Credit Solutions of America, Inc is based in Richardson, Texas and is the largest and most popular debt settlement company operating today. This distinction is determined by the number of clients they have and the total amount of debt that they have settled as compared to other debt settlement companies.
Here are some quick facts about Credit Solutions:
Founder: Doug Van Arsdale
Type: Private company
BBB Rating: F
Credit Solutions has been in business 6 years, and has settled over 300 million dollars in debt for it’s customers in the last 12 months. The company is very involved in the community, is a member of the Dallas Chamber of Commerce, and has won numerous local business awards and has been named one of the best companies to work for in Dallas. I only mention these thing to help convey the fact that Credit Solutions is not some fly-by-night debt settlement company.
One of the biggest factors in hiring a debt settlement company is their customer service. When it all comes down to it, you need to actually talk to someone to 1) get the process explained to you, 2) answer any questions you may have, and 3) calm your fears and give you a roadmap of the next steps.
On the plus side, Credit Solutions has a fairly good record in terms of customer service. In 2008, they were awarded the Stevie Award from the American Business Awards for the “Best Customer Services Department in Financial Services”. What does that mean? It means that when you call, you will get you questions answered, 24/7. Round the clock customer service is particularly rare for a company in any industry, and I haven’t seen it in any debt settlement company other than Credit Solutions. It shows that they care about their clients and they are not trying to hide from you.
Credit Solutions maintains a 99.4% customer satisfaction rating and won the Best Customer Services Department in Financial Services Award for 2008, a Stevie Award from the American Business Awards.
However, the internet is littered with complaints about the company, from being sued by their creditors, to lawsuits against Credit Solutions for fraud and misleading consumers.
The program is the standard one, where you put a monthly amount into a trust account, and save up for a settlement. Once you have enough for your first settlement, Credit Solutions will negotiate a settlement with your creditor. If you have more than one account to be settled, you then begin saving for the next settlement.
Fees and Charges
Fees are not stated outright, but from various sources, I gather they charge the typical 15% of the debt owed
Pro-rated refund on fees.
Video section impressive, lots of good information, leaves the impression you’re dealing with professionals.
There have been over 1600 complaints against Credit Solutions that have been filed with the Better Business Bureau in Dallas, Texas over a 3 year period. All but 6 of them have been resolved. With a company that has helped over 250,000 clients since 2003, the complaint level remains relatively low.
Credit Solutions has also made a practice of searching the web for complaints about their service and has resolved or made an effort to resolve each one. Rip-Off Report, a consumer complaint web site, has given Credit Solutions a positive rating in resolving customer complaints that were posted there. They label the amount of complaints, “a tiny percentage of their clients and is SIGNIFICANTLY well below industry standards for their business.” The company recently revamped their customer service process and opened it 24/7 to be able to address questions and issues from customers.
Credit Solutions, despite some complaints, remains the largest and most popular debt settlement company out there, however we think you are better off going with a smaller debt settlement company, one that will probably be better suited to give more attentive and personal service than a huge corporation.
Check out our recommended debt settlement companies.