What Is Lexington Law Firm? The Leading Credit Repair Company
An Overview of Lexington Law and Their Credit Repair Services
Lexington Law is one of the most well-known names in the credit repair industry. They’ve been around since 2004, helping consumers dispute errors on their credit reports to improve their credit scores. But what exactly is Lexington Law? And how can they help you fix your credit? Let’s take a closer look.Lexington Law is a consumer law firm that specializes in credit repair. Their team of lawyers and paralegals work to challenge inaccurate, misleading, or unverified negative items on your credit report. This includes things like:
- Late payments that were reported incorrectly
- Accounts that don’t belong to you (from identity theft or mixing of files)
- Charge-offs and collections that have been paid but still show as unpaid
- Duplicate negative entries listed multiple times
The goal is to get these kinds of errors removed from your credit report, which can lead to an increase in your credit score. A higher score can help you qualify for better rates on loans, credit cards, mortgages, and more.
-How Does Lexington Law Work?
The credit repair process at Lexington Law starts with a free credit report analysis. You‘ll provide copies of your reports from the three major credit bureaus – Experian, Equifax and TransUnion. Their team will go through and identify any potential errors or negative items to be disputed.From there, Lexington Law handles all the heavy lifting of filing disputes with the credit bureaus and your creditors. This involves sending detailed letters that outline which items are being challenged and citing relevant laws like the Fair Credit Reporting Act.As the credit bureaus and creditors receive and process these disputes, they are required to investigate and verify the accuracy of the information being questioned. If they can’t verify it, the negative item has to be removed from your credit report.Lexington Law provides case status updates through an online client portal and mobile app so you can track their progress. Their services also include creditor interventions, debt validation, and credit education to help you maintain good credit long-term.The entire process is designed to be hands-off for the client. You simply provide your credit reports and let their team of professionals handle the disputes and back-and-forth with creditors and bureaus.
Lexington Law’s Credentials and Track Record
So why choose Lexington Law over a credit repair clinic or doing it yourself? A big reason is their legal expertise and long track record in the industry.Lexington Law was founded by real attorneys who previously worked at the Utah Law Firm of Hubble & Hubble. They have an experienced in-house team of lawyers and legal staff who understand all the relevant consumer credit laws inside and out.The firm says they have helped clients remove over 10 million negative items from credit reports since 2004. They maintain an A+ rating from the Better Business Bureau as well.While no credit repair company can guarantee results, Lexington Law’s size, experience, and legal firepower give them more leverage when dealing with creditors and credit bureaus on disputes.
The Credit Repair Services Offered by Lexington Law
So what exactly do you get when you sign up with Lexington Law? Let’s break down the key services included in their credit repair program:
Free Credit Report Consultation
The process starts with a free credit report analysis where you’ll get:
-- Copies of your credit reports from all three major bureaus
- A summary of your current credit standing and scores
- Identification of any questionable or inaccurate negative items
This initial consultation helps Lexington Law understand your specific credit situation and determine the best strategy for disputes and interventions. It’s also a chance for you to ask questions and decide if you want to move forward with their paid services.
Bureau Challenges and Creditor Interventions
The core of Lexington Law‘s services is sending challenges and interventions on your behalf to:
- The three major credit bureaus (Experian, Equifax, TransUnion)
- Original creditors and lenders
- Debt collectors
Their team drafts and sends detailed dispute letters citing relevant credit laws like the Fair Credit Reporting Act (FCRA) and Fair Debt Collection Practices Act (FDCPA). These letters demand verification and removal of any inaccurate or unverified negative items on your credit reports.Lexington Law says they typically dispute 8-10 items per cycle with the credit bureaus and unlimited disputes with creditors and collectors. The frequency of dispute cycles can vary based on your case.
Online Case Management and Mobile App
You’ll be able to track the progress of your credit repair case through:
- An online client portal account
- A mobile app for iOS and Android
These tools allow you to see which items have been disputed, the status of those disputes, and any response from the credit bureaus or creditors. You can also upload documents and communicate with your case manager.
-Credit Education and Score Assistance
In addition to the dispute process, Lexington Law provides credit education resources like:
- Articles and guides on building/maintaining good credit
- Access to your credit reports and scores
- Debt validation for questionable obligations
- Assistance with credit-based applications (loans, rentals, etc.)
