Can Lexington Law Remove Repossessions?
Lexington Law is a well-established representative of the repair industry. It helps millions of US citizens boost their credit scores through the correction of reports. Mistakes range from misspellings to serious events like repossessions. These entries appear when the lender seizes your assets as a result of late or delinquent payments. However, this information is not always correct.
If you think that a repossession on your records is false, the agency will help you to remove it. Like other items related to your history of payments, these events are extremely damaging to the score. To figure out the best strategy, you should understand if the data is accurate, partly incorrect, or completely false.
Will the Company Help You?
According to the official Lexington Law website, the provider will only remove these entries in special circumstances, "especially if they are inaccurate or unfair". Like other derogatories, the repositions may be challenged as part of your service bundle. Learn more information about Lexington law packages to find the best value for money.
Can You Do It on Your Own?
Repossessions happen when you fall back on payments for a loan with collateral. If repossession is impending, you should try negotiating with the lender. The institution is more interested in getting the money back than in repossessing your property because they lose money in the second scenario. Hence, they may agree to let you pay less than what you owe.
Lexington Law recommends that you negotiate with the lender to settle the debt and keep it from tarnishing the reports. If you get approval, make sure it is provided in writing, so you have hard evidence of the concession. Follow the new terms to the letter. You should also consider these tips to raise your credit score and this guide to being a credit repair agent.
On the other hand, if your report contains inaccuracies concerning the event, you have grounds for a dispute. Lexington Law will collect evidence and negotiate with the bureau on your behalf. The agency will investigate your case for 30 days and provide a formal reply. It will liaise with the lender to confirm the information they reported. If it fails to do so, the repossession will vanish, and your score will jump.
If you are planning to negotiate with the creditor, do it quickly — the window is short. Once your asset has been repossessed, all you can do is file a dispute. Here is how Lexington Law will go about it.
Step 1. Report Analysis
Only the bureau can remove information from its records. To file a dispute, you need solid evidence to show that the debt is unsubstantiated, outdated, fraudulent, or otherwise inaccurate. To improve the odds of success, the agency will examine your reports, liaise with lenders to collect evidence, and prepare dispute letters thoroughly.
The law allows every US citizen to collect their own reports from three national bureaus once a year. Now, due to the pandemic, this is possible weekly. You can do it on your own by going to www.annualcreditreport.com, where you can download the files. It is important to involve all three sources (TransUnion, Equifax, and Experian), as they compile reports independently.
Lexington Law has a team of experienced paralegals who will go through your records line by line. They will take note of any errors like incorrect dates, wrong amounts, etc. connected to the repossession.
Step 2. Preparing Evidence
A professional repair will save you a lot of time. The experts will liaise with your lender to validate the information. They will collect bank statements and other documentation proving that the repossession is false or inaccurate. This is serious investigative work.
Step 3. Official Disputes
With sufficient evidence, the provider can send a customized dispute letter to the respective bureau. After an internal investigation lasting 30 days, the reporting agency is obliged to respond formally. In case of success, the repossession will vanish from your records, giving the score an instant boost. If the lender proves the validity of the debt, it will stay in your history.
Advantages of Repair Through Lexington Law
This is one of the most prominent names in the industry. The company was established in 2004 in Salt Lake City, Utah. Since then, its employees have managed to delete over 56 million wrong derogatories. You can get the first consultation free of charge, and there is no setup fee. The provider has three service packages for different intensities of repair. Its mobile app is one of the best.
If you have just one repossession to delete, the basic package (Concord Standard) may suffice. The company will liaise with lenders, bureaus, and collection agencies. The other options (Concord Premier and PremierPlus) include additional services like credit monitoring, the official FICO tracker, protection from identity theft, etc.
To Sum up
Lexington Law can dispute any inconsistencies on your reports, including repossessions. The company will perform painstaking analysis and communicate with the lenders and bureaus on your behalf. The app will allow you to track progress easily.
Note that if the repossession is verified, there is no way to remove it legally. To boost the score, you may challenge other information on your report and rebuild history through responsible borrowing. This is something Lexington Law can also help you with.