ClearOne Advantage, LLC (Review for 2023):
This ClearOne Advantage review will help you evaluate their debt relief service, understand how it works and compare it to other top-rated companies. Details about ClearOne Advantage complaints found online, the cost of its program and the company’s accreditations will all be shared.
Debt relief programs can benefit Americans experiencing financial hardship, who owe high unsecured debt balances. However, with hundreds of debt relief companies to choose from in 2023, you might need help determining which company is best for you, and what program may be best for your situation; debt settlement, a consolidation loan, or consumer credit counseling.
The company reviews provided by NoMoreCreditCards.com will help you find the best debt relief company and program for your needs. Before enrolling in the ClearOne Advantage debt settlement program, this review will cover everything you should know about the company and its program; how it works, its pros and cons, the company’s credentials, and the cost.
NoMoreCreditCards.com reviewers have spent the last decade researching the debt relief industry to develop the most accurate, unbiased company reviews.
About ClearOne Advantage
ClearOne Advantage started offering debt settlement services in 2008 when many consumers desperately needed financial help. Their program helps consumers by lowering monthly payments and shortening the time it takes to become debt-free. Tomas Gordon, the founder and CEO of ClearOne Advantage, started ClearOne Advantage to help people achieve financial independence and stability.
- Address: 1501 S. Clinton St., Suite 320, Baltimore, MD 211224
- Website: Clearoneadvantage.com
- ClearOne Advantage Phone Number for existing clients: 1-888-768-4767
- ClearOne Advantage Phone Number for customer service: 1- 888-340-4697
- Email: customerservice@ClearOneAdvantage.com
- ClearOne Advantage login: Clients can login for access to their account online at https://clients.clearoneadvantage.com/account/login/
Is ClearOne Advantage Licensed?
ClearOne Advantage is a registered LLC in Maryland. However, we could not locate their debt settlement, lender, or consumer credit counseling license.
There are multiple types of licenses debt relief companies may need to have, depending on the state they operate in and the kind of program they offer.
Before doing business with ClearOne Advantage, check to confirm they have one of these licenses:
- Do they have a debt management or debt settlement license in your state? Licensed companies are more reputable to do business with because these companies have passed a background check and adhere to strict regulatory guidelines and rules.
- Does the company have a non-profit consumer credit or budget counseling license? Consumers can check if any company is licensed for consumer credit counseling at the Department of Justice’s website. View the list of licensed companies at: www.justice.gov/ust/list-credit-counseling-agencies-approved-pursuant-11-usc-111
- Are they a licensed lender offering debt consolidation loans? Debt consolidation lenders often list their licensing details on their website in the disclosure section at the bottom, including a link to Nationwide Multistate Licensing System (NMLS). NMLS manages license applications and provides ongoing regulations to debt consolidation companies.
Ensure that any debt relief company you work with has one of the three licenses mentioned above.
ClearOne Advantage Certifications and Accreditations
ClearOne Advantage is accredited by the Better Business Bureau (BBB). But unfortunately, their rating as of April 2023 is “NR”, which means the BBB is re-evaluating their rating due to recent complaints.
In addition, ClearOne Advantage is an accredited member of the Consumer Debt Relief Initiative (CDRI), which requires members to adhere to a strict Code of Ethics.
How Does the ClearOne Advantage Program Work?
ClearOne Advantage follows a four-step process to help consumers consolidate monthly payments into one and get out of debt faster through a debt settlement program. ClearOne’s plan is not a loan.
ClearOne’s four-step debt resolution process:
- Speak with a ClearOne Advantage specialist to review your credit report, creditors and balances, payment history, and budget. Then, ClearOne will personalize your program to set you up with an affordable monthly payment to help you get out of debt, typically in under four years.
- ClearOne will create your client agreement and review it with you. After you sign the agreement, ClearOne’s compliance team will contact you to review your program’s terms and ensure you understand all potential disclosures and downsides, and know how the program works.
