Buying a car, purchasing a home, and qualifying for lower interest rates on loans all have one common denominator; your credit score. If you have a great credit score, you can access the most competitive rates and even preferable preapproval for some loans and credit cards.
However, if your credit score is fair or poor, you may have difficulty securing financing because the credit bureaus deem you a risky borrower. Although a poor credit score can sting personally and financially, there are credit repair solutions that can help you raise your score and improve your financial fitness.
Lexington Law Firm is one of the largest and most notable credit repair firms in the country. They are known for their aggressive marketing, legal expertise, and service in 48 states (they currently do not serve North Carolina and Oregon). One of their competitive advantages is the impressive team of licensed attorneys that comprise the Utah-based firm.
In this credit repair review, we will discuss how Lexington Law works, what types of services they offer, and ultimately decide what kinds of clients would benefit most from their service.
However, before continuing the review, the Better Business Bureau (BBB) currently has a C rating on Lexington Law’s reviews due to pending government action initiated by the Consumer Financial Protection Board (CFPB). The CFPB filed a suit against Lexington Law in May 2019 and its sister company creditrepair.com due to fraudulent and deceptive telemarketing practices.
Lexington Law has been serving clients since 1991, and they currently operate in 48 states. They use a monthly subscription model with prices ranging from $89-$129 depending on how many services you need.
They specialize in credit and credit repair law, demonstrated by their large team of lawyers and paralegals available to ensure the optimal for each client.
Contacting Lexington Law is simple. You can visit their website to schedule a consultation, or you can call them at 1-833-333-8277.
How Does Lexington Law work?
Lexington Law offers credit repair services that range from sending cease-and-desist letters to creditors, identifying erroneous credit inquiries, and contacting creditors on your behalf to drop false credit holds or enable you to pay any balances without further damage to your credit score.
How Much Does Lexington Law Cost?
Lexington Law credit repair offers three pricing tiers that build on each other:
- Concord Standard $89.95 – This is Lexington Law’s core service offering, and it should be sufficient for most credit repair needs.
- Concord Plus $109.95 – Concord Plus is Lexington Law’s most popular plan. It includes the benefits from the standard plan, Plus ongoing credit score analysis, TransUnion reports, and inquiry assists.
- Premier Plus $129.95 – This is the most robust plan, and it is best for consumers who need legal assistance with filing cease-and-desist and customized alerts from TransUnion. With this tier, they will track and analyze your FICO score.
Pros (What we like)
Dedicated Customer Support
Customers receive dedicated credit representatives throughout their entire process with Lexington Law.
Respectable Business Hours
Although Lexington Law is not open 24/7, credit representatives are usually available Monday – Friday, from 7am to 7pm pm MST. Sales hours are even more robust: Monday – Friday, 7am – 7pm MST, Saturday from 7am – 9pm, and Sunday from 7am – 8pm (all MST). If they are not available to answer the phone, they will follow up with an email as soon as they get your message.
Deep Industry Expertise
Lexington Law is one of the oldest and most established online credit repair companies on the market. Their dedicated legal professionals are easy to work with and know credit law better than most other credit repair companies.
Cons (What we don’t like)
Relatively High Costs
Lexington Law’s credit repair plans are relatively high compared to other credit repair companies, especially repairing your credit by yourself. However, the Concord Premier plan does offer unique benefits, including credit tracking and identity protection.
The premier plus plan is designed for consumers who need extra assistance sending cease-and-desist letters to their creditors and for expediting their credit repair, especially if they can identify and quickly remove a negative inquiry.
Reviews for Lexington Law are polarizing for two reasons. First, many consumers do not understand that credit repair companies are not a one-size-fits-all service, and there are no guarantees that they can fix your credit score. Suppose you have a deep-seated personal finance weakness and an inability to pay your bills on time. In that case, your credit score may be impacted because of your behavior and not external factors that a credit repair company can address.
