GreenPath Financial Wellness and Credit Counseling Review
If you’re searching for a debt solution, GreenPath Financial Wellness reviews will help you understand more about this company as an option.
GreenPath Debt Solutions is a non-profit credit counseling organization that helps consumers resolve their debt problems and achieve financial wellness. GreenPath offers a full array of financial services, not just a single option. They offer credit counseling, debt management plans, bankruptcy counseling, housing counseling, student loan counseling, and financial education.
GreenPath’s credit counseling services start with a comprehensive review of a client’s financial situation, including an evaluation of income, expenses, assets, and debts. They then provide personalized recommendations for how to improve the client’s financial situation and reduce their debt.
If a client decides to enroll in a debt management plan, GreenPath will work with their creditors to negotiate lower interest rates and fees, and consolidate their debts into a single monthly payment. They will also provide ongoing support and education to help the client stay on track with their payments and achieve their financial goals.
Debt consolidation can be a lifesaver for those struggling with extreme credit card debt and who are behind on monthly credit card payments. However, it’s imperative that you understand the different programs available and choose the right one that best fits your financial situation. First, get educated about your debt relief options. Second, compare offers from top-rated companies. Some of the best-rated debt relief companies include Beyond Finance, CreditAssociates, National Debt Relief and GreenPath Debt Solutions.
We scoured the web for details on GreenPath and studied their services. Without further ado, let’s dive in and help you find the right option and company to work with.
Name: GreenPath, Inc.
Industry: Credit Debt Counseling, Housing Finance Counseling, Bankruptcy Counseling
Address: 36500 Corporate Dr Farmington Hills, MI 48331-3553
Phone: (866) 294-2962
Licensed? GreenPath is licensed in 21 states. A full list of licenses can be found here
Where is GreenPath Available? Nationwide over the phone and online, with offices in 21 states
Certifications and Accreditations: Consumer Affairs, BBB Accredited Business (A+), National Foundation for Credit Counseling (NFCC), Council on Accreditation (COA)
What does GreenPath Do?
GreenPath Financial Wellness is a non-profit financial institution with 60 years of offering services that include debt counseling, debt management counseling, student loan counseling, credit score review, housing support via foreclosure prevention support, homebuyer counseling, reverse mortgage counseling, and more.
For the purpose of this review, we will focus on GreenPath’s debt counseling and debt management plans. GreenPath partners with several organizations providing financial education and debt counseling services. GreenPath acts as a neutral third-party intermediary, meaning they will first counsel you on your debt situation before reaching out to their partners in an attempt to further assist you with debt relief. They work with most creditors throughout the U.S., including banks, credit unions, retailers, and medical providers, auto finance agencies, and collection agencies.
GreenPath works to help you manage your debt that is already in default. The bottom line goal of working with a company like GreenPath is to receive expert and professional advice about managing your debt.
GreenPath’s fees for debt consultation and counseling that vary based on the state you live in and how much debt you owe. There will be a one-time setup fee for GreenPath’s services ranging from $0 to $50. Once GreenPath creates a monthly payment plan for you, they will also charge a monthly fee that ranges from $0 to $75.
Learn about other credit card relief programs inside this free guide.
Check out other top-rated companies:
- Accredited Debt Relief Reviews
- National Debt Relief Reviews
- American Consumer Credit Counseling Reviews
How Does GreenPath Debt Solutions Work?
GreenPath’s debt management plan consolidates your debt into a single payment. GreenPath doesn’t actually provide a loan, but will instead help you manage your debt by consolidating monthly credit card payments into one payment to GreenPath. The payment is automatically deposited into your GreenPath savings account on each payday, and GreenPath uses that money to pay your creditors or collection agencies on your behalf. It is also possible for GreenPath to arrange lower interest rates and monthly payments with your creditors, so you can pay off debt faster and save money.
One major benefit of using GreenPath’s debt management services is the reduction of stress as collection calls will stop. All negotiating takes place between GreenPath and the collections agencies, and GreenPath relays progress to you frequently.
The monthly payment amount is typically less than the sum of all minimum monthly credit card payment amounts. Payment amounts will be calculated based on the total debt owed, the income of the debtor, the debtor’s current work status, and the potential reliability of the debtor to make money payments on time, such as their credit report and credit score. Other expenses and financial hardships are also considered when calculating a monthly payment. Most unsecured debts will be eligible for GreenPath’s debt management program.
GreenPath also offers free credit counseling and debt counseling including student loan counseling. You can contact GreenPath over the phone to receive your free counseling session, and no appointment is necessary. The initial credit counseling or debt counseling session usually takes about an hour, depending on your situation.
Can You Still Use Your Credit Cards While Enrolled in Debt Management?
Since the goal of a debt management program is to pay off debt, the credit cards included in the program will be closed. Most creditors will usually allow you to continue using one card for emergencies and travel.
How Quickly Can You Pay Off Your Bills with GreenPath?
We always caution our readers with extreme credit card debt because while debt management programs will help you get out of financial ruin and distress, it won’t happen in the next few months. Such is the case with GreenPath’s services. According to their website regarding debt management: The length of a payment term and the last payoff date varies based on your unique situation, but unsecured debts are usually paid off in three to five years.
