About company
Americor is a well-established debt relief company with over 500 employees and offices in California and Idaho. The company services in 30 states and offers various debt relief solutions, including debt settlement, debt consolidation loans, credit counseling and debt management, and bankruptcy.
With a track record of helping customers save approximately two billion dollars through debt settlement, Americor has garnered recognition from respected organizations such as the Better Business Bureau, Consumer Affairs, IAPDA, and the American Fair Credit Council. Notably, Americor adheres to FTC regulations by not charging upfront fees.
The company has also received various awards, including being named a Top Place to Work in the USA by the Orange County Register for multiple years. Energage, a third-party company that compiles employee surveys, ranks Americor in the top 5% for employee appreciation and company direction. Inc. has even listed Americor in its top 25 out of 5,000 companies.
Key Features
- Experienced and Professional Staff. Americor has over 500 employees, and they have a team of experienced professionals who are well-versed in the debt relief industry.
- Debt Relief Programs. Americor offers various debt relief programs, including debt settlement, debt consolidation, and credit counseling. These programs are tailored to help individuals with different types of debts and financial situations.
- No Upfront Fees. Americor does not charge any upfront fees, and customers only pay when the debt is settled.
- Accreditation. Americor has accreditation from various reputable organizations such as the Better Business Bureau, Consumer Affairs, IAPDA, and the American Fair Credit Council.
- Awards. Americor has received various awards, including being named a Top Place to Work in the USA by the Orange County Register and being listed in the top 25 of Inc.'s 5,000 list.
- Free Consultation. Americor offers a free consultation to potential clients to discuss their debt relief options and determine the best course of action.
- Transparency. Americor is transparent about their services, fees, and the debt relief process. They provide clients with regular updates on the progress of their debt relief program.
Overall, Americor offers comprehensive debt relief services with a focus on customer satisfaction and transparency.
Pros and Cons
Pros
- No Upfront Fees. Americor doesn't charge any fees upfront, which can provide some peace of mind for individuals who are already struggling with debt. Instead, they only charge for their services once they have been rendered.
- Soft Credit Pulls. Another advantage of Americor is that they only perform soft credit pulls, which means that your credit score won't be impacted significantly by their inquiry. This is important because hard credit inquiries can have a more significant effect on your credit score.
- Web Portal. Americor provides a web portal for clients, which allows them to track their progress throughout the debt relief program. The portal provides useful information and updates, including how much debt has been paid off and how much is still outstanding.
- Multiple Debt Relief Programs. Americor offers various debt relief programs, including debt settlement, debt consolidation, and credit counseling. This means that clients have multiple options to choose from, depending on their financial situation and debt management needs.
Cons
- Negative Impact on Credit. One of the most significant drawbacks of Americor's debt relief program is that it can have a negative impact on your credit score in the beginning. This is because debt settlement programs involve negotiating with creditors to settle your debts for less than what you owe. While this can help you get out of debt faster, it can also harm your credit score.
- Limited Availability. Americor is only available in 30 states, which means that individuals living outside of these states won't be able to access their services. This can be a disadvantage for people who may need debt relief services but don't live in a state where Americor operates.
- Customer Service. Some clients have reported issues with Americor's customer service, including communication and responsiveness. While the company has a good reputation overall, there have been some complaints about the quality of their customer service.
- Web Portal Availability. While the web portal can be helpful for clients to track their progress, it may not always be available due to technical issues or maintenance. This can be frustrating for clients who rely on the portal to monitor their debt relief program.
How Does Americor Work?
- Free Consultation. To get started, you’ll fill out a form on their website or call them to set up a free consultation. During this consultation, you’ll speak with a financial counselor who will go over your finances and recommend a plan of action.
- Enrollment. If you decide to move forward with Americor, you’ll enroll in their program. You’ll provide them with information about your creditors, balances, and interest rates. Americor will then create a plan to help you resolve your debt.
- Monthly Payments. You’ll make monthly payments to Americor that will go into a third-party account. Americor will use this money to negotiate settlements with your creditors.
- Debt Settlement. Once there is enough money in the account, Americor will negotiate with your creditors to settle your debts. They will work to get the lowest possible settlement amount on your behalf. You will be notified when a settlement is reached.
- Payment. Once a settlement is reached, Americor will use the money in your account to pay off the creditor. You’ll continue to make monthly payments until all of your enrolled debts are settled.
- Program Completion. When all of your enrolled debts are settled, you’ll have successfully completed the Americor program. You’ll be debt-free and can start rebuilding your credit.
How Much Does Americor Cost?
The cost of using Americor's services varies depending on the amount of debt you have enrolled and the percentage of that debt that is settled. As a debt settlement company, Americor typically charges a percentage of the enrolled debt amount, which can range from 15% to 25%. For example, if you have a $2,000 debt and Americor is able to settle it for 50%, you would owe your creditors $1,000 and potentially owe Americor anywhere from $300-500.
