Even though at least two major industry organizations accredit Credit Associates, it isn't completely upfront about the debt relief services it offers, and many clients claim to have had communication troubles. As a result, it's possible that you'd be better suited to working with a different debt settlement firm.
Pros
- A client portal is provided to help you keep track of your account at all times.
- AFCC and IAPDA accreditation
- Except on Sundays, assistance is provided every day.
Cons
- Fees aren't made public.
- To be eligible for the program, you must be experiencing financial difficulty.
- In some states, services are not available.
THE MOST IMPORTANT THINGS TO KNOW
The company was created in 2016; therefore, it is a new debt reduction company. It's unclear whether Credit Associates has a debt-to-income ratio requirement. Credit Associates, according to many reviewers, had communication problems. Year of Establishment: 2016 Debt Consolidation: What Are the Different Kinds of Debt Consolidation? Debt from credit cards, medical bills, and business debt are all examples of debt. Fees Unknown Repayment Timeline on Average In between 24 and 36 months Accreditations IAPDA and the AFCC are two organizations that work together to help people. Debt Limits UnknownIntroduction
Credit Associates is a debt reduction company specializing in assisting clients with unsecured debt settlements. Credit Associates' ultimate goal is to persuade your creditors to accept a settlement that is less than what you owe. You will not be obliged to pay any upfront fees as the law requires. Instead, you'll pay a performance-based fee once a settlement has been reached. Warning: Debt settlement is risky since there's no assurance that your creditors will agree to a settlement, and your credit could suffer as a result. As a result, it should only be used as the last choice after you've exhausted all other options, such as nonprofit credit counseling or a debt management plan. You return all of your debts but may be able to secure a lower interest rate. Continue reading for more information about Credit Associates' debt settlement program.Overview of the Company
Credit Associates, based in Dallas, Texas, is a debt settlement firm that was created in 2016. The company is a gold accredited service with the International Association of Professional Debt Arbitrators (IAPDA), which means it has at least 25 to 99 IAPDA-certified debt advisors. It is also a member of the American Fair Credit Council (AFCC), one of the leading professional associations serving the debt relief industry. Credit Associates works with people all around the United States, but its program isn't available in every city. While there isn't a complete list of states where services aren't available, CO, CT, GA, MD, MN, OH, VT, and WY are some instances of states where services aren't available. According to our investigation, there were no recent legal measures taken by the government against Credit Associates at the state or federal level.Alternatives to Debt Relief
The purpose of Credit Associates' debt settlement program is to assist you in reaching an agreement with your creditors that is less than what you owe. The firm assists with unsecured debt settlements such as credit card debt, medical expenses, and unsecured business debts. Like most debt settlement companies, Credit Associates cannot help with debt backed by collateral, such as home mortgages, home equity loans, or car loans. Because the organization makes no mention of student loans, it's unclear if it can assist you with this form of debt. To be eligible for Credit Associates' debt settlement program, you must be experiencing a serious financial difficulty (e.g., a recent divorce, medical issue, or death in the family). Other restrictions, such as the needed minimum debt amount, are not clearly stated by the company. However, because its calculators have a default minimum debt level of $7,500, we believe this is the least debt amount required.Fees
Credit Associates charges no upfront fees in accordance with the law. If the company successfully reached an agreement with your creditors, it will charge you a fee. This type of performance-based fee structure is common in the debt relief market. Credit Associates, unfortunately, does not provide the normal costs it charges its customers, nor do they reveal the savings you might see before and after fees. All of this information is disclosed openly by the greatest debt relief companies in the industry. Credit Associates' clients can resolve their debt problems in 24 to 36 months on average, which is within the industry average of 24 to 48 months. Important: If a debt relief company demands an upfront charge, stop doing business with them and register a complaint with the Federal Trade Commission (FTC) online or by calling 1-877-382-4357.Support is available for customers. Weekdays and Weekends
