Is Credit9 legit? Revealing the truth behind the company (2023)

FAQs

Is americor and Credit9 the same company? ›

What debt relief services does Americor offer? Americor provides debt relief for those who are overburdened with unsecured debt including credit cards, personal loans, and medical bills. For those who qualify, we offer debt consolidation loans through our partner Credit9.

Looking up their reputation with the Better Business Bureau (BBB) and checking for any complaints filed with your state's attorney general is a great start. Compare multiple offers: Don't take the first offer you see. There are plenty of reputable debt consolidation loan lenders and programs.

Will Using Accredited Debt Relief Affect My Credit? It's highly likely that your credit score will go down when you start using any debt relief company, including Accredited Debt Relief. That's because you're typically advised to stop making payments on your enrolled debts while they're being negotiated.

Yes, National Debt Relief is a legitimate company accredited by the Better Business Bureau and currently holds an A+ rating. It also has IAPDA (International Association of Professional Debt Arbitrators) accreditations for all of its arbitrators and an AFCC (American Fair Credit Council) membership.

Americor, a California-based debt management company, formed a sister lending company, Credit9, which was licensed to operate in Colorado in 2018.

Do debt consolidation loans hurt your credit? You might see a small dip in your credit score after you take out the loan because your lender will run a hard credit check. Luckily, this usually only lowers your credit score by five points or less, and after a year it won't affect your credit score at all.

If you take out a debt consolidation loan, it will stay on your credit report for as long as the loan is open. If you make payments on your loan and keep it in good standing, this can be a good thing. However, if you miss a payment, later payments can stay on your credit report for up to seven years.

The loans you take out to consolidate your debt may end up costing you more in fees and rising interest rates than if you had just paid your previous debt payments.

The debt is regarded as a separate account once it is in the possession of a collection agency. If you don't pay, the collection agency may file a lawsuit. Depending on how the case turns out, the court may seize your property or garnish your income to recover the money you owe.

Debt settlement will have a negative impact on your credit score, even though you are reducing your debt obligations. High credit scores are designed to reward those accounts that have been paid on time according to the original credit agreement before they're closed.

Do creditors ruin your credit score? ›

Unfortunately, a debt in collections is one of the most serious negative items that can appear on credit reports because it means the original creditor has written off the debt completely. So when a debt is sent to collections, it can have a severe impact on your credit scores.

Disadvantages of Debt Relief Orders

If your circumstances change, you may still be required to repay your creditors. Your debt relief order will appear on your credit file for six years. This may affect your ability to get credit in the future.

Credit cards are another example of a type of debt that generally doesn't have forgiveness options. Credit card debt forgiveness is unlikely as credit card issuers tend to expect you to repay the money you borrow, and if you don't repay that money, your debt can end up in collections.

Debt settlement companies charge a fee, generally 15-25% of the debt the company is settling. The American Fair Credit Council found that consumers enrolled in debt settlement ended up paying about 50% of what they initially owed on their debt, but they also paid fees that cut into their savings.

Fake debt collectors start by contacting you by phone, text message, mail, or email. The collector claims that you owe a debt.

What is Predatory Lending? Predatory lending practices, broadly defined, are the fraudulent, deceptive, and unfair tactics some people use to dupe us into mortgage loans that we can't afford. Burdened with high mortgage debts, the victims of predatory lending can't spare the money to keep their houses in good repair.

Credible is a loan comparison marketplace that allows would-be borrowers to shop around for student loans and student loan refinancing that meet their needs. The company was founded in 2012 in San Francisco as a tool to empower borrowers to shop rates and products.

LendingClub is a legitimate online lender. It offers personal loans with annual percentage rates that don't exceed 36%, which is a rate cap that most consumer advocates recommend. How fast are LendingClub loans approved? LendingClub says that on average personal loan applications are approved within 24 hours.

If you consolidate loans other than Direct Loans, consolidation may give you access to forgiveness options, such as income-driven repayment or Public Service Loan Forgiveness (PSLF). If you consolidate, you'll be able to switch any variable-rate loans you have to a fixed interest rate.

Contact your bank to stop payment if you are making your payments through automatic withdraw. Start paying your bills directly to your creditors. Notify your creditors that the organization handling your debt is going out of business. Consider working out a payment plan with your creditors yourself.

How fast can I add 100 points to my credit score? ›

For most people, increasing a credit score by 100 points in a month isn't going to happen. But if you pay your bills on time, eliminate your consumer debt, don't run large balances on your cards and maintain a mix of both consumer and secured borrowing, an increase in your credit could happen within months.

Most negative items should automatically fall off your credit reports seven years from the date of your first missed payment, at which point your credit scores may start rising. But if you are otherwise using credit responsibly, your score may rebound to its starting point within three months to six years.

It depends on the type of mortgage you are applying for. If you are applying for a conventional mortgage, you will need to wait at least two years after debt consolidation. If you are applying for an FHA mortgage, you will need to wait at least three years after debt consolidation.

Debt consolidation might lower your monthly payments, make managing your monthly payments easier, decrease your interest rates and save you money overall. But there are also potential drawbacks, such as upfront fees and the risk of winding up deeper in debt.

The money you pay into a settlement account is yours! Money that a debt settlement company asks you to set aside in an “escrow” or “settlement” account belongs to you. You may cancel the account at any time, and the escrow company must refund all of your money minus any fees the settlement company legally earned.

