Accredited Debt Relief Review – Trusted Debt Settlement
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Fast Facts
Services:
Helps with debt settlement
Minimum debt amount:
$10,000
Cost:
15% to 25% of debt balance
Upfront fees:
None
USP:
One-on-one human assistance
According to the Federal Reserve, U.S. household debt stood at $17.69 trillion in the first quarter, an all-time high. Mortgage debt drove the increase, which stood at $12.44 trillion.
For most people, buying a new house or a car comes from taking on debt. However, inadequate financial management also contributes to the accumulation of debt. But a loan allows us to afford things we would otherwise be unable to, which makes debt a necessary evil in most cases. However, becoming debt free is an entirely different story and necessitates sticking to a plan and hacking the heck out of money management. If you've found yourself in $10,000 or more in unsecured debt and are exploring ways to reduce your debt, you can turn to debt relief companies.
One such company is Accredited Debt Relief.
In this article
What is Accredited Debt Relief?
Accredited Debt Relief assists people in getting out of debt through debt settlement. Through this method, debt is settled for a lower amount than the amount owed to the creditor. The company, which was founded in 2011, offers a free consultation. Customers who want to eradicate debt can use the company's service to help them develop a comprehensive plan that will get them out of debt faster.
Accredited Debt Relief can help you with credit card debt, personal loan debt, payday loans, department store credit debt, and debt accrued to pay medical bills. The company's debt resolution plan aims to achieve two goals: reduce the total amount you owe and resolve the debt more quickly than you would on your own. The company argues that creditors do not look down upon such methods because they understand a client facing hardship may never pay the debt or declare bankruptcy — delinquencies remain on your credit report for many years. A debt resolution plan is a win-win for the borrower and the lender.
Make a commitment to get out of debt with a dedicated team that will support you every step of the way, providing you with the necessary resources and assistance to achieve financial freedom. You’ll get the help you need without paying any fees for our services until your debts are reduced and you save money.
See if you qualify for credit card relief.
How does Accredited Debt Relief work?
The company takes on clients with $10,000 or more in unsecured debt they may not pay in the next two to four years. Because Accredited Debt Relief only works with debts without collateral, it cannot extend its services to mortgages and car loans. Federal student loans are also ineligible for its program.
The process begins with a free consultation; you can call them or request an online quote to receive this consultation. I found the online quote to be easy to navigate. Simply input how much money you owe and sign up with your name, phone, email address, and state. If Accredited Debt Relief thinks its solution isn't ideal for you, it'll show you available options from its partners.
Related: Ways to Get Out of Debt Without Hurting Your Credit
But if you're a good match, a debt specialist will review your finances and provide relief options after considering your monthly budget, total debt, and financial goals. Once you choose a plan that best suits your needs, the company will walk you through opening an FDIC-insured dedicated account, also known as a settlement account, that you'll own. This is the account where you'll make your monthly payments, which will then be used to pay your resolved debt. The debt specialist will work out an arrangement with your creditor to secure more favorable terms for your loan. And once the parties agree to new terms, payment from your dedicated account will be directed towards the newly agreed upon resolution.
Accredited Debt Relief recommends that while this process is ongoing, you shouldn't use any credit cards, lines of credit, or any personal loans in your program. Also, it is common for creditors to reach out to you to avoid working with Accredited Debt Relief, and the company says you shouldn't pay any attention to them.
Accredited Debt Relief is also very transparent about the program potentially hurting your credit score. Your score may temporarily take a hit, and it's an anticipated casualty. However, many former clients have not only reported full credit score recovery, but they've also been able to improve their scores after completing the debt resolution program.
How much does Accredited Debt Relief cost?
The company doesn't charge any upfront fees. Instead, it follows a performance-based model where any fee it charges is contingent upon arriving at favorable terms and agreements with creditors. Once that happens, you can expect to pay between 15% and 25% of your debt balances. In addition, the company may also collect a one-time fee from your dedicated account under certain circumstances.
Related: Best Debt Settlement Companies
Make a commitment to get out of debt with a dedicated team that will support you every step of the way, providing you with the necessary resources and assistance to achieve financial freedom. You’ll get the help you need without paying any fees for our services until your debts are reduced and you save money.
See if you qualify for credit card relief.
Accredited Debt Relief features
One-on-one support
It is rare for businesses to make a human available to talk to when you need help with a product or service. Most refer you to FAQs or, at best, an AI agent. But when you enroll in an Accredited Debt Relief service, you can turn to its certified debt specialists for help.
No upfront fee
We just touched on this, but Accredited Debt Relief doesn't charge any money upfront, and it offers a free consultation to review your financial situation and see if you'd be a good match. When I signed up and provided loan information, I wasn't even asked for my credit card information. The company collects a fee only when it achieves a successful outcome for you.
Short duration
Repaying debt can take several years, especially making minimum payments. And there are times when it feels like you're barely moving the needle. But Accredited Debt Relief's program can be completed in as little as 12 to 48 months. However, most programs last two to four years.
Savings
The company claims that, on average, its clients pay 55% of their enrolled balance, which refers to the amount of debt you have when you enter its debt resolution program, excluding any performance-based fees the company charges. In addition, more than 90% of clients the company surveyed said their monthly installments were affordable while enrolled in the program.
