Frequently Asked Questions

Answered by our panel of credit repair specialists


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Call (877) 552-1377 and one of our credit experts will be happy to help.


How long does the Credit repair process take?

Each case differs, but an estimate is usually 3-5 months

Should I apply for loans while my credit is being repaired?

All clients should refrain from applying for credit while we are working on the file because you don’t want to risk the chance of being denied because of the derogatory items on your report.

What is the difference between Debt Settlement vs. Debt Consolidation?

Debt settlement is the process of paying off debt to a creditor after mutually agreeing to a sum less than what is owed. Debt consolidation is the process of combining all your unsecured debts into a single monthly payment. The loan is used to pay off your debts, then you pay off the new consolidation loan rather than dividing your payments to your creditors. Debt consolidation may leave you in debt for a longer period of time. Additionally, you also may be required to put up property perhaps a home or car as collateral for a consolidated loan. If you can’t make payments, you risk losing your collateral.

What happens if I don’t pay my debt?

Collectors can sue you for the debt you owe plus interest. If the creditors places a judgment against you, they could also ask the court to garnish your wages or levy your bank account to enforce the judgment.

Is it better to file Bankruptcy?

Bankruptcy will ruin your credit for some time to come. A Chapter 7 bankruptcy can remain on your credit report for up to 10 years. You will lose property that you own that is not exempt from sale by the bankruptcy trustee. Also, Bankruptcy will not get rid of your student loan debt.

(Y2K is able to remove the Bankruptcy off of your report after one year from the date the bankruptcy was discharged)

What is soft and hard inquiry?

A hard inquiry when a bank or other creditor checks your credit score, usually to determine whether you are a creditworthy customer or not. Hard pulls are considered serious inquiries made in advance of you receiving a loan or line of credit. It takes to two years for a hard inquiry to come off of your report. A Soft inquiry typically occurs when a person or company checks your credit report as part of a background check. Examples include employer background checks, getting “pre-approved” for credit card offers and checking your own credit score. More than six hard inquiries per year is considered abuse of credit.

What is DTI?

Debt To Income ratio is the percentage of your credit you have available. A debt-to-income ratio is one way lenders measure your ability to manage the payments you make every month to repay the money you have borrowed. To be credit worthy it is recommended that you have 30% credit used, leaving 70% available.

How does Y2K differ from other credit repair companies?

Y2K Credit Solutions has been in business for over eight years. We are the industry leaders in helping our clients regain their financial freedom through raising their credit score, cleaning their credit profiles, and providing education on how to maintain (and better) a sound financial state. Our experience, insights, and unmatched problem solving mechanisms has driven us to help thousands already. We believe that our comprehensive approach is highly competitive and the most effective in restoring financial power to our clients.