Free 30 minute consultation with a credit specialist -Call 1-866-944-7671
Lexington Law Credit Repair Works
“While in college I ran into trouble with my unsecured credit cards. For a while the balances were unmanageable and the credit card companies piled on heavy interest and penalties. Although I worked out a plan with my creditors, they ultimately charged off most of the accounts.
As a result, the creditors and collection agencies began reporting information to the credit bureaus and my credit score was destroyed. They even placed a county court judgment on my report without giving me any prior notice. I soon discovered that it would be impossible to get approved for a mortgage with my credit in such bad shape.
I did not want to be stuck in an apartment for the next seven years (credit bureaus keep bad credit on file for 7-10 years) so I looked into credit repair.
I tried fixing my own credit but ran into one “brick wall” after another. I was really sick of having bad credit and all of its humiliating consequences so I hired The Lexington Law Firm. I am so glad I did as they 100% rehabilitated my credit history!
In fact, my credit score has gone up 141 points (from 588 to 729!)
Here is a chart showing my Credit Score improvement:
|
Credit Score Chart
 |
Copies of My Credit Repair Deletion Letters!
I enjoyed checking the mail and opening letters showing me that bad credit items were erased from my credit reports. Each time I opened a new letter it was like a weight was lifted from my shoulders.
Here is a letter showing Three Bad Credit Items Deleted!
|
Credit Card Charge Off Deleted;
Collection Agency Deleted; Credit Judgment Deleted
|
Letter showing Multiple Collection Agencies Deleted
|
Collection Agency Deleted;
Car Repossession Deleted; 90 Day Late Deleted.
|
As the negative items were erased from my credit, my score started to get better. It took only 30 days to reach the 600′s and I am now well into the 700 range with all three credit bureaus. This places me in the top 10% of Americans.
It was really easy to get approved for a mortgage with my improved credit. Today I live in what I believe to be my “dream home.” I am grateful to the attorneys and paralegals at Lexington Law who gave me a second chance. I recommend the Lexington Law Firm to anyone who wants to repair their credit report and improve their credit rating. ”
-Dave C.
Lexington Law Client
Tampa, Florida
The Lexington attorneys have experience deleting many types of negative credit including bankruptcy, foreclosure, judgments, collections, charge offs, late payments, liens, and more.
Call 1-866-944-7671 to learn more.
Lexington Law Credit Repair Video
Get your FREE consultation now, we’ll answer any and every credit question you may have-Call 1-866-944-7671
I used Lexington to repair my credit. Talking to my personal paralegal about my situation helped me to wade through the mess. Lexington helped me get my score up by 247 points! If you’re looking for Credit Repair, go with Lexington”
“What can I say about Lexington? I’ve only been with them for a month and I am already seeing slow, but steady results. I have been told by Lexington that it will take 60-90 days to see preliminary results; I don’t have a problem with that. My credit damage occurred through unemployment issues; something that profoundly affected my life. For those that are not deemed “credit-worthy”, like can become a living h*ll as employers, landlords, mortgage companies look into your credit report routinely. You are made to feel that you committed a criminal crime and that you should be imprisoned for it. Bad credit is most definitely a prison term and that’s not an exageration. I am already singing praises for Lexington Law Firm. My experience thus far as been nothing but professional. I am informed of every dispute letter, every e-mail or other correspondence they are doing on my behalf. Their service is worth every penny and more.”
“Lexington helped me raise my credit score 70 points in 60 days. This gave me the credit I needed to refinance my house to consolidate my debt, buy a new car at a good rate, and have more options to support my growing family. I love these guys.”
Let a Law Firm Remove your Negative Items from your Credit Report!
5 Elements of Your Credit Score
Everyone knows that their credit history impacts their credit score, but let’s explore some of the lesser known numbers that make up your overall score that will be within the range of 300 to 850.
Payment History (35% of your score)
This is what would seem to be the most obvious portion of your score, and it makes up more than one-third, so it is a very important part. Creditors want to know how you have paid your bills historically to gain an idea on how well you will pay your debt to them.
Outstanding Debt (30% of your score)
Creditors want to know how much money you owe other people before they decide whether or not you are a risk.
