Setup Fee: 15%
Monthly Fee: None
Settlement Fee: None
TASC Members: No
BBB Complaints: 1663
In Business Since: March 2003
Credit Solutions, also known as Credit Solutions of America, is one of the largest settlement companies in the nation. They have an F rating with the Better Business Bureau and have received 1663 BBB complaints in the last three years! That equates to 1.5 complaints per day!!! This is by far the worst rating I have ever seen in the settlement industry.
Credit Solutions charges 15% of your total debt amount spread over the first half of your program, which is pretty standard. They are not a TASC member company, so that may have something to do with the huge amount of complaints.
UPDATE: On March 26, 2009 the Attorney General of Texas filed suit in the 261st District Court of Travis County against Credit Solutions of America, Inc. Charges filed indicate the business violated the Deceptive Trade Practices Act and has engaged in false, deceptive and misleading acts. Specifically, the charges indicate that the business; failed to negotiate with creditors for most accounts entered into its program, failed to reduce clients’ debt balances by 40-60% as stated, deceived clients about the possible negative consequences such as fees, fines, lawsuits and negative credit reporting, and used misleading selling practices.
