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Consumer Credit

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LAST UPDATED: May 13th, 2020

Consumer Credit is a nonprofit debt consolidation organization focused on helping consumers improve their financial situation through consolidating unsecured debt, such as personal loans or credit card debt, as well as financial education such as credit counseling. According to the company, most customers are able to pay off their debt within five years.

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, credit, debt, and budgeting.

Continue reading for more information about the company's accreditations and resources, as well as verified Consumer Credit reviews.

Top Ranked Companies

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The Good

  • Counseling Services
  • National Recognition
  • Well Accredited
  • Financial Tools and Resources

Counseling Services

Consumer Credit offers a free counseling session with a certified credit counselor to help borrowers get a handle on their debt and general financial situation.

National Recognition

The debt consolidation company has received considerable recognition from established news organizations such as Forbes, Fox News, U.S. News, USA Today, and The Wall Street Journal. Most debt 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.

Well Accredited

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, credit, and college planning. These resources help consumers increase financial literacy and can aid in future financial decisions. We appreciate that the company provides these resources to their clients, it shows that they care about the long term success of their clients.

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The Bad

  • Variety of Complaints
  • Lack of Transparency
  • Lack of ISO Certification

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 and resolve their debt. 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 other top debt relief companies.

View Best Debt Relief Companies

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