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The following Consolidated Credit Solutions review highlights what this company has to offer and details about their reputation.
Consolidated Credit Solutions is a non-profit credit counseling agency in business since 1993. The company offers various debt relief services, including credit counseling, debt management plans, debt consolidation loans, and bankruptcy counseling.
Here are some key features of Consolidated Credit Solutions:
- Credit Counseling: Consolidated Credit Solutions provides credit counseling services to help you understand your credit score and develop a plan to improve it.
- Debt Management Plans: The company offers debt management plans (DMPs) that can help you consolidate your debt into one manageable payment. The DMPs typically last three to five years and can help reduce interest rates and fees.
- Debt Consolidation Loans: Consolidated Credit Solutions can help you obtain a debt consolidation loan to pay off your debts. The company works with a network of lenders to find a loan that suits your needs and budget.
- Bankruptcy Counseling: If you’re considering filing for bankruptcy, Consolidated Credit Solutions can provide you with pre-bankruptcy counseling and post-bankruptcy education to help you navigate the process.
- Educational Resources: The company has a wealth of educational resources on its website, including articles, videos, and infographics, to help you learn about debt and money management.
Consolidated Credit Solutions is a reputable credit counseling agency that can help you get out of debt and improve your financial situation. However, make sure you research all of your options before deciding on any one particular path. Compare Consolidated Credit to other debt relief companies to determine which suits you best. And here at NoMoreCreditCards.com, we make that research process easier for you to conduct.
Keep in mind not all companies offer real solutions. Some exploit gaps in your knowledge to make money. Therefore, it’s essential to review each company’s offerings carefully. NoMoreCreditCards.com offers in-depth, neutral research for the debt relief, settlement, and consolidation industry to help develop the most accurate, unbiased company reviews.
Let’s look closer at Consolidated Credit Solutions and frequently asked questions related to this company.
About Consolidated Credit Solutions
- Legal Name: Consolidated Credit Solutions
- Industry: Debt Counselling
- Address: 5701 West Sunrise Blvd. Fort Lauderdale, FL 33313
- Website: https://www.consolidatedcreditsolutions.org/ or, https://www.consolidatedcredit.org/
- Phone: (844) 845 9343 or (855) 466 4311
- Licensed? Yes, licensed for Credit counseling
- Certifications and Accreditations: Member of the Better Business Bureau (BBB), Financial Counselling Association of America (FCAA), Certified ISO 9001 through Bureau Veritas Certification, US Department of Housing and Urban Development (HUD), Certified Financial Counsellors (CFC).
How Does Consolidated Credit Solutions Work?
Consolidated Credit offers credit counseling and debt relief programs to individuals looking to resolve their debts without filing for bankruptcy. They offer free access to various financial literacy resources, to educate consumers about managing their finances better. They also provide personalized financial planning services for people who want to pay off their debt at an affordable rate.
First, a certified credit counselor evaluates your debts, credit and budget to see if they can help you find the right solution for your needs, and how much you can afford to pay. There is no cost for this.
Next, the counselor will help you understand the various options, and how they differ: A debt management plan (DMP), debt relief, or debt consolidation.
Once they answer all your questions, you may decide to explore other options before you choose a solution.
What is a debt management program?
A debt management program is a repayment plan designed to help you eliminate high-interest-rate credit card debt. You enroll in the program through a credit counseling agency that helps you find a monthly payment that works for your budget. Typically you can pay off your debts in three to five years.
What is a debt relief program?
Debt relief programs resolve debt through debt negotiation. Instead of paying the creditors directly, you make one monthly deposit into a dedicated savings account.
Meanwhile, a team of negotiation specialists work with your creditors to negotiate settlements on your behalf, for a percentage of what was originally owed. You can enroll multiple debts, and delay payment to creditors until a settlement is reached.
What is debt consolidation?
Consolidating your different debts into one low monthly payment can be more manageable than making several monthly payments. With a debt consolidation loan, you refinance multiple debts by taking on a new loan, at a lower interest rate. By combining numerous debts into one, you can streamline the repayment process for credit cards, loans and other bills. Debt consolidation loans are typically paid in monthly installments, including interest and fees.
