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You see the ads in newspapers, on TV, and online. You hear them on the radio. You get fliers in the mail, email messages, and maybe even calls offering credit
repair services. They all make the same claims:
“Credit problems? No problem!”
“We can remove bankruptcies, judgments, liens, and badloans from your credit file forever!”
“We can erase your bad credit — 100% guaranteed.”
“Create a new credit identity — legally.”
Do yourself a favor and save some money, too. Don’t believe these claims: they’re very likely signs of a scam. Indeed, attorneys at the Federal Trade Commission, the nation’s consumer protection agency, say they’ve never seen a legitimate credit repair operation making those claims. The fact is there’s no quick fix for creditworthiness. You can improve your credit report legitimately, but it takes time, a conscious effort, and sticking to a personal debt repayment plan.
Get up to speed on how your credit score works and how it affects your financial future. Credit Yak has the info you need to make informed decisions.
Credit Yak offers proven strategies to improve your credit score. Get ready to unlock better interest rates and more financial opportunities.
When you don’t pay back a debt, the lender or creditor can close out your account, mark the debt as non-collectible and claim it as a business loss on their taxes—a process known as a charge off. This doesn’t mean it stops affecting you, though, since the debt will likely be sold to a collection agency. In fact, you’re still responsible for the debt, whether by paying it off or by settling.
We educate from Credit Report analysis to the removal of negative items on your report.
Our Credit Yak teams are true experts in their field.