Today we will be reviewing a company called Credit Associates. Is Credit Associates legit? Find out in this Credit Associates review.
When it comes to debt, people seem to be embarrassed about talking about it. In fact, having debt is normal nowadays. Considering how prices for commodities and utilities keep increasing, loans and debts are what usually save people’s backs.
On the other hand though, debts could go out of control. This happens when you don’t control your spending habits. Maybe you are an impulse shopper, or someone who doesn’t really pay your debts in time.
For this reason, instead of taking out loans, some people opt for side hustles instead. This way, they can make more money and not risk damaging their credit scores.
There are a lot of ways to make money on the side, from starting your own online business, investing in real estate, or taking advantage of other great opportunities.
What brought you to this Credit Associates review is the prospect of making some money on the side. Luckily for you, I did my research, so I’ll be able to tell you whether this program can help you find your way to financial freedom.
Before you decide to commit to this company, you should read this Credit Associates review first. You should check if it is worth your time before you pay for it.
DISCLAIMER: This is a fully independent review. I’m not affiliated with Credit Associates in any shape or form whatsoever.
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Credit Associates Review: Quick Details
- Name: Credit Associates
- Website: https://www.creditassociates.com/
- Type of Debt Settled: Unsecured debt including credit cards, medical/hospital bills, and business debt
- Program Length: 24-36 months
- Customer Service Hours: Monday – Friday: 8:00am – 8:00pm; Saturday: 9:30 AM – 3:00 PM
- Coverage: 41 states. Not in New Jersey, Colorado, Connecticut, Georgia, Minnesota, Maryland, Ohio, Vermont, and Wyoming.
- Accreditation: American Fair Credit Council Accredited Member
What is Credit Associates?
Credit Associates is a well-known and well-respected debt assistance firm. It has been in operation since 2007 and operates a debt settlement program in 42 states.
Credit Associates is a reputable debt negotiation firm. It’s a member of the American Fair Credit Council, which requires its members to adhere to a code of ethics in the sector.
Medical debt, business debt, and credit card debt are among the unsecured debts they negotiate.
Credit Associates – Top Features
Established company. Credit Associates has been in operation since 2007, and it offers a debt settlement service in 42 states.
Several company accreditations. Credit Associates is a member of the business team who has been accredited by the American Fair Credit Council (AFCC). They carry the emblem of the International Association of Professional Debt Arbitrators (IAPDA), although Credit Associates is not a member of the IAPDA.
Unsecured debt comes in a variety of forms. Credit Associates seems to have a $10,000 minimum enrollment requirement. Credit card debt, corporate debt, and medical/hospital expenses are all areas of expertise for them. They do not, however, negotiate secured debt such as mortgages or vehicle loans, as do some other debt settlement companies.
Short program. Credit Associates’ debt settlement program is structured on a 24- to 36-month payment schedule. This is a intense technique that requires you to build a monthly cash flow in order to fast negotiate your debt.
Zero upfront fees. Credit Associates, like other legitimate debt settlement firms, does not charge any upfront fees.
Free debt consultation. They provide a no-obligation debt consultation to evaluate your financial status and determine whether or not you are a good match for their program.
Competitive fees. Credit Associates does not disclose disclaimers or information about their savings and costs, which makes their rates and outcomes competitive. Their savings estimate tool shows a sample effect, with savings of about 35% of the initial debt. They are aware, however, that this is a conventional example, and the results may not apply to your own scenario or circumstances.
Some FAQs
While not exclusive to Credit Associates, these are important considerations to evaluate when looking for a debt settlement firm. Let me share a few of the most common inquiries Credit Associates receive.
Will Creditors Sue Me?
Credit Associates assures that any creditor has a very little chance of suing you. They do, however, keep in mind that your creditors may continue to pursue collections on unpaid accounts.
Phone calls, collecting letters, pushing users to collection agencies, and filing a lawsuit are some of the tactics they may do. Remember that if you are sued, Credit Associates will not defend you.
Do You Have to Pay Fees on Unforgiven Debt?
Any forgiven debt that over $600 must be reported. The IRS has particular provisions that may allow you to avoid paying taxes if you are insolvent or bankrupt.
Concerns concerning costs should always be discussed with a licensed tax preparer or CPA.
Can You Keep Your Credit Cards?
When you engage in the debt settlement services program, you must cease using credit cards. In any case, creditors often close your accounts if you just cease paying payments.
Consult your debt counselor about keeping at least one credit card open for emergencies.
Does the Program Lower Your Credit Score?
The debt settlement service offered by Credit Associates is not dependent on your credit score. Rather, they recall that the amount of injury depending on your debt assessment whether you engaged in a debt reduction program.
Nonetheless, anticipate a decline in your credit score as a result of your failure to make payments to your creditors.
How to Qualify for a Debt Relief Program
A debt settlement program is available via National Debt Relief to help persons who are having trouble paying their bills.
The following are the standards that they, like other debt relief firms, must meet:
Behind in payments. You must be several months or more behind in your payments in order to qualify for a debt settlement program.
Credit Associates is reliant on you certifying that you are experiencing financial difficulties. They collaborate with you before, during, and after the system in order to prove your financial difficulty.