It's important to note that larger debt forgiveness often leads to larger charges, and some companies may charge closer to 25%, which can be quite high. Americor states that the average savings for their clients is 43%, but this is before program fees, so it seems that they settle the debt at an average of 57% of charges. It's also worth comparing Americor's fees to other debt relief companies, as some companies may charge lower percentages of enrolled debt.
Types of Debt Addressed
- Debt Settlement. Americor helps negotiate debt settlement with your creditors. The company takes over the negotiation process while you make monthly payments into a third-party account. When there's enough money in the account to settle the debt, Americor makes the payment, and the process repeats for each debt you enroll in their program.
- Debt Consolidation Loans. Americor helps match you to a lender who is likely to approve your loan request. Their network of lenders is vast, so if your financial counselor thinks this is a good option for you, you should consider doing it. However, it's best for people who can make their minimum payments and haven't defaulted on any of their accounts.
- Credit Counseling/Debt Management Plan. Americor offers credit counseling services to help you come up with a debt management plan to pay off your debt and get back on track. Your counselor calculates a monthly payment that will cover all payments you must make to your creditors, and the counselor divides that up amongst your lenders and creditors.
- Bankruptcy Options. If Americor can't help you with debt settlement or finding lenders or counselors, they will help you find a lawyer to help you with your bankruptcy filing. Americor partners with third parties for other services, like bankruptcy help. Some of their programs are provided by Highbee and Associates (aka Advantage Law). So, it's not surprising if you are sent to this firm before filing time.
Risks of Debt Settlement Program
- Credit score damage. Debt settlement can damage your credit score. As part of the process, Americor may advise you to stop making payments to your creditors. This will cause your accounts to become delinquent, which can lead to collection calls, lawsuits, and damage to your credit score.
- Fees. Americor charges fees for its debt settlement services. These fees can be high, and they are typically based on a percentage of your enrolled debt. This means that the more debt you have, the more you'll pay in fees.
- Tax implications. Debt forgiven through a settlement program can be considered taxable income by the IRS. This means that you may have to pay taxes on the amount of debt that was forgiven.
- No guarantee of success. There is no guarantee that Americor's debt settlement program will be successful. Creditors are not required to agree to a settlement, and even if they do, it may not be for the full amount of your debt.
- Potential for scams. While Americor is a reputable company, there are many debt settlement scams out there. Consumers should be cautious and do their research before working with any debt settlement company.
Reliability
Determining the reliability of Americor can be a complex issue. While the company is accredited by the Better Business Bureau (BBB) and has an A+ rating, there are also some negative reviews from customers who claim that the company did not fulfill their promises or gave them poor advice.
On one hand, the fact that Americor has been accredited by the BBB since 2015 and has an A+ rating indicates that the company meets certain standards of trustworthiness and customer service. The BBB evaluates companies based on a variety of factors, including their response to customer complaints, their transparency in business practices, and their adherence to ethical standards. Americor's high rating suggests that it has generally met these criteria.
On the other hand, some negative reviews of Americor suggest that the company may not be entirely reliable. For example, some customers have claimed that Americor advised them to stop paying their bills during the negotiation process, which can damage their credit score. Others have said that the company did not fulfill their promises to settle their debts or provide effective counseling. These reviews suggest that Americor may not be the best option for everyone and that customers should carefully consider their options before working with the company.
While Americor has a good BBB rating and has helped many customers with debt settlement and other financial services, there are also negative reviews that suggest the company may not be entirely reliable. As with any financial decision, it's important for customers to do their own research and consider all the factors before working with a debt settlement company.
Editoral Opinion
Americor's debt relief services are typically geared towards individuals with significant unsecured debt, such as credit card debt, medical bills, personal loans, and certain types of student loans. If you have secured debts, such as a mortgage or car loan, Americor's services may not be as useful for you.
Additionally, if you have enough income and assets to manage your debt on your own, without needing a debt relief company, Americor's services may not be necessary for you. It's always a good idea to consider your financial situation and goals before signing up for any debt relief program.
Additional resources
To learn more about debts and best practices, check out some of the following resources:
- Debt Consolidation Companies
- Best Debt Consolidation Loan Options
- Federal Debt Relief Agencies
- Debt Consolidation Loans for Bad Credit
- Top Debt Consolidation Loan Companies
- Consolidate Payday Loans With Bad Credit
- Credit Card Consolidation Loan Providers
- Student Loan Debt Relief Providers
- Leading Debt Relief Companies Reviewed
- Bill Consolidation Loan Providers
- Debt Consolidation Company List
- Emergency Debt Relief Programs
- Federal Debt Relief Agencies
