When was the last time when you slept like a baby? If you are in debt, we guess it was long ago.
Financial distress, such as debt repayment, is one of the biggest reasons why people feel tense and unhappy all the time.
But don’t you worry, if you are under debt and want to get rid of this crippling shackle, then this CreditGUARD review is for you! Let’s get started!
|Minimum Debt Settlement Requirement||Not disclosed|
|Fees||1.2% of the total debt per month|
|Features||Free consultation, Debt consolidation program, etc.|
What Is CreditGUARD?
CreditGUARD is a non-profit company that offers customers credit counseling, debt management, and debt consolidation.
According to its website, CreditGUARD started its operation in 1991, and ever since, it has helped more than 50 thousand Americans in getting rid of more than 1.7 billion of debt.
They also claim that they can help you reduce your loan amount by up to 50%. To get started with them, you need to enroll yourself in a free counseling session that might last up to 60 minutes.
So far, so good. But is CreditGUARD the best debt relief company for you? Let’s dig a little deeper to know the truth.
Features And Services
Educational Resources – CreditGUARD has a wide range of information on its website that is meant to increase the financial literacy of people.
You can simply visit their website and click on the blog section to find a plethora of blogs on different topics related to money.
This information can help you in making more prudent decisions concerning money.
Debt Consolidation Program – CreditGUARD offers a debt consolidation option to its customers.
What Debt Consolidation Program does is that it combines all your outstanding debts and combines them into a single monthly payment, lowering your interest rates drastically and reducing the overall debt repayment time.
Debt Management – In a debt management plan, your agent negotiate with your creditor and persuade them to accept a lower interest rate or reduced debt amount.
During the length of the negotiation, they will ask you to stop making payments to them, and only when they agree will you be asked to start making payments again.
Credit Counseling – CreditGUARD also offers credit counseling services to its customers. They help you track expenses and create a budget that will fit your needs.
They also offer advice on how you can avoid piling up credit card debt and build positive money habits.
Pros And Cons
- Offers useful educational resources.
- Free consultation.
- Has ISO 9001 certification.
- 30 years of experience.
- Not accredited by NFCC and AICCA.
- Charges setup fees & a monthly fee.
CreditGUARD offers a free counseling session but charges initial setup fees, which they have not disclosed.
Apart from this, they also charge a monthly fee of 1.2% of the client’s total debt amount or $55 every month, whichever is lower.
This is quite different from most similar companies, which charge 15-30% of the enrolled debt at the end of your program.
Minimum Debt Requirement
There is no information available on the minimum debt requirement that you need to have to qualify for CreditGUARD’s program.
We suggest you get in touch with them once and discuss if you are eligible for their program.
Debt Relief Time
CreditGUARD has not mentioned the time it takes to help you get out of debt, but the industry average for the same is 24-48 months.
So you can expect to get rid of your debt within this time frame or more, depending on the amount you owe and your creditor’s agreeableness.
According to CreditGUARD’s website, they can help you in reducing your interest by up to 50%.
However, they have not made it clear whether this amount includes their fees or not.
CreditGUARD offers its services in all fifty states of America.
Types Of Debts Addressed
Have a look at the below-mentioned types of debts which are addressed by CreditGUARD:
- Unsecured debts
- Student loan
- Medical bills
- Personal loans
- Credit card debt
How To Get Started?
Follow the steps mentioned below to get started with CreditGUARD:
1. Go to CreditGUARD’s website.
2. Here you will see a field that will ask you to fill in your name, email, and phone number. Fill it out and click on “Lower my payment.”
3. Once you click on that, you will be redirected to this message. Now sit and relax for their expert to call you.
If you are a new user, then you can call them on 800-500-6489 between Monday to Friday from 8:00 am – 8:00 pm Eastern time.
And if you are an existing client, then you can call them on 1-877-435-7373 between Monday to Friday from 8:30 am to 7:00 pm Eastern time.
You can also visit their office from Monday to Friday from 9:00 am – 6:00 pm Eastern time..
NPC CreditGUARD Ratings
|Debt Settlement help||3.7/5|
|Ease of use||4.7/5|
Customer Reviews And Ratings
We did not find many positive reviews online, and the company was not registered on Trustpilot either.
We, however, did read customer reviews on BBB and some other platforms, and CreditGUARD had somewhat mixed ratings.
What Differentiates It?
There is not much that differentiates CreditGUARD from others apart from the fact that instead of charging some percentage of the enrolled debt amount like most other companies, it charges 1.2% of the total debt amount each month.
If you do not owe a really huge amount, then this thing might benefit you in the long run.
We got in touch with CreditGUARD for a free counseling session just to see the level of service they offer.
The consultation was free of cost, and it lasted for about 25-30 minutes. During the call, they patiently listened to us to get an idea of our current financial situation.
Then they helped us in trying to understand the pattern that led us to debt. We liked how patient and polite they were with us. And we also found their advice useful.
However, we did not enroll in their program because the monthly fees were costing us a lot; besides, we had already talked to many other debt relief companies offering better options.
|Company||CreditGUARD||InCharge Debt Solutions|
|Minimum Debt Settlement Requirement||Not revealed||Not needed|
|Features||Debt consolidation program, educational resources, etc.||Housing counseling, DMP, etc.|
|Fees||Charges 1.2% of total debt amount monthly.||Monthly fee of $33 & set up fee of $55-$75.|
|Savings||50%||up to 35% (including fees)|
|Relief Time||24-48 months (Standard)||36-60 months|
|Trustpilot Rating||Not available||4.7/5|
How We Review Debt Settlement Companies?
These are the following points based on which we review debt relief companies:
- Service and features offered.
- Customer reviews.
- Online reputation.
- Minimum debt requirement.
- Fees charged.
- Debt relief help is offered.
- Savings, etc.
In this CreditGUARD review, we saw that CreditGUARD charges a fee of 1.2% of the total debt and takes 24-48 months to help their customer save 50% in debt before their fees.
However, monthly fees and setup fees make it a less desirable option for people.
So if you are looking for one of the best debt relief companies, then you can choose Accredited Debt Relief which charges only 15-25% of your enrolled debt as their fees and also help you in saving 45%, including fees in 12-48 months which is great.
To be eligible, you only need to have a minimum of $10,000 in debt, and you are good to go.
Is CreditGUARD legit?
Yes, CreditGUARD has been in the business for 30 years now, so it is legit. But having said that, it is not accredited by NFCC and AICCA.
What accreditations does CreditGUARD have?
CreditGUARD is accredited by BBB and also has ISO certification.
Will I have to pay tax on my settled debt amount?
Yes, forgiven debt is taxable income, and you will be required to pay tax on that.
Does Debt settlement effect my credit score?
Yes, because it requires you to stop making payments to your creditors, your credit score gets negatively affected.
Does CreditGUARD guarantee results?
Just like any other debt company CreditGUARD also does not guarantee results because they can’t force your creditors to agree to a settlement.
Shefali Jain is a Content Editor & Writer at National Planning Cycles.
After completing her graduation in hospitality, Shefali decided to follow her passion and started writing. Shefali has been writing for two years now and contributes to our website as a skilled editor and content writer with strong research skills. Writing product and service reviews, biographies, and book reviews are some of her key areas, among many others in which she specializes.