Quick Look at Accredited
Accredited Debt (ADR) is a debt management company founded in 2011 that offers an array of services to those who find themselves owing too much debt to creditors (most often credit card companies). Services offered include debt consolidation, credit card consolidation, and debt settlement.
Counselors work with each individual’s unique financial situation to choose a service. As with all FTC regulated debt resolution firms, ADR charges no fees until they receive a resolution offer for you.
Accredited has resolved over $2 billion in debt and has helped over 300,000 clients.
Their services are available in the following 35 states:
- North Carolina
- New Mexico
- New York
- South Carolina
- South Dakota
- West Virginia
|Is Accredited legit?||Yes, Accredited (ADR) is a legitimate debt consolidation and settlement company. They have received accreditations from the IAPDA and AFCC.
Accredited has also earned 4.8 out of 5 stars from over 1,300 verified customers. Many clients praised ADR for their knowledgeable, patient, and understanding staff.
|How much does Accredited charge?||ADR charges 15% to 25% of your enrolled debt, but they do not charge any upfront fees.|
|Will debt resolution programs ruin my credit score?||Debt programs can affect your credit score. Because of this, we only recommend this route to those who truly need it.
For example, a debt settlement program requires you to stop paying your creditors and make payments to a dedicated account while Accredited negotiates. This can decrease your credit score.
However, Accredited’s website says, “your credit score can improve over time if you practice good financial habits.”
|Will I save money working with Accredited?||On average, clients end up paying about 55% of their enrolled debt (without taking fees into consideration).
This means that before factoring in the fees, you could save 45% of your enrolled debt.
|How long until I’m debt free?||This greatly depends on your financial situation and the program you choose. While it is possible to be debt free in 12 months, it takes most Accredited clients about two to four years to pay off their debts.|
Do Clients Like Accredited?
After receiving reviews from over 1,300 verified customers, Accredited has received a 4.8 out of 5 star rating. The majority of clients had positive experiences to report, with 97% of reviews being 4 or 5 stars.
Most positive reviews for Accredited are related to the customer service people receive.
Accredited’s agents are described as patient, helpful, and professional. Reviewers also say that these professionals are able to answer all the questions they have about their financial hardship and specific situations. The process of resolving debt is very detailed and informative.
Not only that, but because debt resolution can be a sensitive topic, many consumers reported how comfortable ADR representatives made them feel. In fact, the biggest complaint people had was they wished they had called ADR to obtain a debt management solution sooner.
For example, one satisfied customer recounted:
"I reached out to Accredited Debt Relief to get help paying off my credit card debt. They were able to answer all of my questions, made me feel heard, and helped me understand monthly payments that I could afford. They provided me comfort and understanding in a really tough situation. I would recommend and use Accredited Debt Relief in the future." - Autumn
Other reviews have also praised ADR for:
- Frequent communication
- Helpful & compassionate representatives
- Knowledgeable & quick to answer questions
- Simple & detailed program
Only 2% of reviews rated ADR as 1 star, but those who were unsatisfied with their experience mentioned:
- Difficult to cancel enrollment
- Poor customer service
How Much Does Accredited Cost?
Accredited does not charge any upfront fees, and the initial consultation is free.
While the fees vary based on each account, clients are charged 15% to 25% of their enrolled debt.
For example, if a client enrolls in the Accredited program with $20,000 in debt, they will be charged between $3,000 and $5,000 regardless of the new amount Accredited is able to negotiate.
According to Accredited’s website, consumers that make all of their monthly payments pay on average 55% of their total enrolled debt before fees.
After the fees, payments will be anywhere between 68% to 75% of the enrolled debt over a 3 year period before becoming debt free.
How Does The Accredited Program Work?
1. Free Consultation
Company representatives of Accredited help forgive debt every day and offer a free consultation designed to help people with credit card debt understand where they are financially and what options they have for reaching a credit card debt resolution and becoming debt free.
2. Personalized Plan
Accredited doesn’t just offer one service they try to sell you on. They listen to each individual and make recommendations on a case-by-case basis. For example, if debt resolution isn’t right for you, they may offer another debt assistance option:
- Credit Counseling
- Debt Consolidation
- Debt Management
Whatever debt option you pick, Accredited’s goal is to lower monthly payments and interest rate, help with calls from creditors and collection, and simplify the process of becoming debt free.
After a free consultation, customers can stay up-to-date on the status of their account with ADR’s online dashboard (personal client portal).
Customers can check the status of their account 24/7. This allows them to stay informed of any updates and resolution amounts.
3. Lower Customer Debt
ADR starts negotiating lower payments with credit card companies within one to two weeks after signup. According to their website, about “90% of our clients…receive their first settlement within nine months of starting their program.”
On average, those who use ADR’s debt resolution program pay off their debt in 2 to 4 years, but the first resolution can happen in as little as 12 months.
Only in extreme cases do creditors not allow resolution. A creditor’s overall goal is to get paid, so they are often pleased with any sort of payout over a bankruptcy option.
Some of the creditors that ADR has successfully worked with include:
- American Express
- Bank of America
- Capital One
- GE Capital
- The Home Depot
- US Bank
- Wells Fargo
Accredited’s website says that clients pay back an average of 55% of the debt they enroll. After fees, that number increases to 68-75%. So those who currently pay $600 a month towards their debt or credit card, end up paying about $408 a month when they sign up for Accredited.
Debt Services Offered
Accredited offers the following debt-related services:
- Make payments into a dedicated account
- Accredited negotiates terms with creditors
- Funds in dedicated account pay off new agreed amount
- Combine debts into one monthly payment
- More management debt
- Lower monthly payment
Credit Card Consolidation
- Combine balances into one card
- Lower monthly payment
- Lower interest rate
Accredited is not a credit counseling agency, but they do recognize the impact credit counseling can have on those struggling with debt. Their certified debt specialists can recommend credit counseling programs that can help with your unique situation.
Do I Qualify?
Minimum Debt Requirement
Anyone who wants to work with Accredited must have a minimum of $10,000 in unsecured debt.
The following chart compares ADR’s minimum debt requirement to other top-rated debt resolution companies:
|Pacific Debt Inc.||$10,000|
If your debt is less than is accepted by most debt resolution companies, we recommend looking into companies that offer credit counseling or debt management services.
Types of Debt
Accredited works with unsecured debts, which is debt that is not backed by collateral. ADR can help you with the following:
- Credit Card Debt
- Personal Loan Debt
- Department Store Debt
- Medical Debt
On the other hand, ADR and most debt resolution companies do not work with secured debts. Secured debts are backed by collateral, so if the borrower is unable to pay back a secured debt, the lender can seize their property or whatever they used as collateral for the loan. Accredited cannot help with debts that have collateral attached, like mortgages or car loans.
Excellent National Accreditations
ADR has excellent accreditations. The company is accredited by the AFCC (American Fair Credit Council) and IAPDA (International Association of Professional Debt Arbitrators).
These accreditations and certificates hold ADR to a higher standard, making them a trustworthy company for consumers to go for a debt management plan. The company also follows and outlines FTC guidelines on its site.
With costs and industry accreditations, Accredited is on par with the top debt resolution companies in the industry. The company charges 15-25% of the total debt you enroll.
Most companies charge the same fees, maxing out at 25% to comply with consumer laws. They accept a minimum debt of $10,000 to start, again similar to other debt companies. What really sets Accredited apart is their extraordinary customer service, as outlined in almost every customer review.
If you live in a state that Accredited operates in, we highly recommend working with them.