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CreditGuard of America

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3.1

Overall Score

LAST UPDATED: May 24th, 2022

CreditGuard of America is a nonprofit organization that helps people consolidate their debt and learn how to better manage their money. The company offers many services, including credit counseling, debt consolidation, and debt management. 

According to its website, CreditGuard can reduce a customer’s payments by up to 60 percent, and it has already saved more than 50,000 Americans more than $1.7 billion in debt and interest. CreditGuard also offers many additional financial literacy resources.

When a consumer begins working with CreditGuard, they’ll spend 30 to 60 minutes with a certified credit counselor, who will examine their unsecured debts. Then, the company contacts the customer’s creditors to reduce their owed interest and lower their payments. Next, CreditGuard consolidates the customer’s debts into a single monthly payment. Finally, the company continues to provide them with support so they stay out of debt.

Take a look at the top debt relief companies to find one that suits your needs at a fair price.

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The Good

  • Services Offered
  • Low Cost
  • Long Hours
  • State Availability
  • Experience
  • Financial Literacy Resources

Services Offered

CreditGuard of America offers credit counseling, debt management, and debt consolidation services. Many competitors offer only one of these services, while CreditGuard offers all three. With these tools, CreditGuard can help customers with their unsecured debt, such as credit card debt and medical debt.

One advantage of CreditGuard’s debt consolidation program is that it doesn’t involve acquiring another loan. Often, a customer who’s interested in consolidating their debt has to take out a debt consolidation loan, which requires good credit and can harm the customer’s credit due to credit checks. CreditGuard handles the debt consolidation without requiring an additional loan.

All of CreditGuard’s credit counselors have completed comprehensive credit counseling training and passed the Credit Counselor Certification by the National Institute for Financial Education of America, ensuring that CreditGuard clients will receive high quality counseling services.

Low Cost

Many of CreditGuard’s services are free. CreditGuard charges an initial setup fee for its debt management program, and then a monthly fee of 1.2 percent of the customer’s total debt balance, up to a maximum of $55 per month. This is less expensive than what many other debt relief companies charge for their services. 

Long Hours

While many debt relief companies are open only during regular business hours, CreditGuard is open until 9 or 10 p.m. Eastern time on weeknights, which adds flexibility for customers who work during the day. The company is also open on Saturdays, adding additional availability. 

State Availability

CreditGuard of America’s services are available in all 50 United States. 

Experience

CreditGuard has been in business since 1991, making it one of the oldest debt relief companies in the industry. This doesn't necessarily mean that it is the best, but it does mean that the company has a track record of learning and improving to stay in business. Because CreditGuard has been in business for several decades, it has established relationships with most of the big creditors in the United States. 

Additionally, the company is ISO certified, which shows that it is committed to the best practices and standards of the industry.

Financial Literacy Resources

The CreditGuard website has a wealth of financial literacy information, from comprehensive blogs about debt and credit to free financial calculators. These helpful resources are available to everyone, whether or not they’re a CreditGuard client.

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The Bad

  • Industry Accreditations

Industry Accreditations

CreditGuard is a member of the Palm Beach Better Business Bureau and the Greater Boca Raton Chamber of Commerce, and it is certified by the ISO and Bureau Veritas. 

However, the company is missing accreditations from 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. 

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The Bottom Line

Boca Raton-based CreditGuard is one of the longest-running debt relief companies in the industry, offering credit counseling, debt management, and debt consolidation services to customers all across the country. 

CreditGuard offers many of its services, including credit counseling, for free. Its debt management program involves an initial setup fee and then a monthly fee of 1.2 percent of the customer’s total debt amount, up to a maximum of $55 per month, which is lower than many other competitors’ prices. And because CreditGuard offers its services in all 50 states, with longer hours than many other companies, its debt relief services are extremely accessible.

The company also provides a variety of free financial education resources on its website, providing help to its audience any time, anywhere. 

CreditGuard is ISO certified, as well as being certified with Bureau Veritas. It’s also a member of the Palm Beach Better Business Bureau and the Greater Boca Raton Chamber of Commerce. However, CreditGuard is not accredited with the National Foundation for Credit Counseling (NFCC) and the Financial Counseling Association of America (FCAA), which we would expect from a credit counseling company that’s been in business since 1991. 

But CreditGuard’s low cost, wealth of experience, and high accessibility make it a great option for customers all across the country who are looking for credit counseling, debt management, and debt consolidation. Customers who are interested in debt consolidation but may not be able to qualify for a debt consolidation loan will likely be especially well-served by CreditGuard’s debt consolidation program.

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Star Rating

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2.1

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17 Reviews

Review Breakdown

5 grade

18%

4 grade

12%

3 grade

0%

2 grade

6%

1 grade

65%

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Leslie Tye Belton, MO

My brother told me about this program and at first it seemed like it would help. Even though they are "non-profit" there is still a $30 monthly "transaction charge" which adds up over time. Its nice to pay one payment and have them pay your creditors for you. But when it comes time to cancel (after debt is paid off) its been kind of difficult. I have had to call several times, they were supposed to email me forms, which I never got because apparently they are mailing them instead. I got an email that I missed my payment, but they had already took out my last payment BEFORE I called to cancel. Its been kind of a mess and paying that $30/month for the last 5 years added up to $1,800- which could have gone to paying off my creditors. My advice, is to buckle down and pay off your own debt. Not 100% happy with my experience.

4 years ago