There
are hundreds of law firms out there that specialize in credit repair. I
may get sued for writing this, but it’s my opinion that credit repair
law firms like Lexington Law are scams. Here’s why:
Problem #1: Ridiculous Monthly Charges
Lexington currently charges a $99 setup fee and anywhere from $39 to $79 every month that they work on your file. Since they charge monthly, the longer they take to repair your credit, the more money they make. In fact, some credit law firms tell you that it could take a year, two years, or even three years ($567 to $2,000), which is why they’re getting very rich.
Lexington currently charges a $99 setup fee and anywhere from $39 to $79 every month that they work on your file. Since they charge monthly, the longer they take to repair your credit, the more money they make. In fact, some credit law firms tell you that it could take a year, two years, or even three years ($567 to $2,000), which is why they’re getting very rich.
Why pay $2,000 or even $500, when there are excellent credit repair programs available for less than $100?
Problem #2: You Do Most of the Work!
Here's
a dirty little secret that credit law firms don’t want you to know: you
still have to do most of the work yourself--more work, in fact, than
when you use credit repair software (more about that later).
In
addition to all the paperwork you have to fill out and get notarized,
you must request your own credit reports. Since the credit bureaus mail
all documents to you, you will be constantly copying them, putting them
into another envelope, and sending them to the law firm. You might have
to do this five or six times every week.
The credit repair
law firm will then scan your credit reports and post them on the web
(security issues?) Then, believe it or not, even with all the money
you’re paying to the law firm, you still have to go to their website and
choose for yourself which items you want to dispute and even how to
challenge each negative credit item.
All the law firm does is
print out form letters that they send to the credit bureaus. Doesn’t it
make you a little uncomfortable knowing that the longer they take, the
more money they make?
Problem #3: Crappy Guarantee
All they have to do is remove one credit card inquiry and they consider that they’ve done their job, so there’s no money back even if 99% of your credit report is still negative after three years and $2,000.
All they have to do is remove one credit card inquiry and they consider that they’ve done their job, so there’s no money back even if 99% of your credit report is still negative after three years and $2,000.
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