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I have been using Lexington Law Firm for 7 months and now feel as if it's a waste of my $80 per month. At this point I want to cancel the service and proceed with the credit repair myself because even though Lexington notifies me when they send validation letters out. They never notify me of the results. So I ask what are the proper steps to repairing my own credit and if Lexington Law did send validation letters. Will it hurt me if I resend letters myself? I have a few items to take care of. I have 5 items on my Trans, 7 items on my EQ, 8 items on my EX reports that are negative and are all 2 or more years old. What can you suggest?
It is a misconception that these companies can magically remove correct - negative information. Once a debt has been validated it is very hard to remove. Unless the information is incorrect - was paid, was paid timely, not your account etc... and you can prove it - it is best to leave this information alone and move.
Removing negative or inaccurate information is really only the first step in raising your credit score and many people get stuck on this step. These credit repair companies will continue to dispute, dispute, dispute - taking your money every step of the way - actually hurting your score in the process.
The money you are spending can be better put to use rebuilding a positive credit history (see step 4).
Basic - proper steps to increase/improving your credit:
1. Remove inaccurate and negative information.
2. Shore up your finances and come up with a plan to pay off current open debts and build an emergency fund.
3. Determine if collections and charged off accounts are better off paid or left alone to drop off at the appointed time.
4. Apply for new credit - secured credit is always a good option for rebuilding.
5. Make paying creditors that report to the CRA's top priority and pay your bills on time.
But the point is I don't even know if the information is being verified because they keep sending validation letters to the same companies 30-60 days apart. Now if I send a validation letter myself and it is verified and the I send a PFD letter will that force me now to pay the debt even if they don't agree to the terms of the PFD because of the possibility they'll sue since I made contact? Now in turn pay will it still be a negative on my credit?
pfd
Hi Jperry,
Now if I send a validation letter myself and it is verified and the I send a PFD letter will that force me now to pay the debt even if they don't agree to the terms of the PFD because of the possibility they'll sue since I made contact?
Yes, once the debt comes back validated, you are required to pay the debt even if the collection agency doe snot agree to "Pay for delete" agreement.
[qote]Now in turn pay will it still be a negative on my credit?[/quote]The late payments which were previously there will stay on your report for 7 years even if you make the payments. However, you will have to request the collection agency to give you a written agreement that the account will get updated as "Paid".
Thanks,
Aaron
My Girl Friend tried to use a credit repair company and got bilked out of alot of money for basically nothing. The only way i would spend money to repair my credit is if i had to hire an Attorney to represent me in court against a collection agency.
Katrina is right...make out a plan! Also aquaint yourself with the Fair Debt Collection Practices Act(FDCPA).