Length of Credit (15% of your score)
Creditors will tend to look at someone with 40 years of good credit history a little more favorably than someone with only four months of history.
New Credit (10% of your score)
Are you taking out a large number of new loans this month? Creditors will review your new credit activity to make sure that you are not overextending yourself.
Diversification (10% of your score)
Creditors want to know that you have a history of managing different kinds of credit well and will check the diversification of your past and present credit lines.
Understanding all of the elements that impact your credit score can help make you a wise borrower. In lean times improving your credit score is more important than ever.
Credit Repair Acronyms
*b = bumpage
AG = Attorney GeneralIf you are like most people, you have been hearing about the importance of a good credit report since you were able to hold a dollar inyour hands. One of the best things that you can do for yourself is to keep a good watch on everything that has to do with your credit.
The better your credit is, the better the chance you have to get good rates on loans, credit cards and so forth. There are several steps thatyou should take in order to go through the process of building a good credit report that you can be proud of.
As long as you pay attention to all of your accounts as well as all of your expenses, it should be fairly easy for you to build a good credit report. One major rule of thumb is to make certain that you pay all of your bills right away when they are due. Even if you cannot pay your balance, it is completely necessary that you at least pay the minimum so that you can show creditors that you are a responsible individual.Late and missed payments will reflect poorly on your credit report, leaving you with a less than desirable credit score.
Sponsored Ad
5 Quick Steps That Can Improve Your Credit Score By 18 Points In One Day!
1. Check with your bank and see if they give you bill pay service. If so then start using it. Set up all your credit accounts so that all payments are made on time. I set mine for the avg minimum pmt on that particular card. If I could pay more I would, but at least I knewthat my payment was made on time.
2. At your earliest convenience, it is in your best interest to obtain a copy of your current credit report. This way, you will be able to see which of your accounts are actually listed on your credit report. You can get your credit report for free through several different websites online at least once per year.
3. Check for errors – go through and double check all of your information so that you can be absolutely certain that there are no errors on your credit report. The reason behind these check are because errors can be quite devastating to your credit score.
4. If you do happen to find an error or two on your credit report, it should be resolved as soon as you possibly can. You can go about fixing the errors by contacting your lender to find out if they have the information correct. Then, you will be able to find contact information through your free credit report website so that you can get the errors deleted from your credit report.
5.Check your credit limits. Are you over extended? Is more than 50% of your available credit limits in use? A quick way to increase your credit score is to bring down your debt ratio. I had a client that surprised me by calling her credit card company and requesting a credit line increase. Here orignal credit line was $4000 with $2500 in use. They increased her line to $7500 which put her at 33% of her available credit in use. The next month her credit score rose 18 points.
Remember that credit is a privilege, not a right. You should always do your best to take care of the credit that you are given and you will be sure to build a good credit report.
ARM = Adjustable Rate Mortgage
AR = Account Review (soft pulls by creditors)
AU = Authorized User
BBB = Better Business Bureau
Beacon Score = See FICO.
BK = Bankruptcy
BK13 = Chapter 13 Bankruptcy
BK7 = Chapter 7 Bankruptcy
BT = Balance Transfer
BT promo = A BT at a promotional rate.
bumpage = pushing hard inquiries off your reports via daily credit pulls
C&D = Cease and Desist (stop collections)
C&D Full/Blanket = Notice to CA not to contact you in ANY way. You should only use if SOL is out.
C&D Limited = Notice to CA to only contact you by mail.
CA = Collection Agency
CAP 1 = Capital One
CB = Credit Bureau
CBR = Credit Bureau Report
CC = Credit Card
CCC = Credit Card Company
CCCS = Consumer Credit Counseling Services
CE Score = CreditExpert score.
Ch = Chapter
Choppage = A CRA may delete inquires before you get to the bumpage point.
Citi Backdoor Double = Rapidly applying for multiple Citibank CC products with the intention of combining their CL’s. No longer effective?
CK = Credit Keeper
CL = Credit Limit
CLOAKING/SUPPRESSED = The CRA won’t “EVER” let the information be put back on your report by the credit card or loan company or the collection agency.