Sufficient debt to justify the relief program. Credit Associates seems to need a minimum of $10,000 in debt to participate.
The ability to generate a certain payment amount. The program requires you to pay a monthly fee. This initiative, according to Credit Associates, is geared on cost savings.
You must make monthly contributions to a specified bank account in your name that is used to pay down your obligations, rather than making payments to your creditors.
Credit Associates’ strategy is based on a 24 to 36-month time frame. If you owe $10,000 on a credit card, for example, you might expect to pay about $208 each month over the course of three years, compared to $250 minimum payments.
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Wbat Debt Relief Programs are Available in Credit Associates?
Credit Associates specializes in debt settlement for individuals. When you qualify and join, you begin contributing a monthly amount into an individual account.
Credit Associates will then utilize those monies to negotiate with your creditors to get your debts settled for a fraction of what you owe. They may usually pay off each credit account within 24 to 36 months.
There is no debt reduction firm that can guarantee a settlement. As a result, you don’t pay for services until the discussions go well.
While there is no legislation mandating creditors to negotiate debts, many firms are willing to do so if you are unable to pay in any other manner.
How to Pay Off Debt Using Credit Associates
The first step is to call Credit Associates to schedule a free consultation to explore your circumstances and financial goals.
Then, your consultant will go through the debt settlement method with you to see whether it’s a good fit for your requirements.
Sign a contract with Credit Associates, and the business will start the debt settlement process by contacting your creditors and initiating talks. Negotiating a debt settlement usually takes 6 to 9 months.
If you haven’t already, you simply cease making payments to the creditor. Unpaid invoices persuade businesses that you are unable to spend, incentivizing them to accept a smaller amount.
Every month, you deposit a manageable amount into a designated Purpose Savings Account. Credit Associates will then fit you after you have accumulated a target lump sum that may be utilised to spend a settlement.
During talks, Credit Associates gives the creditor a lump payment from the savings account. Creditors are typically willing to take cash in return for the debt being erased from their records.
Debt settlements may harm your credit score, and interest and penalties accrue on the entire amount you owe a creditor while you’re negotiating. People who work out debt relief agreements, on the other hand, frequently have a worse credit score owing to outstanding invoices before they contact Credit Associates.
This is because, if the discussions go well, the settlement, including Credit Associates’ fee, will be significantly less than the total amount you owe the creditor.
How Much Will Credit Associates Charge You?
Credit Associates does not demand a fee in advance. Instead, you pay the firm in case you recognize a debt settlement that was negotiated on your behalf.
Your Special Purpose Savings Account is debited for the cost of services as well as the settlement fee.
Credit Associates does not provide examples of expenditures since they vary depending on the rules of each state. During the free consultation, you are encouraged to talk about the expenses of debt settlement.
Credit Associates advises speaking with an accountant about any taxes you may owe on the debt forgiven. You may be eligible for an exemption or exclusion from fees on passive income depending on your circumstances.
What are Customers Saying About Credit Associates?
Credit Associates offers a free telephone consultation. Existing customers may also use their phone service. Every week, they operate six times.
Credit Associates’ web-based interface lets you keep track of your progress and account features. However, neither a mobile app nor a chat service are available yet
The BBB has assigned Credit Associates a “B” rating. Furthermore, TrustPilot has given them a very good rating (4.99/5.0) from their customers.
Many customers indicate that they were given a thorough explanation of the debt settlement plan and that the company’s employees treated them with respect.
Unsolicited phone calls and mailings from CreditAssociates, on the other hand, were reported by a number of people.
While we discovered concerns about the impact on credit ratings or the settlement of just a portion of debts, these possibilities were discussed during the discussion.
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Is Credit Associates Legit?
CreditAssociates is proud of their high ratings, certifications, and endorsements they have earned from industry experts.
These well-known and dependable firms assist to demonstrate their dedication to providing the finest solutions and service to their consumers.
These honors should also give you confidence that your personal financial situation will be handled with the care, attention, and respect that you deserve.
The company is absolutely not a scam, with many individuals being serviced each month and over 300,000 debt profiles handled.
Along with their clientele, there are several firms who can speak about their reliability.
There is a wide variety of proof that they are not just industry executives but also honest and professional, ranging from professional certification and training to customer service ratings.
Final Verdict – Credit Associates
Before I end this Credit Associates review, I would like to share a few more insights that could help you.
It’s not unusual for people to accumulate debt, In fact, it has been pretty common nowadays for people to take loans out to start a business, send their children to prestigious schools, or even to buy the latest gadget they were eyeing.
It’s actually quite rare for people to not have any debts nowadays. A lot of institutions actually encourage people to take loans so that they can turn a profit.
Well, if you ask me, it is okay to accumulate debts and loans, as long as you have the ability to pay them off. Also, take payments seriously. Know the necessary penalties if you want to take loans.
Also, learn to control your spending habits. If an expense is unnecessary, then maybe you shouldn’t take a loan just to get it. You don’t really need to upgrade to a new phone each year, and you don’t really need more than ten pairs of shoes.
Spend according to your pay grade. It is what most people forget on doing. Well, if you want to make some xtra money, then maybe you should take advantage of the opportunity on the next section.
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