If you need assistance from Credit Associates, you can reach out to a representative every day of the week except Sunday. Monday through Friday, between the hours of 8 a.m. and 12 a.m. ET, and Saturdays, between the hours of 9 a.m. and 9 p.m. ET. Credit Associates can be reached by phone at the following toll-free number: Customers should call 1-800-983-6693 for assistance. Remember that you won't be able to contact Credit Associates on Sundays, and there isn't a live chat option. Although these are drawbacks, they are not uncommon. It's fairly uncommon for debt relief companies to offer assistance on weekdays, and just a handful of them offer live chat.Communication Issues Are Common When It Comes To Customer Satisfaction
We looked at a range of testimonials to understand what it's like to work for Credit Associates. Although there were many positive evaluations, many of them focused on the company's early involvement in the process. There weren't a lot of testimonials from folks who have completed the training. Many people complained about communication problems with Credit Associates in their ratings. Many reviews said that they received unsolicited mail and phone calls from the company. In addition, several reviews stated that contacting the company's customer service personnel was difficult. Positive reviews have even stated that they would want to receive more frequent updates from the organization. According to other bad evaluations, credit Associates' debt advisors pushed them to sign contracts on the spot without giving them enough time to evaluate the specifics. Even if these are isolated incidents, they are troubling. Tip: Before asking you to sign a contract, companies should always give you time to think about what you're buying and analyze the contract. If you're asked to make a decision or sign a contract without having enough time to think about it, that's a red flag you shouldn't ignore.Management of Accounts
By entering onto Credit Associates' client portal 24 hours a day, seven days a week, once you've signed up for services, you'll be able to track your progress and manage your account. You'll also be assigned a support staff, which you may contact via phone if you need one-on-one assistance. These features can make account management more convenient.Additional Features
A free debt consultation will be provided to you before you sign up for Credit Associates' services. Your debt expert will analyze your financial position with you and discuss viable options during this meeting. If the organization cannot assist you, it may be able to direct you to a debt relief company that can provide the services you require. This is a value-added service that the competitors do not always provide.How Do Credit Associates Measure Up to Other Debt Relief Firms?
National Debt Relief, a well-known debt settlement company, is one of Credit Associates' key competitors. Both firms specialize in assisting people with unsecured debt problems, while National Debt Relief may be able to assist with private student loans on a case-by-case basis. Credit Associates doesn't say whether it can help with student loan debt negotiation. Other significant distinctions between Credit Associates and National Debt Relief include:- Credit Associates does not provide information about their normal charge structure.
- National Debt Relief states that its fees typically range from 15% to 25% of total enrolled debt (the industry average).
- Credit Associates doesn't say how much debt you need to qualify for its program; and however, National Debt Relief says you need more than $7,500 in qualified debt to participate.
- Credit Associates has a reputation for having communication issues, according to reports from a variety of sources. On the other hand, Reviewers claim that National Debt Relief will communicate with you regularly.
| Year Founded | 2016 | 2009 |
| Debt Relief Options | Credit card debt, medical costs, and business debt are all examples of debt. | Credit card debt, medical bills, business debt, some private student loans |
| Fees | Not disclosed | 15% to 25% of enrolled debt |
| Minimum Debt | Not disclosed ($7,500 likely) | $7,500 |
| Customer Satisfaction | Communication problems are commonly reported | Many people have had positive experiences with regular contact. |
The Final Word
Credit Associates was created in 2016 and are a very new company. Despite this, the AFCC and the IAPDA, two of the most recognized debt relief industry organizations, have accredited it. Unfortunately, Credit Associates has some transparency difficulties since it does not publish several key data about its debt relief program, such as how much it generally costs in fees and whether you must have a certain amount of debt to qualify. A survey of several sources reveals that Credit Associates does not have a good reputation with many of its clients, in addition to the transparency difficulties. Several reviewers mentioned that they had communication challenges, and allusions to communication concerns were also included in several positive reviews. Overall, you should choose a debt relief company that is completely clear about its product offerings.