CLOD = Creditnet Laborday Onslaught of Disputes
CM = Certified Mail
CMRRR = Certified Mail Return Receipt Requested
Compliance Date = See FCRA Compliance Date.
CO = Charge off OR Collections
CR = Credit Report
CRA = Credit Reporting Agency
CRO= Credit Repair Organization
CRRR = Certified mail, Return Receipt Requested
CS = CreditSecure (Experian’s (via AMEX) 3-in-1 report)
CU = Credit Union
CW = Credit Whore
CW = Credit Watch
DC = Debt Collector
DDA = Direct Deposit Account
Derog = Derogatory tradeline = an item on your credit file that is negative in any way.
DF = Data Furnisher (also FOI)
DH = Debtors Husband (also Dear Husband)
DMP = Debt Management Plan
DOI = Department of Insurance
DOFD= Date of First Delinquency
DOLA = Date of Last Activity
DTI = Debt to Income
DV = Debt Validation (what you want CA or OC to do) and Debt Verification (what CRA does–or so they say)
DW = Debtors Wife (also Dear Wife)
EFT = Electronic Funds Transfer
E-Oscar = Electronic program data furnishers use to communicate with CRA’s
EQ = Equifax
EQ CWG = Equifax Credit Watch Gold
ETA= Edited to Add
EX = Experian
Experica = Similar to FICO, as reported by Trans Union.
FACTA= Fair and Accurate Credit Transaction Act. Revisions to FCRA
Fair Isaac = Similar to FICO, as reported by Experian.
FAKO = Fake credit score, ie, any other than the FICO
FCBA = Fair Credit Billing Act
FCRA = Fair Credit Reporting Act
FCRA Compliance Date = Often called “DOFD”, the date the reporting SOL is based off of (See DOFD).
FDCPA = Fair Debt Collection Practices Act
FHA = Federal Housing Administration
FICO = Fair Isaac Company, the company that created the mathematical formula used to score credit worthiness of consumers
FICO = Fair Isaac score
FIFO = First In, First Out. Usually refers to how your letters are answered.
FOAD letter = F*CK off and Die letter. A full C&D that isn’t so nice.
FOI = Furnisher of Information
Freddie Mac = Federal Home Loan Mortgage Corporation (FHLM)
F/R = Financial Review. Creditor locking your account down until you provide further financial info to support your CLs (common AMEX term).
FRCP = Federal Rules of Civil Procedure
FTC = Federal Trade Commission.
FWIW = For what it’s worth
GC = Green Card from Certified Mail
Goodwill adjustment = Adjustment made to your credit report in response to your Goodwill letter.
GW = Goodwill letter
Hard Inquiry = Inquiry visible to others and counted in your credit score.
HELOC = Home Equity Line of Credit
HIPAA = Health Insurance Portability & Accountability Act of 1996,Public Law 104-191
HTH= Hope That Helps
IIB = Included In Bankruptcy
IIRC = If I recall correctly
Inq = Inquiry
ITS = Intent To Sue
JDB = Junk Debt Buyer
L/N = Lexis/Nexis (Another sneaky CRA-type)
LOC = Line of credit
MCK = My Credit Keeper
OC = Original creditor
OP = Original Post or Poster
PFB = PlanetFeedback.com
PFD = Pay for Deletion
PG = PrivacyGuard.com
PIF = Paid In Full
PMI = Private Mortgage Insurance
PP = Permissible Purpose (to pull your credit report)
PR = Procedural Request–request how CRA verified
RCP= Rules of Civil Procedure
RE = Restrictive Endorsement (contractual check)
RR = Return Reciept
RRR = Return Reciept Requested
SASE = Self-Addressed Stamped Envelope
SIF = Settled In Full
SOL = Statute of limitations
TILA = Truth in Lending Act
TL = Tradeline
TU = TransUnion
UCC = Uniformed Commercial Code
UDF = Universal Data Form
YMMV = Your Mileage May Vary
When Do Negative Items Come Off Credit Report
How Long Do Negative Items Stay on My Credit Report?
Last Updated – May 28, 2010
We asume you’re asking this question because you already have your credit report. Don’t have your credit report yet? Here’s our handy-dandy list of places to get it.
