If something sounds too good to be true – everyone knows the rest of that expression, and it could not be more fitting than in the credit repair industry. The word “fast” should never be in the same sentence with quality credit restoration and expecting the unlikely should only be reserved for marketing products during Super Bowl commercials. In a world where the spirit of a dog appears to sell beer during halftime, it is not surprising that people are misled. Logic would indicate that if it took several months or even years to damage the credit files, they would not magically restore themselves in a matter of minutes. It would be the same concept of expecting brand new lungs or a sparkling fresh liver immediately after the last puff or sip.


What to look out for: If you decide to take out this card and become a member of the SDFCU by joining the American Consumer Council, make sure you do not go to the ACC’s website and submit a $5 donation. That fee is waived by the SDFCU when you fill out your credit application. Simply select “I do not qualify to join through any of these other methods:” and select the ACC from the menu to avoid the $5 fee.
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You may have heard that some creditors are willing to settle your debt for pennies on the dollar. In reality, credit card debt forgiveness is rare and tricky, and can be very costly. You have to first be in serious arrears. Then you have to convince your creditors that you don’t have the means to repay your debt and your situation isn’t likely to change. If you manage to work out a debt settlement agreement, the creditor is all but guaranteed to report your forgiven debt to the IRS. The forgiven debt is considered taxable income.
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I had a $10,000 surgery when my medical insurance lapsed. I had to fill out a form with the hospital that stated I could not afford to pay it and they forgave it/never went on my credit. If you make under a certain income, the hospital should help you get those off, call the hospital and ask. It may be too late since it’s in collections already, if that’s the case, don’t pay it because it won’t change the negative impact since it’s already in collections. Wait for it to fall off.
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