalf.
A review on myFICO Forums details a client's experience with Lexington Law Firm, where they hired the firm to go through their bad accounts. The client reports reasonable success, with 14 'baddies' removed and a score increase from the 550-ish range to the 610 range in six months.
Another review on ConsumerAffairs.com highlights the firm's ability to challenge credit report items like duplicate and fraudulent accounts. The reviewer mentions that Lexington Law provided attorney-written letters for them to send to creditors, and they offer a plan that includes bureau challenges and creditor interventions at a cost of $139.95 per month.
A Business Insider review from 2024 highlights that Lexington Law Firm does not offer a free trial for its credit repair service but does provide a free self-assessment to determine if their services are suitable. The review also mentions that Lexington Law has been the subject of lawsuits in recent years, leaving its ability to operate in the future unclear.
It is important to note that while Lexington Law Firm can assist in challenging inaccurate or unfair items on credit reports, they cannot guarantee the removal of incorrect charge-offs. Credit repair is a gradual process, and there is no quick fix for improving one's credit score.
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Frequently asked questions
A charge-off is an entry on your credit report that occurs when a creditor has written off unpaid debt as a loss. This usually happens after several months of missed payments.
Lexington Law is a credit repair company that can help remove negative items from consumer credit reports. They offer services for a monthly fee of $139.95 and provide a free initial credit report analysis. The average client uses their services for six months.
Since 2004, Lexington Law Firm clients have seen over 83 million items removed from their credit reports. In one case, a client reported that 14 negative items were removed, and their credit score rose from the 550 range to the 610 range in six months.