The goal is to not only repair your credit in the short-term, but to help you understand how to keep your credit healthy over the long run.
Firm Credentials and Compliance
As a law firm, Lexington Law has to follow strict regulations around:
-- Client confidentiality
- Ethical legal practices
- Compliance with consumer protection laws
This provides an extra layer of credibility compared to some “credit repair clinics” that may use questionable or even illegal tactics.Lexington Law is headquartered in Utah and also has offices in Arizona, Oregon, Missouri, and North Carolina to serve clients nationwide.
The Potential Benefits of Using Lexington Law
At this point, you may be wondering – is it really worth paying for a credit repair service like Lexington Law? What are the potential upsides compared to trying to repair your credit yourself?Here are some of the key benefits that make Lexington Law an attractive option for many consumers:
Expertise in Credit Repair Laws and Processes
Dealing with credit bureaus, creditors, debt collectors and all the relevant laws (FCRA, FDCPA, etc.) is extremely complex. It’s easy for the average consumer to get overwhelmed or make mistakes that undermine their efforts.Lexington Law employs lawyers and legal staff who have an in-depth understanding of credit laws and the dispute processes required to enforce them. Their expertise increases the chances of getting negative items legitimately removed.
Saves You Significant Time and Effort
Trying to repair your credit on your own is incredibly time-consuming. You have to:
- Request and analyze credit reports from all three bureaus
- Identify which negative items are inaccurate or unverified
- Draft dispute letters citing the proper laws and processes
- Send disputes to each credit bureau and creditor separately
- Follow up on disputes and respond to any requests for more info
It’s easy for this process to take months or even years if you’re going it alone while juggling work, family, and other responsibilities.Lexington Law handles all of these tasks for you, potentially repairing your credit much faster than you could on your own. Their focus is solely on credit repair.
Leverage and Persistence with Bureaus/Creditors
Credit bureaus and creditors may be more likely to thoroughly investigate items when receiving disputes from a law firm like Lexington Law versus an individual consumer.The firm also has established processes and persistence to follow up on “stalled” disputes until resolution. This is something many consumers struggle with when trying credit repair on their own.
Ongoing Credit Monitoring and Education
Even after negative items are removed, it’s important to maintain good credit habits going forward. Lexington Law provides education resources and continued monitoring to help clients preserve their improved credit long-term.This reduces the chances of falling back into bad credit after all the hard work of repairing it.
Potential Credit Score Increases
While Lexington Law doesn‘t guarantee a specific score increase, their credit repair efforts have helped many clients boost their scores significantly by removing inaccurate negative items.According to a Reddit thread, one user said their score went up around 100 points after using Lexington Law‘s services.Higher credit scores can lead to much better terms and approval odds for loans, credit cards, mortgages, rentals, jobs, and more. So the potential financial impact is huge.
Pricing and Costs for Lexington Law’s Services
One of the biggest questions consumers have about Lexington Law is – how much does it cost? Are the services affordable or overly expensive?Here’s an overview of Lexington Law‘s pricing as of 2023:
- They offer a single service plan called the “PremierPlus” plan
- The PremierPlus plan costs $99.95 per month with no term commitment
- There is a one-time initial work fee of $99.95 (waived periodically)
- You can cancel the monthly service at any time with no cancellation fees
So in total, your first month would cost around $200 and then $100 per month after that if you continue using their services.Compared to some credit repair clinics that charge $1000+ upfront, Lexington Law‘s model is more affordable and lower risk since you can cancel anytime.However, the monthly cost is still higher than some competitors like Credit Repair Cloud ($99 one-time fee) or self-repair efforts. So it’s a personal decision based on:
- Your budget and how much you can afford to spend
- How quickly you need to repair your credit
- Your confidence in handling the process yourself
For many, the expertise of a law firm like Lexington Law is worth the added cost versus a DIY approach or less experienced providers.
Potential Drawbacks and Criticisms of Lexington Law
While Lexington Law has a mostly positive reputation, no company is perfect. Here are some potential drawbacks and criticisms to be aware of:
Only One Service Plan Option
Unlike some competitors that offer multiple tiers of service, Lexington Law only has their one “PremierPlus” plan at $99.95/month. This lack of options may be an issue for some consumers.
