![]() If no settlement is reached or approved for an individual debt, then no fee will apply for that debt. You only pay a fee when you approve and fund a settlement. However, the company claims that clients who complete the debt settlement program see their debt reduced by approximately 55% before fees or 30% after fees, with an average timeline of 36 months. Once you accumulate enough funds in the savings account, CreditAssociates will begin working to obtain settlements from your creditors for each of your enrolled accounts.ĬreditAssociates does not guarantee specific settlement terms or that your debts will be settled at all, since they cannot compel creditors to settle. Those deposits are typically less than the total amount you'd pay each month toward your debts. If you do choose to enroll, you'll begin making monthly deposits to a special purpose savings account instead of paying your creditors. There is no obligation to proceed with the consultant's recommendations you can decline for any reason with no penalty. During your call, one of CreditAssociates' certified debt consultants will evaluate your financial circumstances (such as income, budget, and total debt), answer any questions you have, and recommend a personalized plan to eliminate your debt. The first step in the debt settlement program is a free phone consultation. A wide variety of unsecured debts are eligible for enrollment, but secured debts (such as mortgages, auto loans, and home equity loans) are not. Using your financial hardship as leverage, the company negotiates with creditors on your behalf to reduce the amount you owe and work out other more favorable terms for repayment. ![]() How Does CreditAssociates Work?ĬreditAssociates operates much like other for-profit debt settlement services. CreditAssociates does not work with clients in Colorado, Connecticut, Minnesota, Maryland, Vermont, or Wyoming. Common complaints across all reviews include the use of high-pressure sales tactics, poor communication, and a lack of results.ĬreditAssociates is based in Dallas, Texas, but provides debt relief services to eligible borrowers in 44 states and Washington, D.C. The low rating there is based on only a few dozen responses more concerning is the high incidence of complaints, with over 110 closed in the last three years. CreditAssociates also has largely positive reviews on Google, with a rating of 4.4 stars out of five based on over 1,200 responses.ĬreditAssociates has less complimentary reviews and feedback on its Better Business Bureau profile. The company has highly favorable reviews on Trustpilot, where it boasts a rating of 4.9 stars out of five, with only 2% of nearly 14,000 reviews leaving a rating of three stars or fewer. CreditAssociates claims to have helped tens of thousands of borrowers become debt-free since 2007.ĬreditAssociates is accredited by both the American Fair Credit Council and the International Association of Professional Debt Arbitrators. The company works exclusively with unsecured debts, emphasizing debt from credit cards, hospital and medical bills, and business operations. As a debt settlement company, CreditAssociates negotiates with creditors to reduce debts owed by borrowers experiencing financial hardship. While CreditAssociates isn't one of the country's largest debt relief companies, it is among the highest rated. Read on to see whether CreditAssociates is a good fit for your circumstances. However, you'll have to pay a fee for each debt settled, and there's no guarantee of success. One of the best debt settlement companies, CreditAssociates can negotiate with your creditors to reduce the amount you owe and lower your monthly payments. If you're burdened with high interest credit card payments, medical expenses, or other unsecured debts, a debt settlement company like CreditAssociates may be able to help.
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