1,013,469 Verified Removals from Clients’ Credit Reports Makes 2009 a Record Year for Lexington Law.
January 27, 2010 | Salt Lake City, UT | (PR Web) Lexington Law, the nation’s leading provider of consumer credit correction services, announces the removal of over 1 million negative items from clients’ credit reports in 2009. This record number of items removed in a year included late payments, collection accounts, charge offs, and a variety of other damaging listings.
Lexington Law’s services help clients dispute questionable and inaccurate negative credit report listings with the three major credit bureaus: Equifax, Experian, and TransUnion. Lexington Law also provides creditor interventions to creditors designed to assist customers in communicating with creditors directly to remove or improve the status of negative listings. Additionally, Lexington provides cutting edge information and coaching to assist clients in optimizing their credit scores.
Negative listings on consumer credit reports have a significant impact on credit scores which are used by lenders, credit card providers, insurance providers, and some employers to determine risk. A single 30-day late payment can lower a credit score by 60 to 110 points. A decrease of this magnitude can destroy an otherwise good credit rating and potentially cost a consumer hundreds of dollars per month in increased interest payments on new lines of credit. More serious negative items, such as collection accounts and repossessions, can impact credit scores even more severely and may make it nearly impossible for a person to get approved for credit altogether. Because of the impact negative items have, removing these items may be the most effective method for increasing a credit score.
“1 million removals is clear proof that the services we provide to our clients really work” said John Heath, directing attorney for Lexington Law Firm. When you consider how many individual client successes you need to reach 1 million removals, it is clear that 2009 was an exceptional year.”
Demand for credit correction services increased in 2009 as stricter lending requirements meant that consumers had to have much higher credit scores than in previous years in order to be approved for low interest rate loans. Minimum lending requirements also increased causing many Americans to be unable to purchase a home, despite the fact that their credit scores had remained unchanged.
“The credit crisis was not isolated to large corporations” said Heath. “The individual consumer also had a tough time in 2009. However, as with any period of change, this has also presented an opportunity. Consumers with good credit scores have been able to capitalize on bargain prices and extremely low interest rates. As the economy recovers, Americans will be presented with more opportunities where having a high credit score will again come into play, so we have good reason to believe that 2009’s 1 million removals will be surpassed in the upcoming year.”
About Lexington Law
Lexington Law is a consumer advocacy law firm with 21 years of experience helping over 1/2 million Americans work to improve their credit. The firm empowers credit success through effective services which leverage consumer rights to legally resolve issues with credit bureaus as well as creditors, assuring that clients’ credit reports are a fair and accurate representation of their true creditworthiness. For details about Lexington Law’s services, attorneys, or statistics visit: www.lexingtonlaw.com.