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This week’s review is by Hank Coleman who is an active duty Army officer and the publisher of Money Q&A, a personal finance blog focusing on interesting investing ideas after you’ve maxed out your retirement plans.
LexOnTrack – Lexington Law’s Renowned Credit Repair Now with an Identity Theft Protection Tool
A lot of us have errors in our credit reports. But, fixing them can often be a hassle and time consuming. Many of errors can even start after thieves have stolen your identity.
According to a Congressionally mandated study, the by the Federal Trade Commission (FTC) found that over 20% of Americans have errors in their credit report. That equals over 40 million Americans who have errors on their credit report!
Having errors in your credit report can affect your credit score. You may find lenders denying you for mortgages, car loans, and other borrowing because of a low credit score caused by errors. Or, you could find yourself paying a higher interest rate on things like loans and credit cards that you’ve applied for while errors dinged your credit report and ultimately dragged down your credit score.
You might be thinking that one error on your credit report isn’t a big deal. Or, you might not even know that there is even an error. Over 50% of Americans that haven’t check your credit report in the last six months (Shame on you by the way! It’s FREE!) – but, late payments or derogatory marks on your credit report can come back to bite you. And, identity theft just compounds the issue. That’s where Lexington Law and LexOnTrack come in to play.
Who Is Lexington Law?
Lexington Law has been helping clients repair their credit for many years. They are one of the oldest and most respected credit repair companies in an industry that consumers haven’t always always looked up to in general. In the late 1980s and 1990s, many credit repair companies had bad reputations for unscrupulous tactics and promising more than they could delivery, but when Lexington Law began operating in 2004, they quickly rose above the rest.
Lexington Law continues to be the gold standard in the credit repair industry for reputable, legal-based solutions to help customers repair their credit. As a law firm first, Lexington Law used their knowledge of the legal system and that approach to credit repair, and they brought their legal understanding and expertise to everyday consumers who need the affordability offered by Lexington’s technological innovations in the field.
Lexington Law built its practice on the belief that everyone has a right to credit report that is fair, accurate, and backed by real events. That’s what lenders should report to the three national credit bureaus: Equifax, TransUnion, and Experian.
Lexington Law helps clients use their legal rights as well as sharing their understanding of the intricacies of credit reports and credit scores to advocate for clients to earn credit scores that they truly deserve through accurate credit reports that are free of errors.
How Lexington Law Works
Lexington Law uses many complex consumer protection laws to help inform and give customers a legal basis to dispute illegal, unfair, inaccurate, and unsubstantiated derogatory information on their credit reports. Unlike other credit repair agencies, Lexington Law sets itself apart from its competition by understanding the laws of the United States and how to help consumers ensure their lenders are reporting accurate information to the three national credit bureaus. Lexington Law uses its knowledge of these laws to help consumers:
- The Fair Credit Reporting Act (FCRA)
- Fair Debt Collections Practices Act (FDCPA)
- The Truth in Lending Act (TILA)
- Fair Credit Billing Act (FCBA)
- The Servicemembers Civil Relief Act (SCRA)
- The Health Insurance Portability and Accountability Act (HIPAA)
Their understanding of these complex laws helps consumers understand their rights and how to use the laws to dispute inaccurate items on their credit reports. And, not only does Lexington Law help its clients with the credit bureaus, but they help dispute inaccurate items from individual creditors as well.
Lexington Law uses these laws to fight for their clients. Customers who use Lexington Law work with experts with deep understanding of these consumer protection laws and can leverage them to the consumer’s benefit. Doing it yourself can lead items simply returning to your credit report, especially if your lender sells your debt to another creditor of a collection agency.
What Is LexOnTrack?
Lexington Law has now taken their vast knowledge of complex consumer protection laws and added an identity theft protection tool to their arsenal as well. They use their legal experience, knowledge, and technology to protect their customers from identity theft and then help to clean up issues should the unthinkable occur – helping you protect the data in your credit report and ultimately your credit score.
LexOnTrack Identity Theft Protection Tool is the newest offering from Lexington Law. The company is known for monthly subscription credit repair services. Now they have combined their credit repair service with identity theft in LexOnTrack.
The company launched LexOnTrack in September 2017. And, currently, the service costs $24.95 per month. With LexOnTrack, the company monitors your identity 24 hours a day, 7 days a week and alerts you if it detects any suspicious activity. It also provides $1 million in identity theft insurance that includes any funds stolen and cash reimbursement.
Additional features included with LexOnTrack include monthly FICO® Score tracking, dedicated US-based customer support, and tools to help you manage your finances. The LexOnTrack service can be your “one stop shop” hub for all your financial data if you choose.
Within the LexOnTrack platform, you can see transactions from financial institutions you link to it, monthly cash flow, financial goals, and more all from one interface. Additionally, the experienced lawyers and paralegals at Lexington Law use consumer protection laws to help keep your identity safe and help resolve problems.
But, the biggest strength of LexOnTrack is its combination of identity theft protection AND credit repair. If you’re the victim of identity theft, LexOnTrack will prevent it but also help to remove questionable negative items from your credit report on one simple platform as well.
LexOnTrack gives you peace of mind that your credit is safe through active identity theft monitoring and that Lexington Law will help you take swift action should identity theft actually occur. Unlike competitors, LexOnTrack combines both identity protection and credit repair all in one platform for its customers.
What Sets Lexington Law Apart from Its Competitors
Lexington Law has a lot of attributes that set itself apart from its competition.
- Advanced technology with solutions designed to fit every client’s need.
- Long-standing relationships with all three of the major credit bureaus.
- Legal assistance gives clients trust and peace of mind.
- CROA (Credit Repair Organizations Act) compliant.
Lexington Law has a proprietary platform that gives consumers the first and only platform to meet their needs for credit repair. Lexington Law’s mobile app provides customers a real-time solution with email and text updates as well as an interactive dashboard on the app.
Lexington Law has built long-standing relationships with all three of the major credit bureaus in the United States. It’s these relationships that make Lexington Law different than other credit repair companies. They work with the credit bureaus to remove errors from their clients’ credit reports.
Lexington Law complies with the CROA (Credit Repair Organizations Act) and the Consumer Credit Protection Act. Auditors and regulators routinely audit the company to ensure they are compliant.
Identity theft shouldn’t impact your credit reports, but it can. Identity theft can lead to derogatory items on your credit report that don’t even belong to you. When identity theft occurs, thieves can run up your existing credit lines, go over their limits, open new accounts in your name that they never make payments on, and even make hard inquiries trying to open new credit lines and loans in your name – all which can damage your credit score.
The possible devastating link between identity theft that can add errors to your credit report is why Lexington Law created its new platform, LexOnTrack. The platform combines Lexington Law’s credit repair services now with industry leading identity theft protection.
It can take a long time to fix errors on your credit report. The best defense is never to let them appear there at all. And, that’s where LexOnTrack and LexOnTrack come in to play.
Interested in checking LexOnTrack out?