What Role Does Lexis Nexis Play in Credit Repair?

Credit repair organizations claim to be able to assist you with a variety of issues. How many times have you seen an advertisement or a website that claims to be able to assist you with a variety of issues such as collections, charge-offs, late payments, judgements, tax liens, bankruptcy, foreclosures, student loans, and more? Doesn't it sound nice?

However, this nebulous concept of "assistance" does not always address what will or can be accomplished

So, how can a credit repair company "assist" with the other claims they make? They can't, if they're a broad conflict resolution firm. They should be able to assist you if they are a legitimate credit repair firm that knows what they're doing.

Let's look at how the credit repair process works and what a company can lawfully do for you.

HOW DOES THE CREDIT REPAIR PROCESS WORK?

Most companies' "credit restoration" entails filing an online dispute with the three major credit bureaus (Experian, Equifax, and Transunion), but there is more that can be done.

Many credit repair businesses are Multi-Level Marketing (MLM) businesses, with individuals offering “Credit Repair Software” as a service. Only online disputes with bureaus are permitted.

While some collections, charge-offs, and payment history concerns can be corrected with a bureau level dispute, liens and judgements, bankruptcy, and IRS tax liens are more difficult to handle.

They are frequently not associated with a physical credit report. You would have to get this information from Lexis Nexis in order to see public records.


WHAT IS LEXIS NEXIS AND HOW DOES IT WORK?

Lexis Nexis is a separate firm that assists commercial organizations, government agencies, and nonprofits in obtaining public information necessary to obtain a complete image of an individual or business, as well as their assets.

To give an example of why this information is needed, mortgage lenders will look at a credit report to check if individuals match the credit score standards for receiving a home loan throughout the homebuying process. A lender will be notified if certain information on a credit report indicates that a Lexis Nexis report is required.

Lexis Nexis provides lenders with information on public records such as tax liens and judgements filed against a potential borrower to assist them in determining that person's true credit risk.

These borrowers will be unable to acquire a property unless these items are fulfilled, or are on a payment plan to be satisfied.

A LEXIS NEXIS REPORT WITH INACCURACIES

What should you do if your Lexis Nexis report contains a mixed file or inaccuracies?

A good company's seasoned credit specialist will recognize that a general bureau level dispute will not result in a resolution. It will take a thorough and individualized audit of your Lexis Nexis file, as well as audits of the three major credit bureaus and the accounts' original creditors.

It's vital to keep in mind that there are no templates for audits or investigation requests of this nature. They must be tailored to your individual situation.

WHAT’S NEXT?

You must have a plan of action to satisfy the liens or judgments after receiving a Lexis Nexis report and validating the authenticity of the debts through a tailored audit procedure and investigation requests.

Working with a business that is knowledgeable with Lexis Nexis and understands the most efficient method to deal with these types of accounts can provide you piece of mind and relieve some of the stress from your shoulders, allowing you to focus on the difficulties at hand.

You must have a plan of action to satisfy the liens or judgments after receiving a Lexis Nexis report and validating the authenticity of the debts through a tailored audit procedure and investigation requests.

Working with a business that is knowledgeable with Lexis Nexis and understands the most efficient method to deal with these types of accounts can provide you piece of mind and relieve some of the stress from your shoulders, allowing you to focus on the difficulties at hand.

Nothing is more frightening than going through a procedure and not understanding what to do, particularly when it comes to your cash.

After you've paid off these public debts, you'll need to work hard to rebuild your purchasing power and creditworthiness.

If you've been doing everything on your own, you might want to get counsel from a reputable credit specialist who can help you rebuild your credit.

If you're already working with one, they should already have a strategy in place to begin rebuilding right away.

When employing a credit repair organization to help you re-establish your credit and purchasing power, proceed with caution. Before working with any organization, be sure to ask a lot of questions. Look for them on social media, read reviews, ask around, and read blogs.

Make sure they're familiar with all facets of credit, credit reporting, and regaining purchasing power. This is not a technique that should be sold by a salesperson who has no knowledge of the credit sector.

You'll need the assistance of a true specialist to get you through this.

Related Articles:

https://thephenixgroup.com/el-paso-a-hot-housing-market-with-affordable-homes-and-well-paying-jobs

https://thephenixgroup.com/credit-repair

https://thephenixgroup.com/the-case-for-hiring-a-credit-repair-company/

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