If you’re drowning in debt, it can seem like you have nowhere to turn. Fortunately, many companies out there can help you get a better handle on your finances and get out of debt. Regaining that control can give you some peace of mind and ease your burden. If you are currently weighing your options for how to pay off debt, Accredited Debt Relief may be a partner worth considering. Here’s how Accredited Debt Relief works and how they can help you cope with financial stress.
What is Accredited Debt Relief?
Accredited Debt Relief is a highly ranked debt management company that offers counseling and personalized debt relief services. They help clients eliminate debt by partnering with some of the nation’s premier debt relief companies to settle thousands of accounts each year. They offer debt settlement, debt consolidation services, and credit counseling for clients.
Accredited Debt Relief has been in business since 2011, and they have over 3,100 excellent customer reviews on Trustpilot. They're also accredited by Consumer Affairs, the American Fair Credit Council (AFCC), and the Better Business Bureau (BBB). They have an A+ BBB rating and consumers on that platform praise their debt relief programs, customer service, and efficient resolutions.
How Accredited Debt Relief works
Accredited Debt Relief partners with debt relief companies across the U.S. to help clients who are struggling with heavy debt. These partners work with creditors on your behalf to negotiate and reduce the amount of unsecured debt owed. Unsecured debt may include credit card debt, medical bills, student loans, personal loans, and more. Unlike other providers with limited reach, clients often qualify for debt management services regardless of location within the country due to the company’s expansive reach of partnerships.
Here are a few quick facts about Accredited Debt Relief and its clients:
- Client debt: Most new clients have a minimum of $10,000 of debt
- Upfront costs: None
- Price: Averages 20% of client debt
- Timeframe for debt relief: 24 to 48 months
Pros of Accredited Debt Relief
- No upfront fees. Pay nothing until after debt is settled
- Personalized service. You will work with one debt settlement consultant who knows your situation
- Trustworthy service. Highly accredited and rated A+ by the Better Business Bureau
- Results. Accredited has successfully negotiated and reduced client debt with several credit card companies (see below)
- Reasonable fees. Accredited’s fees align with other competitors, but the company takes customer care a step further by spreading fees out over the course of the debt settlement program, leaving you less likely to be strapped for cash
- Positive reviews. Clients often leave reviews wishing they had started the process sooner, along with commending the company’s knowledgeable staff.
- Money-back guarantee.
Drawbacks of Accredited Debt Relief
- Availability. Currently available in 32 out of 50 states
- Negative reviews. While most reviews are positive, some clients have complained about credit scores being unexpectedly affected. While those frustrations are understandable, it's important to keep in mind that lower credit scores are a likely side effect when going through any debt relief process.
How to get started with Accredited Debt Relief
To get started, visit the Accredited Debt Relief website. There, you'll have the option to answer two short questions, then you'll receive personalized results to help determine which path to debt relief could be right for you. The first question is “How much do you owe?” — simply slide the bar to adjust the amount to select your answer. You'll then be asked to provide some basic information about yourself, including your name, phone number, and email.
If Accredited Debt Relief is the right fit for you, you will be invited to schedule a free consultation and work with a representative to design a debt resolution program that you are comfortable with. This will enable you to resolve debt in less time.
Once you get started, Accredited Debt Relief’s program follows these five steps:
- Complete a free phone consultation. You’ll talk with a debt specialist about your financial situation and work together to come up with a budget and debt settlement payment plan.
- Make your monthly deposits. You’ll make monthly deposits into a designated savings account. Accredited Debt Relief will distribute that money as monthly payments to your creditors.
- Stop using your lines of credit. If you entered a credit card or loan into the debt settlement program, you’ll have to stop using it so Accredited Debt Relief can negotiate with your creditors.
- Begin the negotiation process. Debt negotiators work with your creditors to come up with a settlement plan to reduce your total balance and come up with a manageable payment.
- Settle your debt. If the creditor agrees to a settlement, you have to approve it. Once you’ve paid off the agreed-upon amount, the debt is considered settled and you’ll no longer owe money to that creditor.
Common questions about Accredited Debt Relief
How much does Accredited Debt Relief cost?
There are no upfront fees with Accredited Debt Relief. Instead, it charges a fee of 15-25% of the total debt enrolled.
For example, let’s say you enrolled $20,000 into a program with Accredited Debt Relief. If it manages to negotiate the debt balance down to $10,000, you could still owe 15-25% of the original $20,000. That means you’d have to pay a fee of $3,000 to $5,000 spread out over the length of the settlement program.
Is debt settlement really worth it?
In some cases, debt settlement can be worth the cost. A company can negotiate a significantly lower settlement, which allows you to make a lump sum payment for less than you owe.
However, it can also damage your credit report. And debt settlement companies charge fees that can be quite expensive. Make sure you know how much the program costs and whether it still makes sense to proceed.
How long does a debt settlement stay on your credit report?
Because a settled account shows that you didn’t repay your full balance, debt settlement can have a negative impact on your credit score. According to Experian, one of the three major credit bureaus, a settled account will stay on your credit report for seven years after the settlement date.
Is Accredited Debt Relief BBB-accredited?
Yes, Accredited Debt Relief meets the accreditation standards of the Better Business Bureau. Accredited since 2014, the company has an A+ rating.
Which credit card companies has Accredited Debt Relief successfully negotiated with?
While there is no guarantee of settlement for every client, Accredited Debt Relief has successfully helped clients settle credit card debt with the following companies:
- Bank of America
- Wells Fargo
- Capital One
- American Express
- The Home Depot
- US Bank
- GE Capital
- OneMain Financial
The bottom line on Accredited Debt Relief
If you're currently weighing your debt relief options, you may want to consider contacting Accredited Debt Relief. They receive high marks for their trustworthiness and efficiency from both customers and consumer advocacy groups. And they offer straightforward debt relief programs helping to alleviate even the most difficult financial hardships — and giving you some much-needed peace of mind.
Disclaimer: This content and the opinions expressed here are the author’s alone and have not been provided, commissioned, or endorsed by any financial institution. All information was accurate at the time of publication but terms and conditions may change at any time.