Credit Answers Review

Credit Answers is a debt settlement company based in Plano, Texas. With an original start date in January of 1988, this company has been around for quite a long time, helping consumers get back on track financially. If you are willing to give them ten minutes of your time, you too can learn more about their services and if they can help you become debt free.

Here are some quick facts about Credit Answers, LLC:

Company Founded:- January 1988

Years In Business:- 21

BBB Rating:- F

BBB Complaints:- 87

Fee Information:- unknown

Escrow Available?:- no

Source of Funds:- client savings

Fee Structure:- unknown

Avg. % Settled:- not specified

Refund Policy:- yes- limited and very specific

Minimum Debt Required:- $7,500 unsecured debt

About the Company:

The Better Business Bureau has a file for this company that included the following information. They have been in business for 21 years with a current rating of F. The BBB offers the following reasons for this rating:

concerns about the industry in which the business operates
the number of complaints reported against the company
Credit Answer’s failure to respond to one of the complaints

Additional information that contributes to this negative rating is the companies inability or unwillingness to fix the underlying cause of many of the complaints. Of the 87 complaints reported the top three issues are related to customer service, refund or exchange policy and billing or collection problems. Although the company makes an effort to resolve most complaints, it would seem the root of the problem remains unchanged.

Credit Answers is a member of The Association of Settlement Companies and the International Association of Professional Debt Arbitrators.

The Program:

To get started with Credit Answers debt settlement program you simply fill out their online form or call for a free consultation. Their program is standard with Credit Answers negotiating settlements with your creditors for less than the amount you owe. I was unable to clarify if you actually create a settlement account with them or if you save on your own. It appears that you save and send the money for settlements on your own.

What they do is offer a debt specialist who will help you create a workable budget including the amount you have to save each month and deal with the creditors on your behalf. Credit Answers claims to offer Guaranteed Results, however be sure to read the fine print and understand the limitations before enrolling in the program. I was unable to find specific fee information which means any potential client should inquire as to how Credit Answers collects their fees and how the fees are determined.

Website Experience :

At first glance this website comes across a bit more like an advertisement than others I have reviewed in the past. There is no doubt you will find plenty of information on their website, however most of it is generic and having to do with debt in general. While helpful, it can be a bit distracting for visitors who are looking for specific information about the company and the program they offer. The BBB has a file on this company with a start date of 1988, however the website claims they have been in business since 2006.

Like most websites that offer testimonials, calculators, articles, tips and a zillion other tidbits of information, finding the important information is a bit of a challenge. They do have a FAQ section which addresses some of the issues that potential clients should be aware of and they also offer a “settlement info” section which lists the very real risks and negative consequences of debt settlement. While I appreciate the effort to provide this information, it would be nice to see it in a more prevalent location. When there are dozens of links and pages to visit on a website, the chances of a visitor overlooking or not finding this information is not out of the question.

While searching for more information on this company I found fee information reported as 12% of the debt enrolled in the program with a $49.95 monthly maintenance fee. Please note that information has not been confirmed and was not found on the company website. I walk away with mixed feeling on this company. I wish their website was less busy and focused more on the company and the program, however providing too much information is not a crime. It does however often serve as an attempt to distract potential clients from the more important issues that should be addressed. Elsewhere on the web I did not find any ranting ex-clients or negative reviews.

The BBB rating is a bit of a concern, not by the rating itself as many debt settlement companies end up having a lower rating due to the industry itself but rather the fact that they have made no attempts to correct the problems reported by clients. It would seem if you have complaint after complaint about a specific issue, a reputable business would try to fix the underlying problem for the sole purpose of satisfying customers. Since they choose not to address the problem, I have to wonder how much they really care about providing satisfactory results in other areas.