Accurate negative information generally can be reported for seven years, but there are exceptions:
•Bankruptcy information can be reported for 10 years;
•Information reported because of an application for a job with a salary of more than $20,000 has no time limitation;
•Information reported because of an application for more than $50,000 worth of credit or life insurance has no time limitation;
•Information concerning a lawsuit or a judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer; and
•Default information concerning U.S. Government insured or guaranteed student loans can be reported for seven years after certain guarantor actions.
•Tax liens stay on 7 years from the date PAID.
Some other rules to keep in mind:
The Statute of Limitations has nothing to do with the length of time something can stay on your credit report, they are two TOTALLY separate things. Again, there is absolutely NO relationship.
The length of time a negative mark can stay on your credit report starts from the time you were late or the late payment went into collection, not from the last time you made a payment on the account. Some collection agencies update their reporting status on you to keep the account active with the bureaus to extend the time the account appears on your report. Very crafty and underhanded of them, because most often the account is updated and the period of time the account is active appears to be extended. This is illegal! Challenge this! If you do, bureaus will correctly remove it 7 years from origination. Period. In other words, paying a collection will not keep it on your credit report for a longer period of time.
We also received a letter from R. Stuart Phillips, who filed a class action lawsuit against the Big 3 credit bureaus. Here is a letter he received containing the latest interpretation from the FTC: – This is a staff interpretation letter.
R. Stuart Phillips, Esq.
www.lawyerphillips.com
Division of Financial Practices
~
Clarke W. Brinckerhoff
Attorney
-
202-326-3224
UNITED STATES OF AMERICA
FEDERAL TRADE COMMISSION
WASHINGTON, D.C. 20580
February 15, 2000
Ms. Alaina K. Amason
14155 Shire Oak
San Antonio, TX 78247
Dear Ms. Amason:
This responds to your letter concerning the time limitations imposed by the Fair Credit Reporting Act (“FCRA”) on the reporting of chargeoff accounts by a consumer reporting agency (“CRA,” usually a credit bureau). We list your inquiries on this topic below in italics, with our replies immediately following each item.
1. What reporting limits does the FCRA provide with respect to chargeoffs, and how long have they been in effect?
Section 605(a)(4), which has been in effect since the FCRA became effective in April 1971, has always prohibited CRAs from reporting chargeoffs that are more than seven years old.(1) Section 623(a)(5), which became law in September 1997, requires a creditor that reports a chargeoff to a CRA to notify the agency (within 90 days of reporting the account) of “the month and year of the commencement of the delinquency that immediately preceded” the chargeoff. Section 605(c)(1) provides that the seven year period begins 180 days from that date. Both provisions were part of the major revision to the FCRA that were enacted in 1996.(2)
2. Is the reporting period extended if (A) the original creditor sells or transfers the account to another creditor, (B) the consumer responds to post-chargeoff collection efforts by making a payment on the debt, or (C) the consumer disputes the account with a CRA? Does it matter whether the 7-year period has expired when any of these events occurs?
No. In enacting the new provisions discussed above, Congress intended to establish a date certain — 180 days after the start of the delinquency that led to the chargeoff — to begin the obsolescence period. It did so to correct the often lengthy extension of the period that resulted from later events under the original FCRA. Enclosed are two staff opinion letters (Kosmerl, 06/04/99; Johnson, 08/31/98) that discuss the impact of these provisions, and the legislative history relating to their enactment, in more detail. Because the commencement of the seven year period is now described with some precision by the statute, it is our opinion that none of the subsequent events you listed — sale of the charged off account by the creditor, or a payment on or dispute about the account by the consumer — changes the allowable period for a CRA to report a chargeoff.
