GreenPath Debt Solutions offers many types of financial assistance. From debt counseling and housing services to student services and bankruptcy counseling, they’ve seen and helped with all of it. GreenPath, originally Michigan Credit Union League, has been going strong in the financial sector since 1961. In 2005 at the height of the housing market, GreenPath became one of the first companies to be recognized by the U.S. Department of Justice providing bankruptcy counseling.
GreenPath Debt Solutions does not follow the pack when it comes to financial services. While some companies are limited to credit card debt and unsecured loans, GreenPath goes farther than that. They believe that understanding individual situations is important. Consumer may not even realize how they got into such financial turmoil, but by taking advantage of their free consultation, they can help paint a picture. A consultation will help determine the best plan of action to getting out of debt and may render a recommendation to take part in a debt management program.
Through their debt management program and counseling, client will find lowered interest rates, reduced or eliminated late and over-limit fees, and it’s not uncommon to see a drastic reduction in credit card interest rates, although these are solely under the discretion of creditors. Enrollment fees are quite reasonable at no more than $50 but are also determined under state regulation. Monthly service charges will never be more than $36, which is fairly lower than many of the industry competitors.
The company provides a plethora of online educational resources and tools giving consumers the power of financial literacy at their fingertips. Newsletters and their Write on the Money Blog gives consumers an added boost, and if that’s not enough, they offer over 10 calculators to help provide insight to all things financial.
- Services consumers in all 50 states
- Official intermediary for the U.S. Department of Housing and Urban Development
- Accredited and members of NFCC, COA, AICCCA
- Certified counselors
- Low monthly rate
- 50 years of providing compassionate and ethical financial services
- A+ BBB rating
We enjoy several aspects this company has brought to the table, although there are a few pitfalls worth considering. For example, only the debt counseling is free. All other services are charged a nominal fee. Additionally, consumers must obtain a credit report, which also includes a charge, unless of course they haven’t participated in the federally regulated allotment of one free credit report per year. GreenPath charges for credit reports and all three must be obtained.
No Available Interest Rate Information
It is great to see companies that will provide information on what kinds of interest rates they can secure for their customers. Unfortunately, GreenPath does not provide any information on what the average interest rates are for their customers.
No Refund Information
Many companies in the industry offer a money-back guarantee or some type of refund. GreenPath either does not provide a refund or does not provide any information on their refund policy. This makes it hard for us to recommend the company when other companies offer this service.
The factors that the BBB take into account in giving GreenPath Debt Solutions an A+ rating is the length of time the business has been operating, and they have. In the last 3 years only 8 complaints have been filed. 3 of them being billing/collection issues and were all resolved in a timely manner, and 5 of them were complaints about the product or service provided. BBB found GreenPath made good effort to resolve complaints.
General/credit counseling is free of charge.
Cost for a debt management program varies depending on your state of residence and debt amount. There is a one-time set up fee between $0 and $50. Monthly fees range from $0 to $75. The average monthly fee is about $36.
Housing services are free of charge.
Credit reports are free of charge. You can obtain your own report at www.AnnualCreditReport.com, although there is a fee for the credit score, or GreenPath can provide you with an educational credit report with score for about $15.
Reverse mortgage can be at no cost, depending on available counseling grant funds. If no funds are available, you can expect to pay between $99 to $125.
Bankruptcy can also be free of charge, or cost up to $50 depending on your financial situation and service method.
GreenPath has a mobile-specific website. There is not a downloadable app at this time. GreenPath has made it easy to stay connected via social media through Facebook, Twitter, YouTube, and LinkedIn.
GreenPath’s debt experts work out debt repayment plans with all of your creditors and help you manage all of your debts, not just your credit card debt. Most competitors will handle only credit cards and unsecured debts. That model does not work as well as GreenPath’s approach because it addresses only part of your financial situation.
Some services are free of charge such as credit counseling, housing services, student services, and credit reports. Other services may have a fee including debt management, reverse mortgage counseling, and bankruptcy counseling and education. These fees vary depending on your financial situation, if there are grant funds available, and what state you reside in. Consultation to help you understand your options is free.
Cancellation Policy/Money-Back Guarantee
The first step for any client is to complete a free, no-obligation financial assessment with one of our certified financial counselors. The counselor would review your entire situation by going over the budget you created, customizing an action plan, and reviewing all available options. If you are not pleased in any way, you can quit at any time. There is no obligation.
Time in Business
GreenPath was established in 1961 as a Michigan Credit Union League. In 1967, it became a nonprofit corporation. 2001 was when the name was changed to GreenPath, Inc. Since business has started, many offices have been opened across the country.
Many services GreenPath offers are free. Costs for debt management plan consist of a one-time set up fee that ranges from $0 to $50, and monthly fees that range from $0 to $75 (this is based on your state of residence and debt amount). The fee for reverse mortgage counseling may range from $99 to $125. The service fee for bankruptcy counseling and education may be free or cost up to $50 depending on your financial situation and service method.
Customer Support Quality
Some other companies reward employees with a commission for each person they sign up on a debt management or debt settlement program. GreenPath does not. GreenPath counselors are certified, degreed professionals. More than 98 percent have earned at least a Bachelor’s degree. They understand that bad things sometimes happen to good people. They will always treat you with care and respect, and will never be judgmental. You can always contact GreenPath whenever you have a question or concern. There is even an option to speak to a representative with live chat online. You can rest assured that your information will not be shared with anyone without your authorization. Customer satisfaction ratings and GreenPath reviews speak for themselves.
36500 Corporate Dr.
Farmington Hills, MI 48331
800-550-1961 or 888-776-6735
Monday- Thursday from 8am- 10pm EST
Friday from 8am- 7pm EST
Saturday from 9am- 6pm EST
Services available through GreenPath Debt Solutions include debt counseling, housing services, debt management, student services, credit report review, and bankruptcy counseling.
On the website, a client can access articles on varying topics of debt education. Also on the website, one can find a credit card debt calculator. This is a great visual to show total interest and payments, and how many months it will take to pay it off on your own or using GreenPath debt management plan. A monthly newsletter is provided to give useful debt education tips and advice. On the first and third Wednesday of each month, a financial webinar is presented to those who have registered. GreenPath University is another excellent tool. This online resource includes financial education, videos, e-courses and games.
Minimum Debt Accepted
There is not a minimum amount of debt needed to have a debt management program with GreenPath.
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