Foundation problems

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We recently had someone start work on a basement de-watering system. When the old paneling and studs were removed, it revealed horizontal cracks along the full length of three of the basement walls.

We have been told that this indicates a foundation problem. One of the solutions that has been suggested is what was referred to as a rod or pole tensioning system. steel rods are bolted to the top and bottom blocks at various intervals and tightened over a period of about three months.

Has anyone ever heard of this type of solution?

Thanks,

Mike