CreditGuard of America is a nonprofit organization that helps people consolidate their credit and learn how to better manage money. The company offers many services including help with personal budgeting, debt consolidation, and filing for bankruptcy. CreditGuard also offers many additional educational resources on credit and money management. Because the company has been in business since 1991, it has established relationships with most of the big creditors in the United States.
The company claims they can help reduce interest rate payments by up to 30-50% on credit cards. On the downside, CreditGuard is not accredited with the major accreditation organizations and several aspects about its business are unknown.
- ISO certified
- Available in 49 states
- In business since 1991
A great aspect about CreditGuard is the level of personal service that it offers. The company encourages potential clients to take advantage of a free consultation with a certified personal credit counselor. This counselor will walk with you through your personal financial situation and then discuss what the best options are.
CreditGuard is available in 49 of the 50 states, giving multiple consumers access to its services.
We like the fact that CreditGuard has been in business for over 25 years. This doesn’t necessarily mean that they are the best, but it does mean that the company has a track record of learning and improving to stay in business. Additionally, the company is ISO certified, which shows that it is committed to the best practices and standards of the industry.
- Unknown refund policy
- Missing accreditations (NFCC and FCAA)
- Small company + unknown executives
Possible Hidden Fees
While our customer complaint pool is small, multiple customers have stated that CreditGuard has hidden fees. Whether these fees are monthly or upfront, make sure to ask your credit counselor about them before signing up.
No Industry Accreditations
Unfortunately, CreditGuard does not have any of the major industry accreditations, namely the National Foundation for Credit Counseling (NFCC) and the Financial Counseling Association of America (FCAA). For a company that has been around for this long, we would expect to see at least one of these accreditations.
Unknown Refund Policy
Another cause for concern is that the company’s refund policy is unknown. Many companies offer a money-back guarantee to unsatisfied customers. With CreditGuard of America, however, we weren’t able to find this information.
Frequently Asked Questions
Consolidation or Personal Loan?
CreditGuard of America offers a debt consolidation service as opposed to a consolidation loan. The company will work with your creditors on your behalf in order to negotiate a lower interest rate. You will then make a single monthly payment to CreditGuard who will make payments to your creditors. Programs like these typically take 3-5 years to complete.
What Is The Monthly Fee?
CreditGuard has not disclosed its monthly fee.
Are There Any Upfront Fees?
CreditGuard has not disclosed its upfront fees.
What Is The Cancellation Policy?
We were unable to discover the cancellation policy of the company. It is unknown if CreditGuard will give a refund.
Can I Get a Free Consultation?
Yes. CreditGuard offers a free consultation with a certified credit counselor to help assess your situation and give recommendations for debt relief.
About CreditGuard of America
CreditGuard of America has been in business since 1991. The non-profit organization was founded in order to help consumers manage their debt and learn how to become financially independent. CreditGuard offers some financial educational resources to help clients become more financially literate. The company works with most of the major creditors in the United States to help secure lower interest rates for clients who choose to enroll in a debt management program.