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Credit.org
Credit.org has excellent customer education, and has over 40 years of industry experience.
- Subsidiary of a well-established company: Credit.org, despite seeming new to the market, is a subsidiary of Springboard Nonprofit Consumer Management, Inc., a conglomerate of many well-known and respected credit repair agencies, with 40 years of industry-specific experience.
- Enrollment fees: Fees assessed under the debt management plan are one-time enrollment fee of up to $35 with a monthly service charge up to $20. Fees vary by state and by individual circumstances.
- Industry Accreditations: Credit.org has several industry accreditations and certificates. The company has Certified Personal Financial Counselors and is accredited by the NFCC and AICCCA.
- Long setup: The initial 30-45 minute phone call to start the process is standard, but the time it takes to gather all your financial documents may be a substantial time commitment.
- Free Consultation: Credit.org offers a free consultation with a Certified Personal Financial Counselor (CPFC). Each counselor has successfully completed a course of education to become certified. This plan may not go any further than the free credit counseling services. In some instances, a CPFC will advise consumers to enroll in a debt management plan to consolidate unsecured debt into one payment.
- Lack of client control: Your counselor and the company will then divide your payment and send out funds to your creditors without your involvement. For example, if you’ve read elsewhere that paying off your highest interest rate accounts first is the way to go, and your counselor disagrees for instance. The way this business model is set up, your counselor decides the appropriation of funds, not you.
- Our recommendation: At this time we recommend another company for debt consolidation and counseling services such as Consolidated Credit.
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User Score08 people found this review helpful!Steals your money without your consent.. then takes forever to refund if you even get a refund. Credit counselors make you feel like a failure and make fun of your situation. I am still waiting to get my money back that they stoleWas this review helpful? YesRead More
- 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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