Consolidated Credit 2020 Review
Founded in 1993, Consolidated Credit has assisted over 6.5 million consumers with getting out of debt through their credit counseling and debt management planning services.
Consolidated Credit provides a free consultation during which certified credit counselors examine your budget and debt before offering you budgeting advice and debt management strategies.
If you are in need of a debt management plan to pay off your credit cards, they will design a personalized repayment plan with monthly payments to fit your needs. Their goal is to combine your credit card debts into monthly payments with a lower interest rate than your current loans.
Consolidated Credit can also assist with financial advice and counseling regarding home purchases (covering first-time homebuyers all the way to reverse mortgage options for seniors).
Consolidated Credit Pros
- 25+ years of experience: Consolidated Credit has been in the credit counseling and debt relief business since 1993.
- Reduce total credit card payments by up to 30-50%
- Won't hurt your credit score: Unlike other debt relief options like debt settlement or bankruptcy (which can drop your credit significantly), Consolidated Credit will not negatively impact your credit score.
- Nationwide service
- Highly accredited service: Consolidated Credit has many industry accreditations, including an ISO certification and an FCAA (Financial Counseling Association of America) accreditation.
- Award winning service: Consolidated Credit was the recipient of the EIFLE Nonprofit Organization of the Year in 2012 and are currently a Certified ISO 9001 Company.
- Certified debt counselors: All debt counselors are CPFC certified. The president of Consolidated Credit, Gary Herman, has also trained as a certified credit counselor and is the vice president of FCAA, which ensures that debt relief companies provide the best service.
- Free initial consultation: Simply fill out a form on the Consolidated Credit website.
- Excellent customer service: Customers reported great customer service from professional, friendly, and knowledgeable company representatives.
- Additional resources: Consolidated Credit offers extra resources such as blogs, web seminars, debt-to-income ratio and credit score cost calculators, and a community outreach program for extra financial education.
Consolidated Credit Cons
- Their website lacks transparency, specifically regarding pricing for their credit counseling services and debt management plans. Customers are instead asked to call or apply online to find out more.
Consolidated Credit Pricing
As a non-profit agency, Consolidated Credit's fees and pricing are dictated/regulated/governed by the states they operate in.
Although the following is Consolidated Credit's standard pricing, keep in mind that fees and interest rates depend on the state, principal, and creditors:
- Consolidated Credit charges an upfront fee ranging between $0 - $49.
- The monthly fee is $0 - $69.
- Credit card debt can be reduced by 30% to 50%.
- There is no minimum debt required.
Consolidated Credit is a positively reviewed credit counseling service with competitive interest rates and nationwide service. Although their monthly fee is high, they are rolled into your new lower monthly payment. It’s well worth a look if you are looking for a solution for your debt that will lower your monthly payments, not hurt your credit score and further consumer credit education.
Frequently Asked Questions
What is the minimum debt needed to enroll in Consolidated Credit?
Consolidated Credit does not require a minimum debt amount.
What is the difference between the debt management program and the debt settlement program offered by Consolidated Credit?
A debt management program allows you to pay off what is owed in a manageable way, by paying a lower interest rate to quickly rid yourself of debt. A debt settlement program settles your debt for less than the full amount you owe; however, even though this closes the account, you will see a 7-year credit report penalty for all the settled debts.
Can I pay an extra amount during the month to pay off my credit card debt sooner?
Yes. You simply have to call Consolidated Credit and speak with a representative who can assist you in posting the extra payment.
What are Consolidated Credit's business hours?
Consolidated Credit's team of credit counselors are available from Monday through Thursday 8 am to 10 pm EST, Friday and Saturday 8 am to 8 pm EST, Sunday 9 am to 5 pm EST.
Where are the Consolidated Credit offices located?
Consolidated Credit's address is 5701 West Sunrise Blvd, Fort Lauderdale, Florida 33313.
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- Year Founded 1993
- Minimum Debt Amount $10,000
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