CreditAssociates: Fast-tracked Debt Settlements

An Overview of CreditAssociates

The company has been offering debt-relief services since 2007, when they first opened their doors in Dallas, Texas. Since then, they have expanded their services’ reach to cover 43 other states as well as Washington, DC. They do not, however, serve debtors in the states of Colorado, Connecticut, Minnesota, Maryland, Vermont, and Wyoming.

Their primary focus is on negotiating with creditors to reduce clients’ overall debt balances, lower interest rates, and eliminate late fees and other charges through debt settlement. This process typically starts with a free consultation to assess your financial situation and whether you are truly witnessing financial hardship. Then, their team of experts will formulate a structured debt settlement plan personalized for you and put it into action by negotiating with your creditors.

They have worked on solidifying their standing in the industry in the last couple of decades. Today, CreditAssociates LLC holds an A+ rating from the Better Business Bureau (BBB), reflecting their commitment to customer satisfaction and ethical business practices. They are also certified by the American Fair Credit Council (AFCC), the American Association for Debt Resolution (AADR), and the International Association of Professional Debt Arbitrators (IAPDA).

Types of Debt Covered by CreditAssociates

To qualify for their debt settlement program, you must have at least $7,500 in unsecured debt, which includes various types such as credit card balances, medical bills, personal loans, private student loans, store cards, gas cards, peer-to-peer (P2P) loans, debt consolidation loans, and payday loans. On average, their clients typically enter the program with around $25,000 worth of debt and end up saving up to 50% of it. The debt settlement process usually takes between 24 and 36 months to complete, which is slightly below the industry’s average. 

The company’s website specifies that you need to prove genuine financial hardship, meaning you are experiencing significant financial difficulties that make it hard to pay for basic needs or meet financial obligations. You will be asked to provide evidence and prove your hardship to them on multiple occasions. However, they do not elaborate nor specify the conditions you must meet to be considered someone under financial hardship.

Services Offered by CreditAssociates

Below are the three primary debt-relief services the company offers:

• Free consultation: Before moving forward with the settlement of your debt, they will provide you with a free one-on-one consultation session. They will review your specific debt situation and develop a personalized plan tailored to your debt relief needs
• Debt settlement: Once your debt settlement plan is set, they will work directly with your creditors to reduce the amount of debt you owe them. Starting from there, you will begin to make monthly deposits into a Special Savings Account with them until your debt is completely settled
• MyDebtHealth tool: They provide this tool through their website, which works like a free debt health checker. It will give you insights into your financial health and help you monitor your progress throughout the debt settlement process
• DebtApp: They offer a mobile app called DebtApp to help manage your debt settlement journey.  The app lets you view your progress, review settlement offers, upload documents, and utilize budgeting tools - all from your phone. It's free on iPhone and Android

Pricing & Fees at CreditAssociates

The company follows a performance-based fee structure and charges no upfront fees, meaning you will only be charged once a settlement is successfully reached with your creditors. The fee typically ranges between 22% and 25% of the total enrolled debt, deducted from the money accumulated in your Special Savings Account. 

Note that additional fees may apply for managing your account, covering account maintenance, late fees if applicable, and any other administration costs. According to our research, the fees paid into the program are generally refundable if you decide to cancel, except for any performance fees that have already been earned for services performed.

Advantages & Disadvantages of CreditAssociates

It’s essential to weigh both the advantages and potential drawbacks of any service provider you wish to use, especially when your financial well-being is on the line. The following are those of CreditAssociates.

Advantages

• No upfront fees and performance-based structure: You have the advantage of not paying any fees upfront and only paying them once the negotiations are finalized and your debt is settled with your creditors
• Money-back guarantee: While specific details are not disclosed, they claim to guarantee to refund you if they fail to deliver as promised
• Short program duration: Their debt settlement program typically lasts between 24 and 36 months, which is overall less time compared to the industry average

Disadvantages

• Lack of detailed requirements: The company states financial hardship is a condition for eligibility for the program. However, they do not provide any specifics about this qualification process 
• Limited state availability: Their services are only available across 44 states in addition to Washington, DC. If you happen to reside in any of the six remaining states, you will have no access to their debt settlement program
• Limited debt-relief options: The company solely specializes in debt settlement and does not offer a broad range of debt-relief solutions such as debt consolidation or credit counseling, potentially limiting your options

Client Experience at CreditAssociates

The company has mixed reviews across several customer feedback platforms. On Trustpilot, for instance, they have a near-perfect rating of 4.9 out of 5 stars, showcasing high customer satisfaction. They receive a similar but lower rating on Google Reviews at 4.4 out of 5 stars. However, on the Better Business Bureau (BBB), they might hold an A+ rating, but their customer review score averages 3.5 out of 5 stars.

Positive feedback

Their customers praised the company’s staff for their compassion, thorough knowledge, and professional guidance. Many reviewers highlighted the company’s effectiveness in negotiating debt settlements, which often lead to substantial savings for clients. Others praised their straightforward application process and program clarity. Some clients expressed appreciation for the company’s commitment to keeping them informed throughout the debt-relief journey.

Critical feedback

Among the criticisms, some expressed dissatisfaction with the speed of the debt settlement process and occasional delays in reaching agreements with creditors. Another recurring complaint involved issues with communication, where clients report difficulties in getting timely updates or consistent information from customer service representatives. Some negative reviews also mentioned unexpected fees or misunderstandings regarding program costs, which have led to frustrations among some.

Customer Support at CreditAssociates

The company offers several customer support options depending on your needs. If you’re new to them and want to reach out, you can contact them at 866-296-7258. However, if you’re an existing client in need of support or have questions about your account, you can contact them at 800-348-7606. You can also fax them at 877-316-4615.

For email inquiries, you can reach out to:

• [email protected] for general account inquiries and document submissions.
• [email protected] for submitting legal documents and priority services.

Their customer support team operates during the following hours

• Monday to Friday: 7:00 AM to 11:00 PM CST
• Saturday: 8:00 AM to 8:00 PM CST

Their website also includes a diverse selection of blogs on debt relief, budgeting, loans, and more. Another resource available on their website is their comprehensive collection of FAQs.

Final Thoughts 

CreditAssociates first emerged into the debt-relief scene in 2007 from Dallas, Texas, and have since expanded their presence to an additional 43 states and Washington, DC. Their stated motto is clear: “Live Better, Debt Free.” They aim to deliver on such promises by negotiating with creditors on your behalf and by creating a debt settlement plan personalized to your needs.

Their fee structure is performance-based and includes no upfront costs. They help make easy and affordable monthly payments to pay off your debt, and their fees typically land between 22% to 25% of enrolled debt once the company delivers on their promise of settlement. However, they also ask for proof of genuine financial hardship, but they don’t lay out any specific criteria for this. Additionally, their services, while expansive, are unfortunately not available in Colorado, Connecticut, Minnesota, Maryland, Vermont, and Wyoming.

Their customer feedback highlights successful negotiations, transparent communication, and the significant financial burdens lifted relieved. Yet, criticisms do surface, including delays in settlements, occasional communication hiccups, and unexpected fees.

To better navigate your debt-relief choices, you can explore our reviews page, use our comparison tool to see how they stack up against competitors, and read our blogs for tips on managing debt and making informed financial decisions.

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