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#20
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Clarifi

Clarifi has great industry experience and low fees but is only available in a few states. Additionally, the average interest rates are unknown.

Our Score
3.7
User Score
--
Our Score
3.7
User Score
--
Rank this Company

Ratings Breakdown

Monthly Enrollment Fee

Up to $50

Setup & Activation Fee

Undisclosed

Free Consultation

Yes

Credit Counseling

Yes

ISO Certified

No

Number of Reviews

0

This Review is maintained by Chase Sagum

Review Last Updated: June 26, 2019

Clarifi was founded in 1966, making it one of the oldest companies on our list. It focuses on providing information, counseling, and reliable advice to help meet the financial goals and challenges. Clarifi stands out from other companies because its debt counseling program seems to go above and beyond what other companies offer. However, there are still questions surrounding the interest rates on those programs, the up-front fees, as well as if a refund or money back guarantee is provided.

Rank Chart
Monthly Price
Accreditations
Review

#1

Up to $79
FCAA & ISO

#2

$10-$40
AFCC & IAPDA

#3

Up to $49
ISO

#20
clarifi logo

Up to $50
NFCC

Pros

Above and Beyond Services

Clarifi offers reasonable fees for its services, and certainly brings more experience to the table than most companies in the industry. What stands out to us, however, is how comprehensive its debt management programs are. The programs provide advice, counseling, and assistance in everything from financial education to housing, and food programs. This is above and beyond what is expected, even offering courses for single mothers.

Free Consultation

Clarifi also offers a free consultation to determine if the potential client could benefit from its services. A certified counselor will help assess each financial situation and help clients prepare a budget plan that will work for their unique financial needs. In addition, a counselor will assist in creating an action plan to help clients prepare for the future. The counselor will determine which of the programs, if any, would be most beneficial.

Accreditations

Along with the impressive debt management programs, is also accredited with the NFCC, both an indication of its commitment to sound business practices and resolving customer concerns. They also provide certified counselors to assist throughout the process. We were also pleased to find that even though it has a long time in business, Clarifi never seems to have run afoul of the law or been named in any lawsuits.

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Cons

Limited Offering

One of the most glaring problems with Clarifi is services are limited to consumers in DE, NJ, and PA. Not all consumers are eligible in those states as they only serve specific counties within the geographical region. This greatly limits the potential clients who could benefit from Clarifi’s services.

Transparency Issues

Another drawback with Clarifi is the number of things that are simply unknown about the service. The average interest rates on its debt management plan, the up-front fees, and the refund policy would be helpful to know for those seeking to compare total costs between companies. This lack transparency can make it difficult for potential customers to decide to work with Clarifi.

No Refund Policy

Additionally, it is unclear what refund policy is offered, if any. We like to see it when companies offer some type of money back guarantee so that if a consumer feels dissatisfied with the service, he or she can look elsewhere without a huge loss.

Our Recommendation

Clarifi has helped thousands of individuals and families since 1966 and if there is difficulty getting or staying out of debt long term, Clarifi might be a good option. Assuming consumers live in the serviced areas, a broad-spectrum of group classes and other community events are available to help get anyone where they need to be, and we recommend taking full advantage of these workshops. It seems to provide a good service with competent and comprehensive debt counseling. However, with the lack of transparency, we cannot recommend working with Clarifi at this time.

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Clarifi FAQ

With 50 years of experience, Clarifi is a well established non-profit organization that is focused on promoting financial literacy. They offer professional certified counselors to counsel customers about credit reports, debt management, housing, college planning, student loans, and bankruptcy. With Clarifi’s debt management program, they provide authentic debt consolidation by helping customers negotiate lower interest rates across all of their unsecured debt while allowing customers to consolidate all of their debt into one affordable monthly payment. Clarifi also provides several educational resources like workshops, bankruptcy education, and DIY money boot camps.

How much does Clarifi cost?

Clarifi is a nonprofit organization, and for years has been able to offer most of their services at no cost through using grants, state and federal funding. Recently, they have had to change their fees due to the competition of this funding to other companies. Clarifi will never turn away clients because of an inability to pay. If your income falls below certain guidelines, your counselor has the ability to waive or reduce service fees. There are certain guidelines for waiving fees. This link will take you to 2014 federal poverty guidelines to see if you may be eligible for waived fees.

Many of their educational programs are offered at no cost to you. Some housing counseling is provided at no additional cost. Reverse mortgage counseling has a fee of $100.   For individuals who enter into their debt management plan, $10 per creditor up to $50 monthly maintenance fee. Credit report counseling, has a fee of $65 for an individual and $75 for a couple. Pre-filing bankruptcy counseling clients are charged a fee of $50. Personal financial management after bankruptcy is also a fee of $50. Student loan counseling has a fee of $125, and if interested in starting college planning it is $195.

What type of loan do they offer?

Unsecured. Clarifi will help clients consolidate loans for unsecured loans only.

What is Clarifi’s cancellation policy and money-back guarantee?

A money-back guarantee or refund is not published on their website at this time.

How long have they been in business?

Clarifi was founded in 1966, and was previously named Consumer Credit Counseling Service of Delaware Valley (CCCS). In January 2012 the name changed to Clarifi.

What are Clarifi’s phone hours?

  • Monday-Thursday 8:00 am-6:00 pm EST (hours for phone appointments)
  • Friday 8:00 am-3:00 (possibly 4:00) pm EST

What services do they provide?

Clarifi offers a number of services including financial counseling with a certified credit and housing counselor, offer workshops to help educate both adults and youth in building a strong financial foundation, helping clients seek help with other resources they know of, and helping clients to enroll in debt management plans. Clarifi has a lot to offer and is ready to help those that are seeking lifelong financial literacy.

What is the minimum amount of debt they accept?

There is not a minimum debt required.

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  • Takes your existing debt and try to settle with your creditors for a lower amount. If you pay off the settled amount, your debt will be considered paid in full.
  • Negotiates with your creditors on your behalf.
  • Fee based on a percentage of your total starting debt or a percentage of the debt they save you.
  • Most settlement companies have you create a separate "escrow" account where you will make monthly contributions over a certain amount of time to contribute to your settlement. Once there is a substantial amount of funds to show your creditors, the settlement company will try to negotiate a lower amount of debt.
  • Combines all your debts and creditors into one monthly payment.
  • Allows you to pay one monthly payment to the consolidation company, instead of multiple payments to different creditors.
  • You no longer owe your original creditors; instead you pay one monthly payment to your consolidation company.
  • Consolidation companies can help negotiate lower interest rates on your debts and help lower your total debt payment in the long run. A lower interest rate will lower the amount you owe in the end.
  • Allows you to consolidate all your different debts into one personal loan that can be paid off over time.
  • Can offer borrowers a lower interest rate with a longer payback term (compared to high-interest credit cards or medical bills). This will lower the amount of money required to pay off the loan over time.
  • Personal loan debt consolidation can be an effective way to raise your credit score quickly (within 3-6 months).
  • Borrowers can receive funds from their loan within only a few days.

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Our Score
3.7
User Score
--
Rank this Company

Ratings Breakdown

Monthly Enrollment Fee

Up to $50

Setup & Activation Fee

Undisclosed

Free Consultation

Yes

Credit Counseling

Yes

ISO Certified

No

Number of Reviews

0
Our Score
9.2
User Score
9.4
Rank this Company

Ratings Breakdown

Monthly Enrollment Fee

Up to $79

Setup & Activation Fee

$0-$49

Free Consultation

Yes

Credit Counseling

Yes

ISO Certified

Yes

Number of Reviews

430