A Credit Repair Law Firm Can Potentially Improve Your Credit Score
Here’s a surprise, Lexington Law really wants you to cancel your account with them. This law firm that works hard to remove negative items from your credit report, so when you’re financial life gets better, it means the firm has done its job.
Late payments, charge-offs and even incorrect information can drag your credit score down. A low credit score can cost you hundreds or thousands of dollars when you have to take a higher interest rate on a car loan or a mortgage. Sometimes it’s that interest rate that makes an item unaffordable. A poor credit score also leads to credit cards with very high interest rates and bad terms. It’s unlikely that you’ll even be able to get one of those great cash back or point generating cards.
That’s how a law firm that specializes in credit repair can help. Your credit report may be populated with old negative information. A credit repair service can challenge information that should have fallen off the report. It may also be possible to challenge the legitimacy of late payments, charge-offs and even, in some circumstances, repossessions and foreclosures.
What many people don’t realize is when an item on a credit report is challenged; the reporting agency is required to investigate the issue. If the negative item can’t be proven to be accurate, the credit reporting agency is obligated to remove it from your report. Equifax, Experian and TransUnion, the three “big” companies that generate these reports, do have forms buried deep in their sites that allow you to protest erroneous or incorrect information, but it’s an intentionally time consuming and confusing process. Plus, a letter arriving on a legal letterhead from an attorney does tend gain more attention, because the credit reporting agency knows that you, the consumer, understand your rights.
A credit repair law firm can potentially raise your credit score to a level that will allow you access to the best interest rates, and that can save thousands over the life of a loan. Having a good credit score also prevents you having to take loans from lenders that basically prey on consumers with less than perfect credit. There are also many employers who review credit reports as part of their hiring process, so it’s even possible to get a better job if you can work with a credit repair law firm to raise your credit score.