Credit Agencies (Lexington Law)

[Anonymous]

Hi Everyone

I came across a company on the internet called Lexington Law.  This company is claiming to delete items from your credit report.  They state that if you pay them a monthly retainer they would set up a file for you and once you send your credit reports to them, they will delete questionable items from your report.  My question to you is how beneficial is this service for someone attempting to repair their credit and is this process legal.   Would be more of hinderance than of help.  (spending excess money on the program)  

Thanks  

[Anonymous]

I am always sceptical of anybody who claims they can repair bad credit.  Perhaps the key is they state they can remove "questionable" items.  If they mean they can remove inaccurate information, then they probably can.  They can even probably remove some accurate information if they challenge it, and the creditor does not verify it (but that is risky because if is verified it will usually stay).

The best approach is usually negotiating with the creditor for repayment in exchange for not reporting in the first place (that is always done better with a law firm because creditors and collection agencies often try to shaft consumers).  Maybe call them and speak with someone - but make sure whoever you talk to is in your home state.  It looks like Lexington only has affiliates in certain states - if they do not have one in your state just call a local debt attorney who can provide you the same service.

[MM1234]

http://www.ftc.gov/bcp/conline/pubs/credit/repair.htm

[MM1234]

Sorry - I read thru your post too quick. Im sure there are ligitimate Law offices that can help you. But yes - contact a local law office and see if they can help you or help you find a reliable service. According to that link I posted this applies to those sites or places that "claim" they can help but really end up costing you $$. I read some stories on how they work and they really dont do much that you cannot do on your own.

[Anonymous]

My best friend went to the same company in question a year ago. The money he spent on their services he could have used to pay some of his debt down because he is still in the same situation he was in last year. Of course their excuse was the he was a "rare case", yeah right!

If you want to spend money buy a book($15) and search the internet for some ideas, it is a little time consuming, but worth it. My friend gained 60 points in 2 months because he did his own leg work, that was more than he got from Lexington.

[Anonymous]

Jaybee what book did  your friend use to help boost his score?

[Anonymous]

So far, I agree with all the posts.  And - that is a great link posted by MM1234 that contains very good information.  There is no need to "hire" someone to "clean up" your credit.  Anything those companies can do you can do. 

That said, if you still owe money and want to negotiate with your creditor you may want to consider hiring an attorney.  Most good attorneys can and will do a much better job at negotiate down your debt, repayment options, and non-reporting.  Creditors and collection agencies work differently with attorneys than with consumers (it's not right - it just is).  It's okay to try negotiating yourself, just be very careful.  Sometimes people accidently re-affirm old debt and enter into other bad agreements not knowing they are being taken advantage of.  

[Anonymous]

I read the post regarding Lexington Law.  I used their services for over 2 years, always hoping to see a light at the end of the tunnel, and my debt was minimal and old.  To me, it was a complete waste of my time and money.  I was able to do in 6 months what took them 2 years to do unsuccfully. I would not recommend them- if you have the patience and time to prepare your own dispute letters which you can find on line, just purchase a monthy membership to any of the credit sites and monitor your credit monthly for at most $12.95.  

[Anonymous]

there's no sense paying someone for something you can do yourself faster, cheaper, and better.

there are some great websites out there that will give you advice and steer you in the right direction...

as for removing negative information, sure it can be done...FCRA states that items must be accurate, complete, and verifiable...if the items fail any one of those, they must be deleted (of course, many times the CRAs aren't too intereseted in following the law, netiher are collection agencies, but you can deal with that too.)

the best site for information is creditboards.com

[Anonymous]

MsBenz06,

 The book was called The Geuerilla Guide To Credit Repair (2nd Edition).