In general, consumer credit counseling programs take close to five years to complete. Keep in mind, you’re paying all of your debt back, plus interest. If you’re interested in reducing your balances, consider a debt negotiation program.
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What is the Difference Between Debt Management and Debt Settlement?
Debt management plans are designed to pay off the entire amount you owe in 3 to 5 years. Debtors continue to pay their creditors and collection agencies through their GreenPath savings account, but with an organized plan. The total amount you will pay to your debt collectors is typically less than if you paid on your own, because GreenPath is able to discuss a reduced interest rate on monthly payments.
In debt settlement (not offered by GreenPath themselves), the settlement company will request credit card companies to forgive a portion of your debt in exchange for a lump sum payment, which is typically made when monthly payments have accumulated to cover the lump sum amount requested by the creditor. if your GreenPath advisor concludes that debt settlement is your best option based on your financial situation, GreenPath assist you with connecting with debt settlement companies
What Types of Accounts Qualify for GreenPath?
While GreenPath counseling is primarily focused on credit debt and student loan debt, all forms of debt will be considered by your GreenPath counselor when providing a management path for your financial situation.
What are the Minimum Credit Score Requirements for GreenPath’s Services?
No minimum credit score is required by GreenPath as they are not a lender. Their initial consultation is free, and based on your personal situation, GreenPath may be able to speak on your behalf to debt settlement and debt consolidation companies. However, all agencies GreenPath works with many have their own credit score requirements.
Is GreenPath Debt Solutions Legitimate?
GreenPath Financial Wellness is one of the country’s largest credit counseling agencies, in business for over 60 years in the financial industry. Again, it’s worth noting: GreenPath offers other financial services beyond debt settlement and debt management, including housing and student loans. However, the division of labor within the company seems to be fairly minimal, meaning the financial advisors working on debt settlement may also work on GreenPath’s other services, making the quality of their reviews relevant across the board.
We uncovered complaints listed on GreenPath’s Better Business Bureau (BBB) Farmington Hills profile, which is the location listed on the copyright info at the bottom of their website. GreenPath Financial Wellness is given 2.36 out of 5 stars in BBB reviews. Complaints there ranged from being provided with inaccurate information to a frustrating user experience on their website portal. However, the negative postings on the BBB page were a year apart each, so infrequent, with a total of only 11 complaints over the last 3 years, and only 2 in the last year.
Reviewing the working environment at GreenPath, we found a 3.6/5 rating on Glassdoor, where employees generally seem to enjoy working for GreenPath, with occasional stress mentioned for reasons why a perfect score is not given.
In contrast to their BBB reviews, GreenPath’s review score on Consumer Affairs is overwhelmingly positive. Of the 71 reviews on Consumer Affairs, GreenPath averages 4.8/5 stars.
Is GreenPath Licensed?
GreenPath is licensed accordingly in each state where they have an office. For a full list of licensing by state, you can visit their website here: https://www.greenpath.com/licensing-disclosure/
Will GreenPath Debt Settlement Hurt My Credit Score?
Working with a counseling non-profit like GreenPath will not affect your credit score on its own. However, entering any debt settlement program will damage your credit score for the near future. Most debt settlement programs will harm your credit score immediately as debtors are essentially saying they are not able to cover full payment amounts. Reliability on your credit report will take a dip because you are letting collections agencies and legal entities know that you cannot make payments. However, as you continue to make your monthly payments to a debt consolidation, management, or settlement company through a GreenPath savings account, GreenPath will slowly pay off your debts with your creditors, increasing your credit score over time. To be more direct: Yes, your credit score will dip immediately after you set up a debt settlement program via GreenPath advisement, but will begin to heal and recover over the years of the program.
GreenPath Debt Counseling and Management Program Pros
- Free debt management consultation, assessment, and quote
- No upfront fees
- One fixed monthly payment if choosing to pay debts through a GreenPath savings account
- No limit to debt accounts enrolled as long as the collector agrees to the settlement
- Flexible monthly payment options, catered to your finances and income
- Over 60 years in business
- Flexible with program debt types
- A+ BBB rating
- Consumer Affairs accredited
- National Foundation for Credit Counseling (NFCC) accredited counselors
- Council on Accreditation (COA) accredited
GreenPath Debt Relief Program Cons
- Credit scores can decline when working with debt settlement companies
- Further issues with your debt can arise if you do not disclose your financial situation accurately to Greenpath
- Limiting your debt relief options to the partners GreenPath works with
GreenPath, Inc appears to be a fully legitimate company, with over 60 years in operation. They have some complaints on their BBB profile but are responsive to those, and additionally have stellar reviews on other sites like Consumer Affairs and Reddit.
As always, be cautious when working with debt negotiators and debt settlement companies. If you can avoid waiting until your credit accounts are in collections, you may want to contact financial consultants and debt consolidation companies first. Know where you stand in terms of your finances, what you can afford, and how quickly you want to get out of debt.
Contact us at (877) 332-8007 if you have any questions or would like to discuss your options at greater length.
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 inside this GreenPath Debt Solutions review 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. This review about GreenPath Debt Solutions should be used for information purposes only.