| What is up Responsible Adult!!
Today we’re going to talk about one of the biggest scams in the world: Credit Repair Companies. | These people claim they can do everything under the sun to fix your credit QUICKLY. Usually they say they can take negative things off your credit, and it’s just not true.
The harsh reality is, they can’t. And the ways that they CLAIM they’ll do it, are actually illegal.
Let’s go deeper on this…
What is Credit Repair?
So credit repair has been around for years, but recently in the TikTok era, there have been tons of companies that have popped up. And they all promise the same thing…
“We can get negative items removed”
“We can dispute things on your behalf”
“We can get your credit score up in 60 days, or your money back”
The sad part is, people don’t know any better. People have really bad credit and they’re panicking trying to get a car, or buy a house for their family and they’re desperate for a quick fix. Then these credit repair companies swoop in and take advantage of these people.
Why do people have bad credit?
It’s because they have “negative items” on their credit report. Things like missed payments, collections, inquiries etc etc.
So these repair companies will tell you they can get rid of those by doing something called disputing. Which is essentially like disagreeing and requesting the negative item be removed.
You have to understand when something is being disputed on your credit, credit bureaus will temporarily remove that item from your credit while it’s under review.
If the negative item is LEGIT, then IT WILL pop back on your credit report.
So these repair companies are basically disputing in hopes that the bureau temporarily removes it from your report. And then you start jumping for joy thinking it worked… In all reality, it didn’t. It’s just under review 🙃
In a few months, you’ll log into your Credit Karma and notice your credit score plummeted again. Yeah… it’s cause the negative item came back because it was SUPPOSED to be there in the first place.
A F*cked Up Way of Disputing
Now for the absolute CRAZIEST thing these companies do… Whenever they dispute things in your name, they need a reason to dispute. And their favorite one is filing for identity theft 🤯
I’m going to quote the FTC (Federal Trade Commission) on this one so you don’t think im exaggerating… “Avoid companies that tell you to knowingly file a false identity theft report — that’s a crime, and it could result in a fine, imprisonment, or both.”
I’m also gonna drop you a screenshot from the FTC with a list of signs that credit repair companies are scammers. | | I want you to read that list and really sniff out the bull sh*t. Every credit repair company I’ve ever seen checks off AT LEAST one of these boxes.
| When Disputing Actually Works
Now, to be fair — sometimes there genuinely IS incorrect information on your credit report. That happens.
My dad and I share the exact same name, and one time his car loan ended up on MY credit report by mistake. That's a real error, and real errors deserve to be disputed. | So I disputed it. Took a few minutes through Credit Karma. It got fixed within a month.
I didn’t hire a company, pay a fee. None of that BS. | | What Would Stack Do
Stack doesn't pay someone to do something he can do himself for free. If something on his credit report looks wrong, he disputes it directly. If something on his credit report is accurate but not great, he knows the only real fix is time, consistency, and on-time payments. There's no shortcut.
And Stack says to follow us on Instagram!!! You literally can’t miss the bright ass pink button below. CLICK IT!!!!! | luv u ❤️ | - Mikey (& Stack 🦥) | |
|
