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If you're struggling with bad credit, you may have searched for ways to fix it quickly. While some companies promise fast credit repair and guaranteed results, not all of them are trustworthy. The credit repair industry includes both legitimate businesses and fraudulent operations that take advantage of vulnerable consumers.
If you’re trying to fix your credit, you may have seen offers from companies that promise to “clean up” your credit report or raise your score fast. While some services may be legitimate, many are not — and that’s exactly why the Credit Repair Organizations Act (CROA) exists.
When you’re trying to rebuild your credit, it’s easy to fall into the hands of companies promising fast fixes and guaranteed results. That’s why Congress passed the Credit Repair Organizations Act (CROA) — to protect consumers from misleading and dishonest credit repair practices.
In recent years, Lexington Law and its parent company PGX Holdings Inc. have come under heavy legal fire. This has led to bankruptcy filings and major regulatory scrutiny from the Consumer Financial Protection Bureau (CFPB). For consumers, this situation is more than just a headline. It highlights the risks in the credit repair industry and what happens when companies mislead the people they claim to help.
Struggling with bad credit can be frustrating and overwhelming. So when a company promises to quickly "fix" or "erase" your credit history for a fee, it may sound too good to pass up. Unfortunately, many of these offers are credit repair scams designed to take your money without actually helping your credit.