Gavin Howe
Lexington Law is the biggest player in the credit repair industry, signing up 2000 customers each day on average. The company helps get negative data, such as late payments and bankruptcies, removed from credit reports. They do this by forcing creditors and credit bureaus to comply with the law. While some people have had positive experiences with Lexington Law, others have found the service to be of no value. Additionally, there is no guarantee that credit repair companies can fix your credit.
| Characteristics | Values |
|---|---|
| Industry reputation | The biggest player in the field of credit repair; oldest company in the industry |
| Customer base | 2000 customers on average per day; helped over 500,000 people since opening |
| Effectiveness | Works to remove inaccurate or unfair negative items from credit reports; successful in getting 10.3 items removed from the average customer's credit report |
| Customer experience | Some customers report positive experiences with the professionalism and courtesy of Lexington Law's staff, while others describe feeling pressured to sign up for services |
| Services offered | Free consultation, credit summary, and credit repair plan development |
| Timeline | On average, it takes about six months to repair credit |
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What You'll Learn
Pros and cons of Lexington Law
Pros of Lexington Law
Lexington Law is the biggest player in the credit repair industry. They employ a legal staff of attorneys and paralegals to ensure compliance with all credit reporting laws and regulations. They have a long track record of success and have helped over 500,000 people since they opened their doors. They have successfully gotten 10.3 items removed from the average customer's credit report. They provide comprehensive and freely accessible educational tools and resources to inform consumers about credit repair topics. They also offer a free online credit report assessment.
Cons of Lexington Law
There is a lot of bad publicity about the credit repair industry. Some customers have complained about the high fees charged by Lexington Law. One customer also complained about the forceful nature of the agent. There is also a pending Consumer Financial Protection Bureau lawsuit and several complaints against the company.
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$18.9
The cost of Lexington Law
Lexington Law's first work fee is charged 5-15 days after engaging their services. This fee is separate from the monthly billing cycle and covers the cost of setting up an account, gathering credit information, helping to choose challenge reasons, and building a custom plan. Thirty days after this initial fee, the monthly bill for their services is charged, which includes pulling updated reports, monitoring credit, and reviewing responses from bureaus.
While some may consider Lexington Law's services an unnecessary luxury, the company argues that the potential savings achieved by taking control of one's credit outweighs the cost. An improved credit score can save thousands of dollars over the lifetime of a loan, making it a solid investment that pays dividends in the long term.
Lexington Law also offers a free credit report consultation with one of their trained credit repair advisors. During this consultation, individuals can learn more about their credit reporting system and the steps Lexington Law can take to help improve their credit score.
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The effectiveness of Lexington Law
Lexington Law is the biggest player in the credit repair industry. It is a legitimate law firm that has been serving clients since 2004 and has helped over 500,000 people. They sign up 2000 customers each day on average.
The firm helps get negative data removed from your credit report. This includes late payments, charge-offs, settlements, liens, collections, wage garnishments, judgments, repossessions, bankruptcies, and foreclosures. They force creditors and credit bureaus to correct mistakes and wipe clean any data that isn’t right, can’t be substantiated, or doesn’t tell the whole story. They work directly with creditors and credit bureaus, and because they are a reputable firm, they can often get bad data removed just by asking.
One of their customers shared their experience, explaining that the Lexington Law agent was forceful and didn't mention the fee until pressed. However, the customer also said that they felt the consultant was patient and understanding and that they immediately agreed to sign up with them.
Another customer shared that they signed up for a free consultation with Lexington Law, and while the people they spoke to were professional and courteous, the product offered no value to them. The consultant, Jim, explained what makes a good credit report and score and how it is calculated. He then suggested a three-step process for improving the customer's credit: disputing all inaccurate information on the credit report, requesting that negative information be removed, and constructing a plan to improve credit with future good behaviour.
While Lexington Law is a reputable firm with a large customer base, credit repair is never a guarantee, and it can take up to six months to build enough credit history to obtain a credit score.
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The ethics of Lexington Law
One of the key ethical considerations for Lexington Law is transparency. The company provides detailed information about its services on its website, including the process it follows to help clients improve their credit scores. This transparency is essential in building trust with potential clients and ensuring they understand the services they are signing up for.
Another ethical aspect is the company's approach to correcting mistakes on credit reports. Lexington Law leverages its legal expertise to force creditors and credit bureaus to comply with the law and correct any inaccurate, unverifiable, or incomplete data. This practice empowers consumers by ensuring that their credit reports accurately reflect their financial history.
However, there have been concerns about the aggressiveness of Lexington Law's sales tactics. Some clients have reported feeling pressured to sign up for services they may not need. For example, a potential client shared their experience of being transferred to Lexington Law by a rental agency, feeling that both entities were trying to force credit repair services upon them.
Furthermore, the cost of Lexington Law's services is a critical ethical consideration. While the company does offer a free consultation, the actual credit repair services come at a price. For some individuals, the cost may be a barrier, especially if they are already struggling financially.
Overall, the ethics of Lexington Law revolve around transparency, consumer empowerment, and legal expertise. While the company has a positive impact on many clients' credit scores, it is essential to approach credit repair services with caution and thoroughly understand the fees and potential benefits.
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Alternatives to Lexington Law
While Lexington Law is the oldest and biggest player in the credit repair industry, signing up 2000 customers each day on average, there are several alternatives to the firm that can help you repair your credit.
Credit Saint
Credit Saint is BBB-accredited and carries an A rating. The company has operated since 2004 and offers three credit repair packages: Credit Polish, Credit Remodel, and Clean Slate. Its program operates in 45-day cycles, and you will receive regular reports informing you of negative items deleted from your credit history. Credit Saint also offers a 90-day repayment guarantee.
Sky Blue Credit Repair
Sky Blue has been in business since 1989 and is customer-friendly. It has experienced staff that allows plans to rebuild and optimize credit. While Sky Blue isn’t BBB accredited, it is rated A+. Results are not guaranteed, but some customers have reported an increase of 100 points in their credit score.
Ovation
Ovation is BBB-accredited and rated A+. The company offers an upgrade service that allows you to add an option at any time, as well as various discounts ranging from $30-$50 and 10%-20%. Ovation provides free credit advice, customized customer dashboards, 24/7 access to financial tools, and credit monitoring.
The Credit Pros
The Credit Pros offer a free consultation in English and Spanish, which is uncommon in the credit repair industry. However, its initial work fee is higher than many other competitors. Their plans include access to The Credit Pros' mobile app, which lets you review disputes, receive real-time updates, and monitor your credit score and report.
DIY Credit Repair
If you would prefer not to hire a professional organization, you can repair your credit yourself. This can be time-consuming, distracting, and confusing, but it may be worth it to avoid the expense. You can check sources like Google Reviews, the Better Business Bureau (BBB), and Yelp to gauge customer experiences with credit repair companies.
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Frequently asked questions
Lexington Law is a legitimate credit repair firm that has been serving clients since 2004. They are the biggest player in the credit repair industry and have helped over 500,000 people.
Lexington Law helps repair your credit by leveraging your consumer rights to dispute unverifiable, misleading, untimely, incomplete, or inaccurate information on your credit report. They also work with your creditors and credit bureaus to remove negative items such as late payments, charge-offs, and settlements from your credit report.
On average, it takes Lexington Law about six months to repair your credit. However, it's important to remember that everyone's financial situation is different, so the timeline for credit repair can vary.
The cost of Lexington Law's services depends on their fee structure, which is not publicly available. They may offer monthly or one-time fees, but it is unclear what the exact charges are.
