Consolidated Credit was established in 1993, which makes them one of the most experienced credit consolidated companies around. According to Consolidated Credit, they have successfully helped over five million people get out of debt since they opened their doors. They also offer very competitive rates, have a positive online presence, and hold industry accreditations.
Learning More About Consolidated Credit
When you visit their page, even if you aren’t a member, you’ll find a wide variety of educational resources designed to improve a person’s understanding of different finance options including debt consolidation, debt counseling, debt management, and more. Other resources include a variety of relevant articles, calculators, and webinars. This company also offers community outreach programs which provide financial education.
Considered one of the biggest companies in debt consolidation, they’ve also been featured on MSNBC, Forbes, and CNN.
How This Company Works
The company claims that by making one lower monthly payment, you’ll be able to reduce your debt by as much as thirty to fifty percent. They also claim that they can talk creditors down to an average of six to ten percent APR, which is pretty impressive.
They’re pricing is reasonable and affordable, with an upfront fee starting at zero to forty-nine dollars and a monthly fee of sixty-nine dollars a month.
If you sign up for the debt consolidation program, debt specialists will negotiate with your creditors in order to get you the lowest monthly payments with reduced interest rates. You’ll make monthly payments to Consolidated Credit, who will then spread out the payments to your creditors based on the new adjusted payment schedule your creditors have agreed to.
What Type of Debt do They Deal with?
The debt consolidation program is designed to help consumers pay off credit card debt and other types of unsecured debts. This can include specialty store cards, gas cards, medical bills and even certain types of payday loans. Consolidated Credit can even handle accounts that have been moved to a charged-off status and are currently in collections.
This company is accreted by the FCCA and is ISO certified.
They’re pricing is reasonable and affordable, with an upfront fee starting at zero to forty-nine dollars and a monthly fee of sixty-nine dollars a month. Both the monthly fee and the upfront fee rates can vary based on the state you reside in. monthly costs can also be affected by the amount of debt you owe and who your creditors are. The company states that all fees are determined by a formula used to assess your budget and how much money you can afford to set aside each month. The fees are then lumped into the monthly payment amount.
The Enrollment Process
The enrollment process will begin with a credit counseling session. During this time, the debt specialist will go over your debt and budget, in order to determine if enrollment in the debt consolidation program is the right move for you. You can choose to complete this information online or you can contact Consolidated Credit over the phone.
When determining your budget, the debt specialist will require you to provide a list of all your monthly expenses. This is done to help them to determine how much money a month you can set aside to pay off your debt and the cost of services.
After this portion of the enrollment process is complete, the debt specialist will then run your credit to learn your credit rating. This will also allow them to pinpoint your specific issues with debt and how they have affected your rating.
Once this is complete, the debt specialist will go over your options. If you’ve filled out this information online, they will contact you via phone after they have reviewed all of your financial information.
For many people, the debt management program is the right option because it allows clients to consolidate all of their unsecured debts. During this session, you’ll find out how much money you’ll need to pay every month, which will allow you to pay off your debts in full.
Consolidated Credit is located at 5701 W. Sunrise Blvd, Fort Lauderdale, FL, 33313. You can contact them via email by visiting their site, or by phone at 1.844.262.7316.
Unlike a debt settlement program, which requires clients to pay a monthly fee that goes towards paying off a settlement owed to the creditors, you’ll pay one low monthly fee to Consolidated Credit, who will then take over sending payments to your creditors. This will allow you to slowly pay off your credit over a period of several months. Again, the length of the program will depend on how much debt you owe and how much money you’re able to put towards paying off your creditors.
You’re also able to pay more each month than the agreed amount, which will allow you to pay off your debt faster, with no penalty charges.
In many cases, using this type of program will not negatively impact your credit as long as you continue to make your monthly payments on time. This is because your debt specialist has negotiated a payment schedule with your creditors, so as long as you stick to this schedule, you won’t have to worry about your credit score dropping.
Consolidated Credit is available in all fifty states.
While certified by the ISO, they don’t currently hold NFCC certification. We also had a difficult time navigating their website. Aside from the frequent pop-ups, we found that their services and pricing weren’t very transparent. Instead, they aggressively urge site visitors to contact a debt specialist for a free consultation to learn more about the services they offer. However, the enrollment process is lengthy, requiring the debt specialist to dedicate time going over your finances in order to come up with monthly payments that are manageable for you. With this in mind, it’s understandable that they don’t offer much information on their site in terms of service fees.
During your enrollment in this consolidation program, all of your credit card accounts will be frozen, which means you won’t be able to touch them while you’re focusing on paying your debt off.
Consolidated Credit’s great track record with clients and their lengthy business history are reason enough to give potential clients confidence in this debt consolidation service. Aside from the frequent pop-ups, we found the site to be very educational and informative, due to the many articles on money management, debt consolidation, and financial counseling. With a service that allows you to pay off your debt through low monthly payments and all without having to deal with aggressive debt collectors, we feel that Consolidated Credit offers a service that’s worth every penny.