Consumer Credit is a nonprofit debt consolidation organization focused on helping consumers improve their financial situation through different financial tools and resources. Consumer Credit has over 25 years of experience and has received national attention for its work from organizations like Forbes, Fox News and The Wall Street Journal. Through the debt consolidation company, consumers are able to learn about different topics such as homeownership, student loans, and budgeting.
- National recognition
- Financial tools and resources
- Industry accreditations
Consumer Credit has received considerable recognition from established news organizations such as Forbes, Fox News, U.S. News, USA Today, and The Wall Street Journal. Most consolidation companies do not have this type of recognition from such big name organizations. Consumers can have confidence in choosing a debt consolidation company that knows what it's like to operate under the public eye.
One thing we really like to see is that Consumer Credit is accredited with the Financial Counseling Association of America (FCAA). Potential customers should look for accreditations while shopping for the right company to work with. Accreditations require companies to uphold certain standards and best practices. These standards guarantee a certain level of quality in services. We commend Consumer Credit for maintaining these accreditations and showing their customers that they hold themselves to the industry best practices.
Financial Tools and Resources
As a debt consolidation company, Consumer Credit provides various tools and resources to help consumers manage and eliminate debt. Some of the tools available include credit counseling and bankruptcy counseling. Consumer Credit also makes it possible for consumers to learn about budgeting, homeownership, identity theft and college planning. These resources help consumers increase financial literacy and can aid in future financial decisions. We appreciate that CESI provides these resources to their clients, it shows that they care about the long term success of their clients.
- No ISO certification
- Lacking transparency
- Customer complaints
Variety of Complaints
There have been a small spread of complaints against Consumer Credit. Some of the complaints include advertising/sales issues, billing/collection issues and problems with the products/services provided by Consumer Credit. Although these complaints have been closed, consumers may risk having a negative experience. Hopefully, Consumer Credit has resolved the internal issues of these complaints. In time we hope to see more satisfied customers and less complaints.
Lack of Transparency
Despite having a long list of FAQ and maintaining an active presence on social media, Consumer Credit does not display full transparency. The nonprofit does not make interest rates known to consumers who are not paying for its full services. This can be risky to consumers who are desperate to get out of debt or discouraging to consumers who are in debt and already distrust financial institutions. It would be helpful to consumers to see what the average interest rates are on the company's debt consolidation plans.
Lack of ISO Certification
A company with an ISO certification means that the company meets the standards set by the International Organization for Standardization. Consumer Credit is a company that, for whatever reason, lacks an ISO certification. Standards set by the ISO include requirements for products, materials, procedures and quality management. A lack of ISO certification can be the deciding factor for consumers looking to enlist the help of a debt consolidation company.
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The Bottom Line
Consumer Credit has a proven track record with over two decades experience helping consumers improve their financial situation. Consumer Credit also has low monthly rates and a low setup and activation fee. However, Consumer Credit is not transparent about its interest rates.
At this time, we recommend working with one of the Top Rated Companies.