Debt Settlement Made Simple.
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Debt Settlement 7-Point Ranking Criteria
We evaluate each debt company we review on a strict, unbiased 7-point ranking system. Experience has shown that this is an effective way of determining a company’s ability to serve customers. Below is an outline and explanation of why each criteria point is important.
Price: 14.5% of Overall Score
When it comes to your finances, price is important. We believe that it is one of the top factors when it comes to settling your debt. We take into account how companies charge your for their services, whether they take a percentage of your overall debt or a percentage of debt saved. We want to make sure you are treated fairly when it comes to your money.
Accreditations: 11.5% of Overall Score
One of the ways we determine whether or not a company can be trusted is based on their accreditations. Some of the most important accreditations include AFCC(American Fair Credit Council) and IAPDA(International Association of Professional Debt Arbitrators). We also look into see whether or not these companies are FTC(Federal Trade Commission) compliant. While these accreditations do not guarantee that a company is of good, it is an important indicator.
Account Set-Up: 9.5% of Overall Score
Taking the steps necessary to get out of debt can be difficult, and we want to make sure companies are taking care of their customers. We take want to reward companies who offer free, no-obligation free consultations and no up-front fees. The best debt settlement companies will make sure you are taken care of.
State Availability: 9.5% of Overall Score
Because of state laws, many debt settlement companies choose not to offer services in certain states. The more states a company works with, the higher they score.
Minimum Debt to Start: 7.5%of Overall Score
Because Debt Settlement companies charge a percentage of the debt they settle (or the remaining debt you have), some companies believe that settling debts under a certain dollar amount isn’t worth it. We reward companies that choose to help more people – meaning companies that have a lower debt requirement to sign up are award more points from us.
Time in Business: 7.5%of Overall Score
The amount of time a company has been in the business, is a good indicator of whether or not they are good company. In this industry especially, the longer a company has been around, the better.
Online Dashboard: 5% of Overall Score
This criteria point looks at whether or not a company has an online dashboard clients can log into to check the status of their debt settlements. Companies that provide this service get full points in this category.
User Reviews: 25% of Overall Score
This site is designed to give potential customers the clearest picture of what they will be getting when they decide to do business with one of the companies we’ve reviewed. Part of offering a clear view is allowing customers to share their experiences with these companies. We’ve given A LOT of weight to validated customer reviews and opinions that are posted on our site. Your opinion matters, and we want that to reflect in how the companies on this site are reviewed!
Company Stability: 10% of Overall Score
We look at the legal history and financial stability of each company. This metric takes into consideration any bankruptcies, class action lawsuits, government lawsuits, or government investigations a company has had in the last five years.