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Credit Solutions is a debt settlement company that offers comprehensive debt counseling to consumers with all types of unsecured debt. Since the company was founded in 2003, it claims to have handled $2 billion in unsecured debt, with half of that being settled for consumers. The kind of debt Credit Solutions deals with is credit card, personal loan, past due medical bills and household debts. By setting consumers up in their debt settlement program, Credit Solutions promises to reduce debt by as much as 40% and prevent consumers from having to declare bankruptcy.
We found that the website was fairly simple and easy to navigate, with all links intact and working. However, the video testimonials page was not allowing us to view any of the videos of reported happy customers. Additionally, there are just a few features of the website that may interest visitors, such as a detailed explanation about credit consolidation, bankruptcy and credit counseling. This is a helpful guide for anyone confused about which route to take to reduce debt and improve credit scores.
The dent settlement program that Credit Solutions offers is very straightforward, consisting of a credit counselor contacting creditors and requesting a reduction in amounts in return for regular monthly payments from the consumer. Each customer is assigned a monthly payment amount, which is no less than 15% of total negotiated debt broken down into 12 payments for the year. In order to sign up for the debt settlement process, customers of Credit Solutions are required to start making this monthly payment right away. Debt counselors then go to work trying to get creditors to cut the amounts down to make them easier to pay off. It sounds like it will work for many people who are not disciplined enough to do this on their own.
Consumers who read this review should be aware that we uncovered an “F” rating with the Better Business Bureau, stemming from multiple complaints about Credit Solutions and a pending lawsuit against this company from 2009. It is alleged that Credit Solutions used false advertising on its website, used deceptive practices to lure consumers and made promises to consumers that it could not back up with actual proof, including the claim that they could reduce debt as much as 40-60%. If you would like to read more about this lawsuit, you are welcome to visit the BBB website here for more information.
While we could not get anyone from Credit Solutions to respond to our request for more information, or email us back with further instructions on their debt settlement program, we believe that the company will resolve these matters over time. We want to encourage you, before you select a debt consolidation program that you check out the company rating on the BBB, a reputable organization that protects consumers from poor business practices. Additionally, be sure to check out our other reviewed debt consolidation companies that have “A” ratings with the BBB, such as Debt Consolidation Care, CuraDebt and Care One.
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