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CreditGUARD

5.9

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CreditGuard of America has been in business since 1991 and is a non-profit debt consolidation consulting company. They can help with a debt management program tailored to your needs for unsecured debts.

They also offer debt consolidation loans, which will effectively take your debts from multiple lenders and combine them into a single loan and one affordable payment. This is useful for lowering interest rates and reducing monthly payments, especially if your debt is coming from high-interest rate credit card debt.

The company also offers debt management and non-profit debt consolidation.

CreditGuard of America also has partnered with many community services such as Adopt-A-Family, which sponsors families facing financial crisis during Thanksgiving and Christmas.

Pros

Free Consultation

You can receive a consultation from a certified credit counselor free of charge. Counselors can assess your financial needs and give you an estimated monthly payment amount before you commit to any plan or service. If you decide to proceed, a written debt consolidation and debt management plan will be created that is affordable for the consumer.

ISO 9001 Certification

This certification indicates that it is regularly audited to ensure legitimacy.

Low Minimum Debt Requirements

You must have at least $2,000 of unsecured debt to qualify for a debt management program. Many debt service companies require higher minimum debt requirements. For CreditGuard of America, you must be between 30-90 days behind on your monthly payments. You may still qualify if you are in danger of falling behind on payments due to circumstances such as loss of income.

Even if you are making monthly payments on time, you might still qualify if you feel you are not getting ahead and would like financial assistance.

CPFC & ISO Certified

Their employees are not CPFC certified, but they are Accredited Credit Counselors (ACC). CreditGuard of America is also ISO certified.

Cons

Lack of Transparency

CreditGuard’s monthly and upfront fees are undisclosed, and they do not disclose an average interest rate of what customers should expect. This makes it difficult for consumers looking to quickly and easily compare rates of various debt solutions. There have been CreditGuard reviews of hidden recurring fees. Customers were unaware of these fees at the time of signing. Although, it seems that the company does make a good faith effort to resolve problems brought to their attention.

Lack of Accreditations

Despite having been in business for as long as it has, CreditGuard lacks a few industry accreditations. Some of which include the AICCA and NFCC accreditations, which are standard in the industry. Consumer debt solutions without proper accreditation may not be as trustworthy as other ones that do.

Administration Fee

Although there are no cancellation fees and they offer a money-back guarantee, clients will not be reimbursed the monthly administration fee if they decide to cancel. Under some circumstances, clients won’t pay anything for the services, so this guarantee policy won’t affect everyone equally.

Unsecured Debt Only

CreditGuard of America handles unsecured consumer debt only. This may be limiting to consumers with secured debt. With unsecured debt, this company is able to compile all debts into one monthly payment. One service listed in particular is student loan consolidation. CreditGuard is experienced in helping students reduce the burden of student loans by reducing monthly payments to match the customer’s budget.

CreditGuard of America Reviews

CreditGuard of America has a low rating from consumers, many highlighting poor customer service, hidden fees, and misleading information.

Our Recommendation

With the lack of transparency and some of the reported issues, we cannot recommend working with CreditGuard of America at this time. We recommend another company for debt consolidation and counseling services such as Consolidated Credit.

About CreditGuard of America

Time in Business

CreditGuard of America has been in business since 1991. With nearly three decades of experience, CreditGuard of America is an experienced debt service.

Debt Education

CreditGuard of America offers multiple tools and resources to help customers enhance their financial education. Specific areas include credit and money management, personal budgeting, debt collection and fair collection practices. There is also a variety of financial calculators such as a household budget calculator and a Rent vs. Buy calculator. These are useful tools which can be utilized by anyone for free online, even if you’re a consumer not currently struggling with debt.

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