Answer and Explanation: No, debt consolidation doesn't affect buying a car. When a company utilizes its earnings in making purchases for a car, there is no relationship with the outstanding debts in the company.

If you are struggling with debt and debt collectors, Farmer & Morris Law, PLLC can help. As soon as you use the 11-word phrase “please cease and desist all calls and contact with me immediately” to stop the harassment, call us for a free consultation about what you can do to resolve your debt problems for good.

You can ask the creditor — either the original creditor or a debt collector — for what's called a “goodwill deletion.” Write the collector a letter explaining your circumstances and why you would like the debt removed, such as if you're about to apply for a mortgage.

As already discussed, there are three major reasons why people are denied debt consolidation loans. They don't make enough money to keep up with the payments; they have too much debt to get the loan, or their credit score was too low to qualify.

It's better to pay off a debt in full (if you can) than settle. Summary: Ultimately, it's better to pay off a debt in full than settle. This will look better on your credit report and help you avoid a lawsuit. If you can't afford to pay off your debt fully, debt settlement is still a good option.

Should I pay off closed accounts? ›

While closing an account may seem like a good idea, it could negatively affect your credit score. You can limit the damage of a closed account by paying off the balance. This can help even if you have to do so over time. Any account in good standing is better than one which isn't.

Your credit score could increase by 10 to 50 points after paying off your credit cards. Exactly how much your score will increase depends on factors such as the amounts of the balances you paid off and how you handle other credit accounts. Everyone's credit profile is different.

1. Payment History: 35% Your payment history carries the most weight in factors that affect your credit score, because it reveals whether you have a history of repaying funds that are loaned to you.

FICO^® Scores are the most widely used credit scores. An industry standard since they were first introduced over 30 years ago, FICO^® Scores are used by 90% of top lenders.

Generally speaking, try to minimize or avoid debt that is high cost and isn't tax-deductible, such as credit cards and some auto loans. High interest rates will cost you over time. Credit cards are convenient and can be helpful as long as you pay them off every month and aren't accruing interest.

Debt settlement will remain on your credit report for seven years. This means that for those seven years, your settled accounts will affect your creditworthiness. Lenders usually look at your recent payment history.

Worse than being in debt is losing your peace.

It's called being human. For some people that adversity takes the form of being in debt. The main thing is to keep your peace, to know that God is taking care of each of us, and to remember to trust Him to provide.

Defining a Debt Trap

Without an established emergency fund, credit cards and payday loans are two of the most costly options for dealing with these unexpected expenses. It may be difficult to make payments toward your debt and you may incur late payment fees and high interest, further compounding your debt.

No, when someone dies owing a debt, the debt does not go away. Generally, the deceased person's estate is responsible for paying any unpaid debts. When a person dies, their assets pass to their estate.

What would happen if all credit card debt was erased? ›

If everyone stopped getting in debt and paid off all their credit cards, saved for everything and spent what they earned this will increase the savings excessively which will decrease the circulation of money in the economy. The money supply gets reduced which raises the interest rate.

Instead of paying a company to talk to creditors on your behalf, you can try to settle your debt yourself. If your debts are overdue the creditor may be willing to negotiate with you. They might even agree to accept less than what you owe.

Consumers facing seriously delinquent credit card debt — 90 days past due — are eligible for debt settlement consideration. Unpaid medical bills, too, are debt-settlement eligible.

Most states or jurisdictions have statutes of limitations between three and six years for debts, but some may be longer. This may also vary depending, for instance, on the: Type of debt. State where you live.

Americor is officially accredited by the Better Business Bureau. This institution is a badge for companies that actually provide quality services for their customers. Not many debt relief companies are certified, however, so Americor's BBB accreditation is something we're very proud of.

The Better Business Bureau gives Americor an A+. The company has been an accredited BBB partner since 2015 and reviewers there give Americor 4.64 stars.

Americor top competitors include National Debt Relief LLC, ClearOne Advantage LLC, Rescue One Financial, Strategic Financial Solutions LLC. What industry does Americor belongs to? Americor is in the industry of Financial Software, and also Software.

Can I cancel Americor? ›

And finally, if we can't settle your debt or if you're not satisfied up to the point of us settling your debts, you can cancel at any time – for any reason – without any penalties or fees other than the fees earned associated with prior settled debts. What kinds of debt can Americor help with?

How much does it cost? Americor doesn't charge any upfront fees. Like most debt relief services, its fee is a percentage of the amount it saves you. The rep we spoke with said that Americor typically charges 25%, although it varies by state.

Debt settlement will negatively affect your credit score for up to seven years. That's because, to pressure your creditors to accept a settlement offer, you must stop paying your bills for a number of months.

Americor provides debt solutions to thousands individuals and families all over the country. We're a next-generation debt relief company with a proprietary platform designed to help clients get out of debt quickly.

Although satisfying your debt and having it marked as paid on your credit reports could help your creditworthiness in the eyes of lenders, even a paid collection account could remain on your credit history for up to seven years. In the end, it is best to make payments on time and manage your money wisely.

It's always a good idea to pay collection debts you legitimately owe. Paying or settling collections will end the harassing phone calls and collection letters, and it will prevent the debt collector from suing you.

Using debt settlement options to reduce debt comes with several risks, including late payments on your credit report, potential charge-offs, settlement company fees, tax implications on forgiven balances, possible scams and the overall risk of settlement offers not working.