Monthly Fees Can Add Up Over Time
Even though $99.95/month is relatively affordable, those fees can add up quickly if you need to use Lexington Law‘s services for 6+ months. The total cost could end up being $600-$1000+.
No Guaranteed Results
Like any credit repair service, Lexington Law cannot guarantee the removal of specific items or a certain credit score increase. Results will vary based on what’s on your credit report.
History of Legal Issues and Complaints
Lexington Law‘s parent company PGX Holdings faced lawsuits from the Consumer Financial Protection Bureau (CFPB) and Minnesota’s Department of Commerce in 2019-2023. The suits alleged deceptive marketing practices.PGX ended up filing for Chapter 11 bankruptcy in 2023 as a result of these legal issues, though Lexington Law continues operating.The company has also received some complaints on consumer review sites like Trustpilot about lack of results or challenges with cancellation.However, most credit repair companies of Lexington Law‘s size tend to receive a number of complaints simply due to volume of customers served. Their overall rating and reputation remains solid.
How to Get Started with Lexington Law
If after weighing the pros and cons you decide to move forward with Lexington Law‘s credit repair services, here are the typical steps to get started:
- Request a free credit consultation – You can call their toll-free number or fill out a form on their website to request a free analysis of your current credit reports and scores.
- Provide your credit reports – Lexington Law will need you to upload or send in your latest reports from Experian, Equifax and TransUnion. You can get free annual reports from www.annualcreditreport.com.
- Review the gameplan – Their team will analyze your reports and identify negative items to be disputed. You’ll go over this gameplan and ask any questions.
- Sign up for services – If you agree to the strategy, you’ll electronically sign their service agreement and provide payment info for the initial fees.
- Track progress online – You’ll create an online account to check status updates and communicate with your case advisors as disputes get filed.
Throughout the process, Lexington Law will handle all the heavy lifting of disputing items with creditors and bureaus on your behalf. Your role is primarily providing information upfront.
Lexington Law vs Competitors – How They Compare
Of course, Lexington Law is not the only credit repair option out there. Let’s take a quick look at how they stack up against some of their top competitors:
Lexington Law vs Credit Repair Cloud
Credit Repair Cloud is one of Lexington Law‘s closest competitors in the credit repair space. A few key differences:
- Pricing – Credit Repair Cloud charges a flat $99 fee for their services, while Lexington Law is $99.95/month
- Legal Expertise – Lexington Law is an actual law firm, while Credit Repair Cloud is not
- Services – Both offer dispute letters, interventions, online tracking and credit education
So Credit Repair Cloud may be a more affordable option if you‘re on a tight budget. But Lexington Law likely has more legal firepower.
Lexington Law vs Pyramid Credit Repair
Pyramid Credit Repair is another major player in the industry. Compared to Lexington Law:
- Pricing is similar at around $99/month
- Pyramid is not a law firm, they are a credit repair company
- Pyramid has an app but no online client portal
- Both offer credit monitoring and education services
The two companies are relatively evenly matched, so it may come down to consumer reviews and whether you prefer a law firm approach.
Lexington Law vs The Credit Pros
The Credit Pros is an alternative credit repair firm with both monthly and flat-fee pricing models:
- $119 flat fee for their basic “Credit Repair Plan”
- $149 flat fee for the “Unlimited Credit Repair Plan”
- $149/month for the “Money-Back Guaranteed Plan”
So The Credit Pros has more service options at varying price points compared to Lexington Law’s single plan.However, The Credit Pros is not a law firm and may lack Lexington Law‘s legal muscle. It’s another example of choosing between affordability or legal expertise.
Lexington Law vs The Credit People
The Credit People is a newer credit repair company that charges $59-$109 per month for their services.While their pricing is competitive, The Credit People is not a law firm and has less of an established track record compared to Lexington Law’s nearly 20 years in business.
Lexington Law vs DIY Credit Repair
The most affordable option is always attempting to repair your credit yourself through self-education and persistent efforts. This avoids any monthly fees.However, the downsides are:
- Lack of legal expertise in credit laws
- Much more time and effort required on your part
- Less leverage dealing with creditors and bureaus alone
- Higher risk of making mistakes that undermine your efforts
So for many consumers, paying a service like Lexington Law is worth it to have expert assistance and save significant time/hassle. But motivated individuals can try self-repair first.