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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Consolidated Credit

Finanso.Multilogin™

About lender

Consolidated Credit is a consumer credit counseling agency that is intended to help solve problems with credit liability. The agency specializes in finding solutions for people who are struggling with paying their debt. Since 2006, Consolidated Credit has been providing personalized credit counseling services to people facing challenges with debt. Note that this is not a loan company. They do not lend money.

Although a credit counseling agency will not be able to eliminate the amounts of debt its clients owe, it can lower their overall monthly payments. Consolidated Credit performs an initial credit counseling session at no charge. The most typical service offered by credit counseling agencies is the Debt Management Program (DMP). Its cost depends on the amount owed. In addition to offering assistance with paying back everything you owe more efficiently, they also offer 300+ hours of free financial education resources each year and outreach programs to improve their clients’ financial literacy.

Pros and cons

Pros

  • Convenient and comprehensive website with accessible information;

  • Offer debt relief options through counseling for free;

  • Can lower your interest rates;

  • Provide free financial educational materials.

Cons

  • Requires to pay some fees that will depend on your case and may not be affordable;

  • You have to give up your credit cards while you are paying them off;

  • Present in your credit report for two years;

  • You cannot use the credit cards enrolled in the program, and cannot apply for new ones;

  • It is not guaranteed to solve your financial problems.

No doubt, it is an advantage that you can use their counseling at no charge to elaborate a plan for handling your indebtedness. But before enrolling in any program, compare the potential benefits and drawbacks of applying with them.

FAQ

What is Consolidated Credit?

Consolidated Credit is a national credit counseling organization that strives to assist people throughout Canada to secure their financial future. The agency works with consumers throughout Canada to help them develop effective strategies for paying off credit card debt. They have helped over half of a million Canadians to achieve financial control over their debts. Consolidated Credit is dedicated to providing Canadians tools that can help them consolidate their outstanding debt into a single account and pay it off faster and at a lower interest. They state that they helped more than 500,000 Canadians get out of credit card debt for over 14 years.

Who owns Consolidated Credit?

This information is not provided on their website. According to LinkedIn, its President is Gary Sherman.

How do you qualify for Consolidated Credit?

Consolidated Credit’s counseling services are designed to help consumers overcome challenges with credit card debt. Your suitability for Debt Management Program (DMP) will depend on your budget. To be approved, get in contact with one of their counselors and have your case evaluated. For your first session, you will need to provide the following information:

  • Your net income;

  • Credit report, the current balance, APR, and current payment for each credit and debt;

  • The amount of money you spend each month on other debts, such as utility bills and mortgage;

  • Estimated monthly expenses, such as food and gas.

A credit counselor should figure out effective strategies for tackling your debt.

How much does the counseling cost?

Consolidated Credit is designed to provide a free evaluation to review the options for your debt relief. There is no fee for the consultation. If you enroll in the Debt Management Program (DMP), there will be a one-time fee and a nominal monthly fee. The fees are not specified. They will be based on your budget.

Is Consolidated Credit a legitimate company?

Yes, it is a registered charitable organization under the Income Tax Act. Being a member of several organizations including the Canadian Association of Credit Counselling Services, an accredited member of the Better Business Bureau, the Toronto Board of Trade, and the Credit Association of Greater Toronto, and as such they must follow uniform standards of excellence, governance, and integrity, including a strong code of ethics. They also have an A+ rating from the Better Business Bureau.

How does Consolidated Credit work?

Consolidated Credit provides financial aid by developing a plan which will diminish your credit. Make 3 easy steps to find relief from your debt:

  1. Start with a free phone call at (844) 5054323 and get a personal assessment of your situation. Speak with their expert and receive the knowledge you need to better your finances and credit. A trained credit counselor will help you to identify the best options for getting out of debt. A counseling session is free.

  2. Examine possible solutions to get out of your debt. The options can be the following: consolidation loans, debt settlement, consumer proposals, debt management programs, or bankruptcy. 

  3. Set up a plan. The counselor will assist you to administer a program for you that can help you successfully dig your way out of debt. The agency will deal with distribution payments to your creditors.

You can get a free evaluation on their website just in several minutes:

  1. Go to the homepage of the website and choose your total credit card debt amount from $1,000 up to $75,000. Click the “Get free quote” button.

  2. Provide your first and last name, email address, phone number, and postal code. Indicate the status of your payments from the listed: current and/ or just falling behind, behind less than 6 months, or more than 6 months behind.

There is a “You are not alone” section on their website which states the name of the person who got help from Consolidated Credit and the amount of debt of this person. They also indicate the time when a certain person got help to show that it happened recently. Moreover, the time is indicated in the interval of up to 30 minutes, which creates the feeling that this has just happened. 

How do I contact Consolidated Credit?

If you have any questions or need help, contact credit counseling toll-free by email or phone:

  • Counsellor@ConsolidatedCredit.ca

  • (844) 586-9287

Contact its Contact Client Service Team at (844) 586-9287. They are available Monday-Thursday 9:00 am-8:00 PM and Friday 9:00 am-5:00 pm. You can send something by mail to the following address:

Consolidated Credit Counselling Services of Canada, Inc.

505 Consumers Rd, Suite 400

Toronto, Ontario M2J 4V8

If you prefer to use social media, find the lender on Facebook or Twitter.

How trustworthy is Consolidated Credit?

Consolidated Credit Canada seems to be trustworthy with 5,709 reviews and an average rating of 4.7 on Trustpilot. On their website, you can also find real examples of clients the company has helped in different provinces, territories, and cities. Choose the place and find people’s stories about handling their debts.

Does Consolidated Credit hurt your credit score?

A free debt evaluation will not negatively affect your credit history. Obtaining free counseling will facilitate you to determine the best course of action that needs to be taken to reduce your debt burden. Enrolling in a debt management program will be stated in your credit report, and it can lead to decreasing your credit score. It really depends on the impact of your reliance on credit prior to joining a program. But don’t worry, it will remain on your credit report for two years from the day you completed the program. Over time, regular on-time payments and reducing your debt will help to improve y

Company documents

Privacy Policy

Helping Canadians find relief from credit card debt and achieve long-term stability through financial education.

© Consolidated Credit

Financial products

Consolidated Credit
Personal loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$1,000-$75,000
Rate
i

Effective interest rate on the product

up to 45%
Term
i

Loan term for the financial product

up to 60 months

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Rate
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Effective interest rate on the product

starting from 1.05%
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up to 30 years

Calculate loan payments in Consolidated Credit

Consolidated Credit calculator will allow you to calculate an approximate payment schedule for the loan

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75000 $
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What to pay attention to when applying for a loan from Consolidated Credit

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes Consolidated Credit from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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All Consolidated Credit’s reviews by August 2022
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