Consolidated Credit Review March 2024
At Bills.com, we strive to help you make financial decisions with confidence. While many of the products reviewed are from our Service Providers, including those with which we are affiliated and those that compensate us, our evaluations are never influenced by them.
Best for Consolidated Credit
Consolidated Credit Counseling Corp. has been providing credit counseling and financial education services since 1993. They maintain an A+ rating with the Better Business Bureau. Their services include free financial resources, credit counseling, housing counseling, and a debt management plan.
Financial Counseling Association of America
- Free first consultation
- Rated highly for customer service.
- Limited counseling services
- The minimum debt amount is $5000 for their debt management plan
Consolidated Credit: Top Features
Consolidated Credit provides credit counseling, a debt management plan, and financial education services.
Lots of experience: Consolidated Credit is an established credit counseling company operating since 1993.
Limited counseling services: They only offers the following services:
Credit counseling: A counselor reviews your debts, budget, and general financial situation.
Housing counseling: They offer a variety of non-profit, HUD-approved housing counseling services. Their services include a First-Time Homebuyer Education course, which is mandatory for some mortgage programs. Also, they a HUD reverse mortgage counseling program.
Top accreditation: Consolidated Credit is accredited by the industry group, Financial Counseling Association of America.
Wide variety of unsecured debt: Consolidated Credit also offers a debt management program that consolidates unsecured debt and negotiates lower interest rates. Besides credit card debt, they also negotiate and handle personal loans, consolidation loans, in-store credit lines for furniture and electronics, and sometimes even collection accounts from unpaid medical and utility bills.
Work with a lot of creditors: Consolidated credit works with a lot of creditors. Their website provides a list of over 1600 companies they work with.
Competitive Fees: States regulate fees. Consolidated Credit's costs are in line with most competitors. You can get a free debt consultation.
Limited debt relief offers: Besides a credit counseling program, Consolidated Credit only offers a debt management plan and does not offer bankruptcy counseling or other hardship programs.
Consolidated Credit: Debt management plan
After completing credit counseling, your Consolidated Credit counselor may offer you a debt relief program to help consolidate your monthly bill.
Qualifying for Consolidated Credit debt management plan: The debt management plan is not dependent on your credit score. The minimum amount of debt you can enroll in is $5,000. A counselor thoroughly evaluates your financial situation, including your cash-flow and debts. The program serves consumers who can afford their monthly payments but need payment relief through a lower interest rate. However, the counselor will make sure that you can afford to make ongoing monthly payments to benefit from the interest rate reduction and late fee cancellation.
Top benefits and features:
- Repayment terms between 36 - 60 months.
- Lower your interest rate. Consolidated negotiates your credit card interest rate. They claim that they "Clients see their total credit card payments reduced by up to 30-50%. Negotiated interest rates average between 0% and 11%". Concession rates vary by creditors and also by your financial situation.
- Consolidate your monthly payments into one affordable payment.
- Competitive fees.
Consolidated Credit - Customer service and customer satisfaction
Consolidated Credit offers counseling services via the phone. No online counseling is provided. You can manage your debt management plan through their online portal via consolidatedcreditsolution.org. You can track your accounts and submit a question to their specialized Client Service Teams by submitting questions 24/7.
Consolidated Credit is BBB accredited with an A+ rating. They also have high ratings of about 4.7/5.0 with TrustPilot and Consumer Affairs, two popular review sites.