Next, the CFPB and BBB, which are both very reputable rating organizations, have a bone to pick with Lexington Law. The CFPB filed a lawsuit against Lexington Law because of alleged telemarketing practices. Lexington Law would mislead or have its affiliates mislead potential home renting customers into purchasing Lexington laws credit repair services without connecting them with a rental home.
Lexington Law Reviews
Reviews for Lexington Law range from poor to excellent, depending on where you search. The BBB still has a C rating for Lexington Law which is very low, especially for such a large credit repair company.
Lexington Law does an excellent job of responding to most good and bad feedback on the BBB website, which indicates that they are aware of their image and are doing their best to mitigate negative customer experiences.
Most consumers who benefit from credit repair services the most are able to take advantage of their credit expertise which expedites the process of analyzing their current credit report and identifying negative
Lexington Law Complaints
Due to the legal action from the CFPB, many potential clients wonder if Lexington Law is a scam.
Lexington Law is not a scam, and many of their positive reviews indicate that they provide good value for many of their customers.
However, many of the negative reviews seem to be from customers who expected a magic solution to their credit problems. In fact, many of the negative reviews indicate that the customers are not familiar with what a credit repair company does.
As we mentioned earlier, the CFPB filed a lawsuit against Lexington Law in 2019 due to their telemarketing practices. The lawsuit details that Lexington Law would pay their affiliate marketers who are supposed to be running affordable housing rental agencies to hell applicants whose credit would be rejected. The problem with this is that the alleged rental affiliates would never run a credit check; instead, they would lie and tell the applicant that their credit needed help without confirming with a real credit inquiry. To solve the problem, they should use Lexington Law’s credit repair services.
What to expect after you sign up
Most people go to credit repair companies for their convenience and ability to provide clarity for a potentially distressing credit report. When you sign up with Lexington Law, they will pull your credit report for analysis. The standard credit report takes up to a week, but you can opt to pay a premium for them to prioritize it. Be aware that they are pulling the same credit reports that you have access to pull yourself.
Once they pull your credit information, they will start locating inquiries, missed payments, and any other issues that have pulled your score down.
Credit information, especially when you have poor or damaged credit, is extremely personal and often embarrassing. Lexington Law does an excellent job of connecting its clients with dedicated reps who will work with them throughout the credit repair process. Having a recognizable and familiar credit representative will make the process much more personal and hopefully take the edge off of distress caused by your credit situation.
A Clear Understanding of Your Credit
Finally, once Lexington Law pulls all of your data and connects you with a representative, you will have a clear picture of faults in your credit history, inquiries, and any holds or creditors that you may not be aware of. If there are faulty late payments or any erroneous holds on your credit history, your rep will work with the attorneys and paralegals at Lexington law to ensure that these are dropped if possible.
How to Cancel Lexington Law
Among the negative reviews for Lexington Law, many reference the lack of online cancellation. Most financial service companies have transparent and easy-to-understand terms, but Lexington Law requires you to cancel by email or by telephone.
When you want to cancel your Lexington Law subscription, you will pay a final month’s worth of your plan, which will close out your account.
Other Notes on Credit Repair
Repairing damaged credit is a two-way street. If you are aware of personal overspending habits, or you are constantly behind on payments. In that case, you may need serious financial intervention and overhaul of your habits to ensure that your credit gets healthy and stays healthy.
Personal finance tools such as budgeting applications, digital wallets, and online banking reports will help you identify where you spend the most, what payments you have missed, and ultimately help you get back on your feet so you can build your credit and get loans and interest rates that are more competitive than you had access to previously.
Lexington Law is a prominent and industry-leading credit repair service that has been around since 1991 and has helped thousands of customers improve their credit scores. Although they are not perfect and have some questionable reviews according to the Better Business Bureau and Consumer Financial Protection Board, they do an excellent job of responding to reviews, whether good or bad and if you need help in the convenience provided by a credit repair service provider you may want to consider Lexington Law if you do not feel comfortable attempting to repair your credit by yourself.