3. Since Sections 623(a)(5) and 605(c)(1) provide new rules for calculating the 7-year period that became effective in 1997, do chargeoff accounts now have different obsolescence periods depending on when the chargeoff occurred? Yes. Section 605(c)(2) states that the section “shall apply only to items of information added to the (CRA) file of a consumer on or after” 455 days after enactment, or December 29, 1997. Therefore, a chargeoff reported to a CRA on or after that date is subject to the new commencement-of-the-delinquency method of calculating the obsolescence period set forth in Sections 623(a)(5) and 605(c)(1). On the other hand, a chargeoff reported to a CRA before December 29, 1997, is not covered by the new provisions, as discussed in one of the enclosed letters (Kosmerl, 06/04/99). If a credit account was reported as a chargeoff before that date, the Commission’s view has been that it can be reported for seven years from the date the creditor actually charged it off.(3)
The opinions set forth in this informal staff letter are not binding on the Commission.
Sincerely yours,
Clarke W. Brinckerhoff
How To Get Your Best Credit Score
To many people their credit score is a mystery until they are denied credit or are offered credit with less favorable terms. Your best credit score is the result of a little effort on your part along with a few steps performed consistently over time.
Your credit score is determined by an algorythm that takes into account five different areas that will determine your credit worthiness and risk rating. To achieve your best credit score it is important to evaluate each of the five areas to see where you can improve your performance.
If you have significant negatives on your credit report it is best to follow a credit repair system which individually addresses each entry on the credit report to remove anything that may be reported incorrectly. It will take some personal effort but the results are worth it.
The first area to evaluate is current credit standing. This is the most difficult to improve and the area that will drop credit scores the quickest. Credit standing looks at your payment history on all credit accounts and will place the most emphasis on the most recent events. It accounts for about 35% of your total score. Regular timely payments, no collections, no late pays or defaults will keep your credit score healthy. A single late payment on a credit card may drop your score 50 to 70 points. A second late pay in the same period of time will send scores tumbling by 100 points or more. Be sure to pay close attention to this area and you will be on track to your best credit score.
Delete negatives from your report today!
Credit utilization is the second most important area. It takes a snapshot of available credit and how much credit is outstanding. Ideally the credit outstanding should not exceed 30% of the available balance. If credit is regularly used up to the high credit limit it appears to creditors that there is insufficient cash flow and the client is relying on credit which indicates a greater risk. Regularly pay more than the minimum balance due and ideally pay balances in full each month.
The third area is credit depth and it will factor approximately 15% of the credit score. This portion is consided your credit character, it demonstrates how responsibly you have handled credit over the time since opening your first account. The longer you have had positive credit the higher your score will be in this area. If you have had negative events in the past then the more time that has passed since the negative, the less effect it will have on your credit scores.
Delete negatives from your report today!
Recent inquiries indicate that you have applied for credit. This is the forth area of consideration and will acoount for 10% of the total credit score. It is always prudent to space your credit applications apart and never apply for multiple accounts in a short period of time. Creditors will see this as a red flag as it makes an applicant appear deperate to expand their credit lines. This is often the result of someone experiencing a job loss or some financial set back where they may need to rely on credit.
The last area is credit dispersion and it will acount for about 10%. Credit dispersion looks at the type of open credit accounts you have. If for instance you have five store cards and 4 bank cards but no other accounts then that is certainly not going to appear as a good balance of accounts. On the other hand if there is a car loan, a store card and two bank cards then credit is dispesed more evenly and is looked upon more favorably.
Following a debt management plan is a great way to improve your credit scores over time by improving the way you manage your debt. Understanding how each area of your credit reports affects you is a great first step towards achieving your best credit score.
How To Rebuild Credit
Q–
I don’t currently have a credit card but would like to begin building my credit. Up until now I have always paid with cash or a check. How is my credit rated and how is it looked at if I don’t have any credit accounts? Will I be able to apply for an apartment rental without a credit card?
A–
There are many ways to build credit without a credit card. The first place to look would be through your employer. Do they have a credit union? They may be able to offer unsecured loans based on your employment history with your company.
If you are able to show a stable job history and residence history you may be able to qualify for an auto loan. Auto loans are considered secured credit since the lender has the ability to repossess the vehicle if you stop making payments.
Store credit cards are another option. They will typically start you off with a limited amount of available credit. By making timely payments over time you will demonstrate your ability to pay responsibly. Responsible payment history will bring more offers of credit to your mailbox.