- Your monthly payments, which begin on the day of the month you choose, are deposited into an FDIC-insured escrow account.
- As the balance grows inside your escrow account, ClearOne Advantage will contact creditors to negotiate, settle, and resolve debts on your behalf. Expect your first settlement to occur within, on average, 6-8 months.
What Type of Accounts Qualify for the ClearOne Advantage Debt Relief Program?
To qualify for the ClearOne Advantage debt settlement program, you must have over $10,000 in eligible debt.
Most unsecured debts qualify for the ClearOne Advantage debt relief program. For example, credit cards, third-party collection accounts, medical bills, car repossessions, and unsecured personal loans are all eligible. Unfortunately, secured debts (car loans, mortgage loans) do not qualify for a debt settlement program.
Is ClearOne Advantage Legitimate?
ClearOne Advantage has been accredited since 2008 and is rated A + by the BBB. In addition, the company is a member of the American Fair Credit Council (AFCC) and is certified by the International Association of Professional Debt Arbitrators (IAPDA). These organizations assist debt relief companies with training and compliance.
ClearOne Advantage only charges fees after each debt gets settled and paid, so you don’t have to worry about paying up-front fees and not getting results.
Reviews on ClearOne Advantage at BBB
ClearOne Advantage has over 400 reviews at BBB, with the majority of these reviews being positive. In addition, the company has an overall customer rating of 3.85/5 stars.
However, ClearOne’s BBB rating is currently NR. The BBB is reviewing ClearOne’s rating due to a pattern of complaints.
ClearOne Advantage complaints and lawsuits found online:
There was a lawsuit against ClearOne found online. Unfortunately, you’ll have to do your own research about this lawsuit. Source: CaseText, Lischwe v. ClearOne Advantage, LLC (In re Erwin)
ClearOne Advantage Debt Relief Program Pros
- ClearOne Advantage is rated highly by its existing customers, with 4.8 stars on TrustPilot, and over 7400 reviews
- Customers receive a free consultation
- Customers save an average of 25% after regular fees
- BBB, AFCC, and IAPDA accredited
- Offers a 30-day satisfaction guarantee.
- Offers personalized plans allowing you to get out of debt in one to four years.
ClearOne Advantage Debt Relief Program Cons
- Does not list exact prices or fees.
- Program only accepts customers with debt exceeding $10,000.
- Not available in every state.
- Creditors may refuse to settle.
- Creditors may pursue legal action to collect on a debt, so make sure to understand their summons defense policy before enrolling.
Does ClearOne Advantage Hurt Your Credit?
Similar to other debt settlement solutions, ClearOne Advantage may initially lower your credit score. Debt settlement solutions are typically a last resort because they do impact your credit score, with late marks and collection accounts visible for up to seven years. However, your credit should recover in the long run, as credit scores can improve over time as each debt gets settled and paid.
How Much Does ClearOne Advantage Cost?
ClearOne Advantage charges you 15 to 25 percent of your enrolled debt. Customers don’t have to pay anything until a creditor has accepted the settlement terms, and can reject settlements at their discretion. ClearOne has no upfront costs for clients and offers free debt analysis consultations.
How to Cancel ClearOne Advantage
Can you cancel ClearOne Advantage? Yes, you can cancel ClearOne Advantage by contacting customer service at 888-768-4767 at any time. ClearOne Advantage will offer you alternatives depending on your situation and reasons for withdrawing from the program.
If you cancel before a successful debt settlement, you will be refunded all the funds paid into the program.
NoMoreCreditCards.com does its best to provide factual and truthful information aimed at helping the public by giving honest debt relief, settlement, and consolidation reviews. However, please email us at Info@NoMoreCreditCards.com if you believe any of the information on this page is inaccurate, and we will make appropriate edits. Always do your research, and do not rely solely on the information provided in this review. We are not responsible for the results of any program you choose to join. Check multiple sources for reviews, including your state’s AG office, FTC, and BBB.
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