Who should or shouldn't use Accredited Debt Relief
If you're facing financial hardship and have accumulated at least $10,000 in unsecured debt, try Accredited Debt Relief. Consultation is free, and you'll only be charged once the company has successfully negotiated successful loan terms with the creditor. But if you're looking for help regarding a mortgage, car loan, or federal student loan, Accredited Debt Relief won't help because it only works with debt without collateral.
Pros and cons
Pros
- Debt balances can be reduced by up to 45%.
- No upfront fee.
- Short duration of the plan means you become debt-free early.
Cons
- Accredited Debt Relief isn't available in all states. You cannot use the service if you live in Connecticut, Delaware, Georgia, Hawaii, Illinois, Kansas, Maine, Minnesota, New Jersey, North Dakota, Ohio, Oregon, Rhode Island, South Carolina, Vermont, Washington, West Virginia or Wyoming.
- Your credit score may be temporarily harmed if you participate in the program.
- You need to have a minimum of $10,000 in unsecured debt to be able to participate in the program.
Make a commitment to get out of debt with a dedicated team that will support you every step of the way, providing you with the necessary resources and assistance to achieve financial freedom. You’ll get the help you need without paying any fees for our services until your debts are reduced and you save money.
See if you qualify for credit card relief.
Accredited Debt Relief vs. its competitors
Service | Minimum unsecured debt requirement | Fees | Online dashboard |
Accredited Debt Relief | $10,000 | 15% to 25% of enrolled debt | No |
Freedom Debt Relief | $7,500 | 15% to 25% of enrolled debt | Yes |
Debt.com | NA | Free | NA |
National Debt Relief | $10,000 | 15% to 25% of enrolled debt | Yes |
Freedom Debt Relief
Like Accredited Debt Relief, Freedom Debt Relief only deals with unsecured loans, and both provide essentially the same terms, including free consultation. An accredited American Fair Credit Council member, Freedom Debt Relief has helped resolve more than $15 billion in debt since 2002. Freedom Debt Relief takes on clients with $7,500 or more in unsecured debt; you can use Accredited Debt Relief's services only if you've accumulated at least $10,000—Freedom Debt Relief's fee range from 15% to 25%.
Features-wise, Freedom Debt Relief has one thing Accredited Debt Relief doesn't: an online dashboard. If you're enrolled in an Accredited Debt Relief program and would like to track your progress, you'll have to talk to an agent on the phone or email. But Freedom Debt Relief provides clients an online dashboard that comprehensively examines your program. In addition, you can also chat with customer service seven days a week, and their website also hosts helpful content to ensure you never fall into a debt pit again.
Read a full review on Freedom Debt Relief.
Debt.com
Debt.com doesn't provide services other than connecting you with partners to help you with debt relief. It's free to use and takes a commission from a partner when you sign up with them; you don't need to pay Debt.com anything. But it does offer services for all types of debt, not just unsecured. Credit card debt, federal student loan relief, student loan forgiveness, or refinancing your student loans are some features not available at the other two debt settlement services mentioned here. Debt.com also has free financial tools like a credit card payoff calculator.
National Debt Relief
National Debt Relief has the same mechanics as the other debt relief companies mentioned. But in addition to debt relief options, you can access a network of partners, including options for debt consolidation, bankruptcy referrals, and credit counseling services. You must have $10,000 in debt to become eligible for enrollment. Money-wise, National Debt Relief's fee is between 15% to 25% of your enrolled debt. The company also offers a free consultation, and you can graduate from the program in 24 to 48 months. National Debt Relief also has an online dashboard to track your progress.
Read a full review on National Debt Relief.
FAQs
What are the types of debt I can seek help for?
Accredited Debt Relief only works with unsecured debt like credit card, medical costs and payday loans. Its debt relief program does not accept debts with collateral, such as mortgages and vehicle loans, and it also can't help you with federal student loans.
What are the expected savings?
The company claims that its clients, on average, pay 55% of their enrolled debt, excluding any fees.
Is there a penalty for missed payments?
Accredited Debt Relief will work with you to make any changes to your plan, but they ask that you notify them at least five days before the scheduled deposit date.
Is Accredited Debt Relief available in my state?
You cannot use Accredited Debt Relief if you live in Connecticut, Delaware, Georgia, Hawaii, Illinois, Kansas, Maine, Minnesota, New Jersey, North Dakota, Ohio, Oregon, Rhode Island, South Carolina, Vermont, Washington, West Virginia or Wyoming.
Make a commitment to get out of debt with a dedicated team that will support you every step of the way, providing you with the necessary resources and assistance to achieve financial freedom. You’ll get the help you need without paying any fees for our services until your debts are reduced and you save money.
See if you qualify for credit card relief.
Is Accredited Debt Relief legit?
Accredited Debt Relief offers a debt settlement program that assists enrollees in significantly reducing their debt levels. It can help you with a wide range of unsecured debts, and you can inquire about your specific debts during your free consultation. It has a $10,000 minimum debt requirement and charges a fee only after a successful outcome for you. Many participants pay significantly less than what they originally owed.
On Trustpilot, Accredited Debt Relief has a 4.9-star rating based on over 6,703 customer reviews, indicating that customers are generally satisfied with the results. It has an A+ rating by the Better Business Bureau as well.
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Writer
Jasir Jawaid is Joy Wallet's Assistant Editor. He has more than 13 years of experience as a journalist covering Wall Street, equities, financial policy and regulation, and cryptocurrency and blockchain.
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