Saturday, August 20th
2022 Credit Repair Company Reviews
Lexington Law
- In business since 2004
- Over 70 million removals and 22.3 million challenges and disputes
- Has represented over 8.7 million clients
- 89% of clients with improvement see an average credit score increase of 40 points
- 3 levels of service to choose from
- Free credit report consultation
Lexington Law was founded in 2004, with the goal of revolutionizing the credit repair industry. Since that time, the company has represented nearly nine million clients in more than 70 million removals and over 22.3 million challenges and disputes on credit reports. They take advantage of what they call "digital partnerships" to reduce usage of the mail system, which translates into faster results for you: nearly 90% of their clients who have a score improvement see it go up 40 points, on average.
Pay attention to consultation vs. signing up
You can call Lexington Law for a free credit report consultation, which includes your credit score, credit report summary, and a credit repair recommendation. You can do this online as well, but watch for the difference between the consultation and the signup form: the latter encourages you to "get started today for only $4.99" . It also asks if you'd like to sign up with a family member or other household member to get a 50% discount on your first work fees. (It's worth pointing out that we had to use three different email addresses before we landed on one that Lexington Law didn't reject as "invalid." ) Those first work fees are usually the equivalent of a month of service, depending on which tier you choose.
Choose from 3 credit repair plans
Lexington Law gives you three service levels to consider for your credit repair needs:
- Concord Standard ($95.95/month): you'll get bureau challenges and disputes, creditor interventions, inquiry assistance, ID theft insurance, and Lexington Law's DebtHandler service.
- Concord Premier ($119.95/month): includes all of the features of Standard, and adds credit report watch alerts.
- Premier Plus ($139.95/month): this package gives you all of the benefits of the first two service levels, plus your TransUnion FICO score, lost wallet protection, junk mail reducer, and a personal finance manager.
Hundreds of complaints filed with the BBB
The Better Business Bureau gives Lexington Law a "C-" grade, citing no reason other than "concerns about the industry" in general. That's not usually enough for us to downrank a credit repair service. In this case, however, there were over 700 complaints with the BBB in the three years prior to our evaluation. They all received a response from Lexington Law reps, and many of them reflect the clients' lack of understanding of the service itself and what they were committing to at the time of sign-up.
Mixed feedback from clients
Aside from the BBB listing, feedback for Lexington Law runs hot and cold. You'll find clients with lots to say, some very enthusiastic and positive and others much less so. We found about 400 five-star reviews and just 50 one-star ratings - but many of the unhappy comments were more recent, while a majority of the satisfied reviews were older. We also saw references to cancellation fees in client comments but didn't spot those terms anywhere on the Lexington Law site - so you'll want to read the fine print carefully before signing up here.
Costs
- $95.95/month for Concord Standard
- $119.95/month for Concord Premier
- $139.95/month for Premier Plus
Look at lower-priced options first
If you decide to put your credit repair in the hands of Lexington Law, you could come away very happy with the process. But, from where we sit, we think it's safe to say that there are comparable services that can do the same work for less money, and with stronger guarantees of your satisfaction with the service. Lexington Law isn't a terrible choice for credit repair, but you'll want to take a look at the competition first.
More Credit Repair Company Reviews
Which Credit Repair Service is the Best?
Americans have finally started to understand the importance of a good credit score: from 2011 to 2021, the nationwide average increased from 689 to 714! Anything over 700 is considered to be "good" and can be the key to opening doors financially - everything from renting an apartment to securing an auto loan or mortgage may rest on your credit report.
Unfortunately, not everyone understands what goes into a positive credit history. Late payments, applying for multiple credit cards in a short period of time, or even problems with mistaken identity can all lead to a less-than-excellent credit profile. Some people get lured in by the promises of low monthly payments or 0% APR credit cards, only to find themselves drowning in debt.
Credit Repair Company FAQ
Continued from above...
That's where credit repair services enter the picture. These providers work to dispute items on your credit report that might be inaccurate, unverifiable, or erroneous. Depending on which company you choose, the service might also include cease and desist letters, goodwill letters to help you qualify for credit in the future, credit monitoring to keep you on track, and one-on-one coaching.
You shouldn't expect miraculous, rapid increases in your credit score - most credit repair processes result in a modest increase of about 40 points, though some may bring you up by 100 points or more - but it could be what makes the difference for your financial goals and credit needs.
As you start to explore the possibility of credit repair, you'll soon see that there are many providers hoping to gain your business as a client. Which one is the best for you? Here are a few things to keep in mind as you decide:
- Services provided. What is included in your monthly fee? Will you get a certain number of challenges and disputes or is it unlimited? Is credit monitoring included? Will you get coaching on managing your finances going forward, so that you can avoid needing credit repair down the road?
- Fees. What will you pay for the services you receive? Is it month-to-month or a one-off cost? Is there an initial work fee or setup cost? Also, many services expect that you will have a credit report in hand at the time of your first consultation; some include that with your fees, while others charge you for it. Be aware that you can request your credit report once per year for free: the CFPB recommends using AnnualCreditReport.com to get yours from all three of the major credit bureaus at no cost.
- Results. The best credit repair services tell you what to expect and how quickly. It can take a month or two before your credit score changes, even if your provider is working diligently behind the scenes on your behalf.
- Reputation. The Better Business Bureau isn't a big fan of the credit repair industry, so it's not uncommon to see reputable providers with a less-than-stellar BBB grade. Rely on client feedback to paint a clearer picture instead. Do customers say the credit repair service was effective? Was it worth the money they paid? Did their assigned reps update them regularly with the progress made on their credit reports?
To help you get your finances back on track, TopConsumerReviews.com has evaluated and ranked the most popular credit repair services available today. We're confident that this information will give you everything you need to choose the right partner in your journey towards a fantastic credit report!
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