What Type of Accounts Qualify for Consolidated Credit Solutions Program?
Consolidated Credit Solutions offers a free credit counseling program to anyone who wants to improve their finances.
This includes individuals struggling with high-interest rates, late payments, or even those just looking to consolidate their bills into one monthly payment to alleviate debts.The program works with consumers who have multiple accounts with different lenders. These include mortgages, auto loans, student loans, personal loans, and others.
Is Consolidated Credit Solutions Legitimate?
Yes. Consolidated Credit Solutions, founded in 1975, provides free credit counseling and educational materials to help consumers understand how to manage their finances better. Their goal is to help consumers avoid bankruptcy.
The Better Business Bureau (BBB) has given them an A+ rating. They are also accredited by the FCAA, CFC, and certified with Bureau Veritas, a company specializes in quality assurance and auditing. They are licensed by the Vermont Department of Banking, Insurance, Securities, and Healthcare Administration.
Consolidated Credit Solutions received 4.7 out of 5 stars and an “excellent” rating from TrustPilot, as one of the best companies to help consumers pay off their debts.
Consolidated Credit Solutions Pros
- Experienced and certified counselors
- Excellent rating on TrustPilot
- Specialized help for military service members and veterans
- Affordable or free
- Offers debt consolidation for secured debt
Consolidated Credit Solutions Cons
- They do not offer loans directly
- You have to do the work yourself with the guidance of a professional
Does Consolidation Credit Solutions Hurt Your Credit?
Enrolling in a debt management program may lower your credit score temporarily. For example, because they use credit scores to decide whether someone qualifies for a mortgage, banks look at credit scores when determining whether to lend money.
They look at your payment history and credit utilization ratio – the amount of money owed compared to the total available credit. Lenders want to make sure you can afford to pay what you owe.
Closing the account associated with the debt consolidation will likely cause an immediate drop in your credit score, because your lender will no longer send statements to the old address, and creditors will start reporting late payments. In addition, closing the account could trigger an inspection of your credit report.
Does the Consolidation Credit Solutions Debt Settlement Program Work?
Yes. Consolidated Credit offers an alternative solution to filing for Chapter 7 Bankruptcy. They offer a debt management plan (DMP), where they negotiate with creditors for you. This allows you to pay off parts of your debt while some debts are forgiven. They also offer Debt Consolidation.
How Much Does Consolidated Credit Solutions Cost?
Consolidated Credit does not charge an upfront set fee. After their credit counselor evaluates your debts, your specific needs will determine the service fees you pay.
Depending on which plan you choose, costs are as follows:
If you enroll in their debt settlement program, you’ll be charged, on average, about $79 per month. Any costs involved are rolled into your monthly repayments to ensure that the prices remain affordable.
The average monthly rate for their debt management plan (DMP) is $50 per month.
If you go through their debt consolidation process, you’ll be charged a monthly fee of $49. This includes the counseling session but excludes other expenses, such as the application and processing fees.
Consolidated Credit Solutions Complaints at BBB
The Better Business Bureau received complaints about Consolidated Credit Solutions Inc., including allegations of deceptive advertising practices.
Consumers reported paying high fees and high rates of return for credit cards and loans. In addition, some customers alleged that they were told they could no longer use their existing credit card because it had been paid off. Others claimed they needed to apply for a loan to receive a lower rate.
Consolidated Credit provides customer support via email and phone. They respond within 24 hours and answer questions regarding their services.
Is Consolidated Credit Solutions BBB Accredited?
Consolidated Credit Solutions are accredited by the Better Business Bureau (BBB). Their overall rating at BBB is A+.
How to Cancel Consolidated Credit Solutions
You can cancel your membership with Consolidated Credit Solutions by calling the Client Service Team at 1-877-201-7780 or visiting their website.
Bottom Line:
Consolidated Credit Solutions offers affordable debt management programs and educational resources to help people manage their finances better. They provide free credit counseling and financial education materials to help consumers learn about budgeting, saving, and paying off debts. Their mission is to prevent you from filing bankruptcy and to teach consumers about managing their money. Consolidated Credit Solution’s website states that it does not make credit decisions and cannot predict whether you will qualify for credit.
Disclosure:
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.
