Consolidated Credit is a nonprofit with nearly 30 years of industry experience. It offers credit counseling services, housing counseling services, and financial literacy resources.
About Consolidated Credit
Since 1993, Consolidated Credit has helped more than 10.2 million consumers resolve overwhelming credit card debt and improve their financial health. It is a 501(c)3 nonprofit credit counseling agency that prides itself on helping families resolve financial issues through professional counseling services and educational resources.
The team at Consolidated Credit provides over 300 hours of live education annually. They’ve also helped consumers consolidate over $9.75 billion in debt.
What is Consolidated Credit?
Consolidated credit is a 501(c)3 nonprofit credit counseling agency that offers debt management programs and other relief options to help you avoid bankruptcy.
What is Credit Counseling?
Credit counseling helps consumers identify the most effective strategies to manage and get out of debt. You will work directly with a credit counselor to explore viable solutions.
How Does Credit Counseling Work?
Here’s a breakdown of how credit counseling works:
- Step 1: Reach out to a credit counseling company for a consultation. (Consider nonprofit entities accredited by the Better Business Bureau (BBB) with an A+ rating).
- Step 2: The credit counselor will discuss your situation to identify how issues evolved during the initial call. They will also conduct a free budget and debt analysis to analyze your income, expenses, and debts. (Note: You will likely have to authorize a soft credit check so the credit counselor can view your credit profile and assess your credit health. Doing so will not impact your credit score).
- Step 3: The credit counselor will review viable options and could set you up on a debt management plan (DMP). If you choose to go on a DMP plan, the counselor will help you find a monthly payment that fits your budget.
- Step 4: The credit counselor will contact your creditors to notify them of the new repayment schedule and obtain their approval. They will also negotiate concessions, like a lower interest rate and penalty waivers, on your behalf. (Quick note: creditors will generally close your cards if they agree to accept a reduced payment under a DMP plan).
- Step 5: Once all your creditors have agreed, you make one monthly payment to the credit counseling organization that they distribute each month your creditors as agreed until all the debts included in your DMP are paid off.
What Types of Debt Can You Include in a Debt Management Program?
You can include the following debts in a DMP:
- Credit card debt
- Retail store credit
- Payday loans
- Personal loans
- Debt consolidation loans
- Collection accounts for unpaid utilities, service contracts, and medical bills
Is Consolidated Credit a Legitimate Company?
Consolidated Credit is accredited by the ANSI National Accreditation Board (ANAB) and Better Business Bureau (BBB) with an A+ rating. It is also a member of the Financial Counseling Association of America and ISO 9001 Certified through Bureau Veritas Certification.
The certified personal financial counseling team has worked with the United Way and over 500 other nonprofit organizations and government agencies to provide financial literacy in underserved communities.
Consolidated Credit Debt Relief Benefits
Wondering how working with Consolidated Credit can benefit you if you need debt relief? Here are some key advantages to keep in mind:
- You will work with a knowledgeable credit counselor to identify suitable debt relief options.
- You could get out of debt faster in 36 to 60 months.
- Your credit counselor could negotiate cost-saving concessions on your behalf if you’re having trouble getting your creditors to budge.
- You could lower your total monthly payment by up to 50% and save a bundle in interest.
- You could stop further collection actions by getting back on track.
- You could prevent further damage to your credit health.
Consolidated Credit Solutions
Consolidated Credit Solutions offers debt relief services, housing counseling services, and financial education resources.
Debt Relief Services
Consolidated Credit offers free credit counseling and debt management plans (DMPs). If you decide a DMP is unsuitable for you after the consultation, there’s no obligation to sign up.
Housing Counseling Services
Consolidated Credit is also approved to provide HUD housing counseling services. You can get assistance if you’re planning to buy a home or seek ways to maximize your investment. There are also options for homeowners who are behind on payments and facing foreclosure, as well as reverse mortgage counseling for seniors.
You can also visit the free online resource center to view how-to guides, eBooks, courses, videos, webinars, infographics, and a host of other free tools to help improve your finances.
Consolidated Credit Customer Reviews
Check out what past and current clients have to say about Consolidated Credit:
- “Consolidated Credit helped me get out of debt in 4½ years and save my marriage! I can’t thank you enough!” — Laura M.
- “I’ve worked with Consolidated Credit for the past 3 years, and my credit scores have increased.” — Maria A.
- “The staff is always so friendly and helpful, and the customer service is great.” — Matan W.
- I signed up two months ago, and it’s going great so far.— Triyonnia P.
Consolidated Credit Pricing
Credit counseling is free, and it’ll only take 30 minutes to an hour of your time. If you decide to move forward with a DMP, you’ll be assessed a monthly fee based on your budget and debt. Fees vary depending on your state of residence but are capped at $79 nationwide; the average client pays around $49 per month. (Note: The fee is included in the monthly payment for your DMP).
Consolidated Credit offers free consultations to speak with a HUD-certified housing counselor if you need housing counseling.
How to Get Started with Consolidated Credit
To get started with Consolidated Credit, visit their website, and complete the online form to request a confidential, free evaluation.