Has anybody ever used lexington law's credit repair?
I signed up with them in the middle of november to expidite credit repair. I am on the midddle Concord program, but it seems slower than i would like. I have a 530 fico and NEED to purchase a home by June. I would like a Conforming loan so I can go To avoid PMI and MI insurance. Anybody that has used Lexington Law, please let me know your thoughts. Anybody who has a GREAT credit repair agency, let me know. also I haven't started to build credit so any good suggestions? Thanks so much in advance!
Public Comments
- I have had firsthand knowledge of this because I've used Lexington Law to research how their credit repair works as oppoosed to doing it yourself, and I'll say this. If you have the money to waste on it, then by all means go right ahead. With the different credit forums, inculding Yahoo! Answers, you can do it yourself for the fraction of what they're offering. Don't get me wrong, they're cordial people and they seem helpful, but you should expect that when you're paying anywhere from $39-79/month. If you really want to repair your credit as badly as you say you do, then the first step is to avoid credit repair services. They don't do anything anymore special than you can do on your own. The first thing that you need to know that knowledge is power. In order to fix your credit, you should know how your credit is scored and how it affects you 1. Payment history- 35% 2. Total debt owed to avialable credit ratio-30% 3. Length of time establishing credit-15% 4. Types of credit established-10% 5. Inquiries and New accounts-10% With that said, there's 2 things when it comes to bad debts and collection items that you should be aware of, the FCRA and statute of limitations. These are 2 diffferent things. The FCRA(Fair Credit Reporting Act) is the timeframe that negative items can remain on your report which is 7½ years from the date it first went deliquent. For example if a debt first became delinquent July 10, 2000 the legal limit that the debt can be reported would be January 10, 2008. Also, there is a seperate statute of limitations that varies by state on how long a debt can be legally enforced. This is different from the FCRA, because depending on which state you live in the statute may or may not expire before the FCRA. here's a link for that http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml Another important thing to know is that negative items that are less than 2 years old are hurting your score the most. It's possible that you can settle much older debts for far less in exchange for getting them removed from your report altogether. This is called a "pay to delete". I posted several links explaining this in detail http://www.creditinfocenter.com/debt/settle_debts.shtml http://www.creditinfocenter.com/debt/neg_rating_after_settle.shtml http://www.creditinfocenter.com/debt/CanCreditorSue4SettlementDifferences.shtml http://www.creditinfocenter.com/debt/ActualDebtSuccesses.shtml http://www.creditinfocenter.com/debt/debt-negotiation.php There's sites like the one I posted along with a few more than can help you repair your credit cheaper and easier than you would if you paid out of the pocket.
- I've heard that Lexington Law is a very good firm. I would be far more inclined to go with their advice than with a website with information that you don't know the background or training of the person who wrote the articles. You can be assured that the people at Lexington Law have a law degree. Do they do some things you can do yourself? I'm sure they do. But not everyone can figure out for themselves how to follow the path needed to get out of debt. That's why your fico score is 530 right now. If you have such poor credit now, you might want to rethink your NEED to buy a house in June. There's a difference between needing and wanting. A house and mortgage is a very big commitment.
* Some answers may have been provided by Yahoo! Answers.