The other option is to go the route of a secured credit card. These are set up with a deposit to your account equal to your available credit. Essentially you are borrowing your own money but until there is a history of responsible credit use this may be the best and only alternative to establish new credit
Rebuild Credit with Secured Credit Cards
Attempting to improve one’s credit report generally is a challenge. Making use of for brand spanking new credit score may show to be troublesome as many lenders want purchasers with good to wonderful credit. However, because of below-average credit bank cards and secured bank cards, getting approved for a brand new credit card even with a poor credit score score is now made possible.
What are secured credit cards?
As the title suggest, these credit cards are given to individuals with no credit score history or poor credit score history. The applicant is just required to submit a security deposit which is often equal to the credit limit of the card. This lowers the risk for the lenders. Thus, anyone- whatever the status of his credit report can apply for a secured bank card and get approved with out hassle. In fact, secured bank cards can be used as instruments in rebuilding or improving broken credit.
How much is the safety deposit that you want to submit? The amount relies on the requirement of the credit card company. Most bank cards require a deposit ranging from a minimum of $200 to $500 to $1,000. Normally, the amount of the security deposit additionally determines the amount of credit limit allowed to the cardboard holder.
How will you improve your damaged credit score history with the help of secured credit cards? By getting a secured card that reports to the three main credit score bureaus. Through the use of your secured bank card and timely maintaining along with your credit cards funds, these will be reported to the credit score reporting agencies. After a number of months, you need to have the ability to see an improvement within the standing of your credit.
Nonetheless, it’s important to do not forget that not all secured bank cards report back to the credit score bureaus so it is best to make sure that your chosen credit card company extends this explicit feature. A good secured credit card should also give you an computerized upgrade to an unsecured credit card account after you’ve proven your credibility as a card holder. Typically, you must be able to get an everyday credit card after a year so you can take pleasure in the next credit limit and more privileges as well.
There are a variety of secured credit cards available out there today. Of course, the first thing you’ll most likely check on is the rate of interest offered. However don’t overlook that evaluating the rate of interest of a credit card alone won’t offer you an correct evaluation. Other than the rate of interest, take a very good take a look at the other charges and expenses related to the credit card, notably if the cardboard gives an unbelievably low APR.
Just like when you apply for a regular or unsecured credit card, take your time in weighing your options. Once you’ve narrowed down your choices, make it a degree to read all the Phrases and Circumstances related to each of your prospective cards. Since a lot of the advertisements only advertise the best options of the card, reading the Settlement page will enable you to see the true prices and circumstances of the credit score card.
Lastly, use your secured bank card with the first purpose to rebuild your credit. Charge only what you’ll be able to afford to pay in full earlier than your due date, not solely to avoid the extra interest rate and late fees, however more importantly, to start repairing your credit history.
credit repair
Despite of careful measures and precautions you may come across the conditions where you find yourself in difficult and tough situations to manage your finances. Losing the job, accidents, late payments or unexpected situations could push you in the valley of financial troubles. Your shinning & positive credit worth could shape into ugly and undesirable. Your credit report would be piled up with collections, judgments, late payments, foreclosures and negative marks. You would not get success in obtaining new loans and credits from banks and financial institutions.
Hiring a credit repair firm is an ideal option at front of you to bring back the positive credit worthiness again in your life. We do have large number of credit repair firms at front of us to choose from. Few of them are experienced and carry the good repute in solving credit repair issues, but without any doubts Lexington Law firm is the best choice as compared to others.
Lexington firm is in business since 1991, and helped numberless people to solve their credit related problems. The process of Lexington credit repair firm is quite simple and effective as compare to other credit repair firms. You just need to send them your credit report with indication of objectionable items you are interested to wipe out from your credit report, the rest belongs to Lexington Law Firm.
The service fees of Lexington Law firm are very reasonable and affordable for ordinary folks. You could start with their services from as low as $39.95 a month with no hidden fees. It has designed three service plans – you may choose the one which is more near or suitable to your needs and requirements. In case, they fail to provide you agreed services for a given month then they would not charge you for that particular month. If you have already paid service charges for that particular month then they would refund it.
In addition, the firm is providing free support via their toll free number, email and online chat.
Tell your credit story and get instant help, dial: 1-866-944-7671