Accredited Debt Relief is a highly ranked debt management company. Compared against other programs like Freedom Debt Relief and National Debt Relief, it has a strong showing. It offers credit counseling and personalized products and services for consumers who need help eliminating debt. Is it right for you? You be the judge. Here’s a detailed review of Accredited:
|Rank||Service||Best For||Cost||Expert Rating|
|1||Freedom Debt Relief||Overall Debt Relief||15%-25% of debt||★★★★★|
|2||Accredited Debt Relief||Debt Management||18%-25% of debt||★★★★★|
|3||National Debt Relief||Debt Settlement||18%-25% of debt||★★★★|
|4||Payoff Loans||Debt Consolidation||5.99%-24.99% loan rates||★★★★|
Accredited provides credit counseling. Additionally, it works with clients to create custom debt management plans. What are custom debt plans? Well, experienced agents work one-on-one with clients to create realistic plans to manage debt.
What is the process? Well, you start with an initial free consultation. After, your team will review your financial situation. Then, it will determine the best way to manage your situation. Finally, your agent will negotiate with creditors to settle or reduce your overall debt. Additionally, they will advise you on how to set up a monthly payments account to make paying bills easier. However, it’s then up to you to make payments until the debt is paid.
Keep in mind, most companies only work with people who have a certain amount of enrolled debt. Here are the amounts you need:
Know that if you choose Accredited Debt Relief, the products and services provided are designed to help clients take control of their own debt. The company does not:
Also, the company doesn’t handle legal, accounting or tax issues or credit repair directly. If your credit is good, you can also apply for a consolidation loan through a traditional online loan company.
Credit repair and debt programs are often confused. Accredited Debt Relief is not a credit repair company. Therefore, it can’t help with credit repair-type functions. So, what’s the difference? Here are credit repair fixes that Accredited doesn’t help with:
However, fixing your debt issues can certainly have a positive impact on your credit score.
If you are looking to fix your credit score, you can contest items yourself via the credit bureaus. Or, you can hire one of the many credit repair companies to help. However, make sure you find a reputable company to use. Here’s a good list of the best credit repair companies.
Debt relief costs can be complicated. For example, Accredited costs and services vary by state. Also, costs are based on whether the company is able to reach a settlement with your creditors. However, there are no sign-up fees or monthly dues. Also, the company offers free consultation. So how much will you spend? Here’s a quick breakdown:
Accredited complies with the FTC’s Telemarketing Sales Rule. What does this rule mean? Well, it prohibits products and services from collecting upfront fees. If you choose Accredited, you will not have to pay the service fees on top of your first monthly payments.
Accredited Debt Relief only operates in certain states:
Accredited Debt Relief is a young company. However, it quickly earned a reputation as a trustworthy company. How trustworthy? Impressively, it boasts an A+ rating as a BBB Accredited Business, with only seven complaints in the last three years. It is also accredited with:
Overall, reviews are positive for Accredited’s services. On the BBB site, 20 of 21 reviews praise the company. Most of these are about quality of customer service and debt relief programs. That’s impressive for the BBB.
Additionally, the company scores highly with TrustPilot reviewers, with 84.7 percent of giving a five-star review, giving it a 9.5/10 rating. Finally, testimonials on Accredited Debt Relief’s website show a high success rate in reaching settlement deals.
Reviews from satisfied clients praise the company’s empathetic customer service, trustworthiness and knowledgeable settlement advice. What does that mean? Reviewers say that agents are kind, non-judgmental and reassuring.
Many clients come away feeling less embarrassed about their circumstances and confident in the debt relief options Accredited Debt Relief presented.
Accredited Debt Relief complaints are rare. For example, only a few frustrated clients vented about their experiences on social media. Aside from some reports of unsolicited emails, Accredited has a positive reputation.
Does that mean it’s prefect? No. Satisfied customers doesn’t necessarily mean the company is without flaws.
How does Accredited stack up? It falls somewhere in the middle of the pack of the top debt relief companies. Similarly, other debt companies are accredited with the AFCC, IAPDA and BBB. They also have positive customer reviews and have approximately the same costs.
Some companies offer debt services that Accredited does not provide, like:
What makes Accredited different? It is known for its strong customer support and reputable history. This makes it stand out. In addition, the company has a proven record of negotiating settlement terms with creditors and has earned the confidence of their clients.
Remember, no single management company is a cure-all for debt. Not all debt can be settled. Also, depending on the amount of debt, settlements can result in tax liabilities or hefty penalty fees and affect credit scores.
Things to keep in mind:
Is it worth it, then? It can be. If you choose Accredited Debt Relief, know that debt relief programs can help minimize the short-term strain and long-term impact, letting you better pursue your future financial goals. While it can’t fix all your financial needs, debt programs can be a good first step.
Debt relief can actually mean many things and depends on the service you are using. Some companies use debt settlement programs. These are designed to negotiate with lenders to settle your debts. Others use consolidation, which combines your debts under one loan that has a lower APR. That way, you can pay down your bills faster. Many companies combine both and also offer counseling to help you with your overall financial situation.
How do you qualify? Many companies will only take you if you have enrolled debt of $10,000 or more. Although, there are a few settlement companies that will take people with lower debts. For consolidation, your debt generally doesn’t have to be so high. A credit score is not required.
It is generally a pretty straight-forward process. How does it work? Generally, you start with a consultation. Then, the company will go over your situation and come up with a negotiation plan. Finally, it will negotiate with lenders to come up with a payment plan. After that, it is up to you to make those payments.
Generally, debt settlement programs only deal with credit card debt. Medical or loan debts don’t apply. Of course, there are always excepts to the rule. For consolidation, any debt is usually acceptable. However, the debts have to be able to be paid with the consolidated loan. This can be tricky with mortgages, so refinancing would be a better option in that case.
This one can be tricky. Typically, the IRS doesn’t tax any forgiven debt if you can prove you didn’t have the money to pay those debts. So, for most people, it won’t affect their taxes. However, if the IRS decides that you did have the resources to pay those debts, you might end up being taxed. This is rare. Bottom line, debt settlement programs shouldn’t affect your taxes.
Truthfully, it can have a big impact. Debt settlement programs can be a drain on your credit score. Most people take the hit to their credit score in order to fix their finances. Also, on the plus side, it only stays on your report for 7 years. Bankruptcy stays on for 10 years, so it is a better option. However, if you have the resources to handle your situation yourself, that is always the better option for your credit score.
Accredited Debt Relief not exactly what you are looking for? Here are some other debt relief reviews to help you compare the top products against each other.
Freedom Debt Relief Disclosure: Our estimates are based on prior results, which will vary depending on your specific enrolled creditors and your individual program terms. Not all clients are able to complete their program for various reasons, including their ability to save sufficient funds. We do not guarantee that your debts will be resolved for a specific amount or percentage or within a specific period of time. We do not assume your debts, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice or credit repair services. Our service is not available in all states and our fees may vary from state to state. Please contact a tax professional to discuss potential tax consequences of less than full balance debt resolution. Read and understand all program materials prior to enrollment. The use of debt settlement services will likely adversely affect your creditworthiness, may result in you being subject to collections or being sued by creditors or collectors and may increase the outstanding balances of your enrolled accounts due to the accrual of fees and interest. However, negotiated settlements we obtain on your behalf resolve the entire account, including all accrued fees and interest. C.P.D. Reg. No. T.S.12-03825.
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