Lexington Law?

Polochris

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Hey All,

So this is pretty personal, but I wanted to reach out to the community to see if anyone has any advice, or have used their services before.

My wife and I are trying to buy our first home, and we have some dings on our credit :( Ill admit I was very irresponsible with my credit during/after college, and now that I need solid credit, I am paying for it. I blame no one but my self by the way. Boo hoo cry me a river right?

I heard about this company called Lexington Law to possibly remove negative items on my credit report. I have heard mixed reviews. Anyone used them before, or a similar type service?

Thanks!
 

Polochris

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I'll ask my buddy who is the mortgage biz and pm if he has helpful tips.

I had to build up my credit slowly over time after college (long time ago). basically it take dedication and time along with using several credit types properly.

Much appreciated! Always willing to take advice.
 

Taghkanic

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Maybe it’s possible, but if there were a simple and affordable way to erase unwanted parts of one’s credit history, wouldn’t everyone do it?

While I have lots of skepticism of financial institutions, you’d also think lenders would be wise to whatever dodges are possible, and would be able to tell if something had been “fixed.” Charging the max rates they can is their whole game... But maybe they are lazy enough not to bother.
 

Polochris

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Maybe it’s possible, but if there were a simple and affordable way to erase unwanted parts of one’s credit history, wouldn’t everyone do it?

While I have lots of skepticism of financial institutions, you’d also think lenders would be wise to whatever dodges are possible, and would be able to tell if something had been “fixed.” But possibly they are lazy enough not to bother.

I agree. By no means am I looking for the lazy way, or easy way out. I did this to my self, and now hear I am paying for it. I was just curious.
 

Taghkanic

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I agree. By no means am I looking for the lazy way, or easy way out. I did this to my self, and now hear I am paying for it. I was just curious.

To be clear, I was speculating that maybe the lenders are too lazy to do due diligence anymore, not that you are.
 

MegaTon44

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Completely novice and non-expert opinion:

My wife had her credit stolen by a parent with substance abuse issues and started off adulthood with ruined credit. For the purpose of sparing her parent who had since been clean for years, she went at it without going the legal/police route. I'll share what worked with her.

She got copies of her 3 credit reports, bought "Credit Repair Kit for Dummies" and went at it herself. She started off by disputing every charge on there. Surprisingly, about half dropped off after the dispute (I guess old records weren't able to be produced?) The rest of the creditors were willing to settle for pretty cheap.

To be clear, these weren't super high balances. Some credit card stuff, utility bills, etc. However, in about 6 months, her credit went from 500 to 700+. We did it ourselves out of necessity because we could not afford a service at 18 years old, but it really wasn't super complicated to make solid incremental gains.

From what I gather, those services are like $90-$120/month, with a typical commitment of ~6 months (so $500-$700). I've heard mixed reviews, but I wanted to share in case you wanted to get it started yourself.

Good luck man!
 

Polochris

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Completely novice and non-expert opinion:

My wife had her credit stolen by a parent with substance abuse issues and started off adulthood with ruined credit. For the purpose of sparing her parent who had since been clean for years, she went at it without going the legal/police route. I'll share what worked with her.

She got copies of her 3 credit reports, bought "Credit Repair Kit for Dummies" and went at it herself. She started off by disputing every charge on there. Surprisingly, about half dropped off after the dispute (I guess old records weren't able to be produced?) The rest of the creditors were willing to settle for pretty cheap.

To be clear, these weren't super high balances. Some credit card stuff, utility bills, etc. However, in about 6 months, her credit went from 500 to 700+. We did it ourselves out of necessity because we could not afford a service at 18 years old, but it really wasn't super complicated to make solid incremental gains.

From what I gather, those services are like $90-$120/month, with a typical commitment of ~6 months (so $500-$700). I've heard mixed reviews, but I wanted to share in case you wanted to get it started yourself.

I appreciate you sharing that with me. I got a quote from them, and you are right. It’s around $120 a month to use their services regardless if they work or not.

I may try is do all the dispute work myself, and see how that goes.
 

Colquhoun

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I guess I’m a bit of a skeptic. What can these companies actually do other than give you good advice?
I’ll bet in the reviews, the reason they were mixed is that those that followed sound advice got better credit. This that didn’t follow weren’t as fortunate.
 

SixSpeedFury

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There's nothing that any company can tell you that any one of us can tell you here. There is no sure-fire way to fix your credit, it's gonna take time, patience and dedication. What you need to do take the time needed, as it will be a long process. Get your three credit reports, and as @MegaTon44 said, dispute any charges that are not consistent with yours. If you happen to have a charge-off, PAY THAT OFF IMMEDIATELY. That is the number one killer of credit. See if you can be forgiven for any late payments. Some companies will usually waive one or two late payments, but that’s if they see if you maintain a good track record of paying on time. Next, tally up ALL your credit card charges. Pay off fully whichever one has the highest charge or APR first, then descend down to the next highest charge, and so on. This is called the snowball effect. If you can, reach out to the companies and see if you can do a pay to delete. That will help tremendously, as you can pay off the account while removing the negative charge on your reports. Not all companies will do this though, but it doesn't hurt to ask. If they do agree to remove the blemish on your report, MAKE SURE YOU GET THE AGREEMENT IN WRITING. After that, keeping an eye out on your spending habits, never going over 30% of your total accounts open, etc. will help in increasing your score. It won't be overnight, but little by little you will see your credit score increase. I know, because I've been there.
 
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