Many Americans go about their lives under the assumption their credit reports, and therefore their credit scores, are accurate.
While this is hopefully true, more than one-third (34 percent) of participants in a Consumer Reports survey actually found one or more errors on their reports.
Some of the most common errors related to their accounts found by volunteers who took the survey were:
- Unrecognized account(s) on their report
- Unrecognized debt(s) reported to collections
- Payments incorrectly reported as late
- Payments incorrectly reported as missing
Many other participants found errors relating to their personal information, like incorrect names and addresses.
Knowing errors do happen on credit reports, often at a higher occurrence than many of us would think, it’s important to know how to dispute these mistakes so they do not jeopardize your credit score.
You can undertake the process of submitting disputes to credit bureaus on your own or you can sign up for the services of a credit repair firm.
One such example of a credit repair company is Lexington Law.
Here’s more on what to expect from this process generally — and more specifically when working with Lexington Law.
How Credit Repair Works
Credit repair companies essentially look over your credit reports with an eye for errors. If any are detected, these firms write to credit bureaus informing them of the dispute and attach documentation.
As Investopedia writes, credit bureaus then have 30 days to investigate the claim — unless it is deemed frivolous, like if too many claims are submitted within a short amount of time.
Information that is found to be erroneous after the investigation are then removed.
Lexington Law Services & Pricing
Lexington Law has made hundreds of millions of challenges on behalf of clients in their nearly two decades of operation.
While this cannot tell us what percentage of claims made are successful, it does indicate this company is not a scam — especially when paired with the many Lexington Law reviews – Bills.com available to read through online.
The first step toward working with Lexington Law is scheduling a free consultation. During this appointment, representatives will assess your credit situation to see if you are a good fit.
After this initial free consultation, you can decide whether to proceed with a paid plan.
This firm offers three paid levels of service. The basic plan costs just shy of $90 per month and includes bare-bones communication with credit reporting bureaus, including those disputes we outlined above.
The next level up, Premier, costs a nickel under $110 monthly and adds some additional features like alerts and analysis.
The PremierPlus tier of service costs nearly $130 each month and adds some tracking, protection and personal finance tools.
It’s important to know that a reputable credit repair companies, like Lexington Law, only collect their fees after they have completed the agreed-upon services.
Steer clear of any companies trying to charge a fee right out of the gate before they have done anything for you.
Your payments to Lexington Law will be automatically withdrawn from your checking account or your credit card account.
Make sure you understand the costs before signing the contract, as some participants have mentioned in their reviews that they were surprised to see the first bill after thinking they were only signing up for the free consultation.
Part of getting the most from the credit repair process is setting realistic expectations.
You can expect Lexington Law to analyze your credit report and dispute errors; you cannot expect them to be able to magically wipe away every negative mark on your reports.
This company has as much power as you do as an individual to communicate with credit reporting bureaus and try to get erroneous information removed.
Jonathon Spire
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