Americor Debt Relief review: A company with multiple debt options, but lacks transparency around fees
Kimberlee Leonard is an expert contributor with more than two decades of experience covering personal finance topics. Her work has been featured on US News and World Report, Business.com and Fit Small Business. She brings practical experience as a business owner and insurance agent to her role as a small business writer.
Americor Debt Relief is a debt settlement and consolidation company based in Irvine, California. Its mission is to provide clients with an immediate and lasting solution to their debt problems. The BBB has accredited the company since 2015 and has an A+ rating. It makes Fortune Recommends list of the best debt relief companies. Let’s take a closer look at what you can expect when working with Americor Debt Relief. All rates and fees are current as of April 2024 and are subject to change.
Americor Debt Relief
| Eligibility & Requirements: | Minimum of $5,000 in debt |
| Fees: | Varies based on amount of debt |
| Ratings: | BBB A+ |
| Savings: | Up to 40% |
| Time: | 24-48 months |
Pros
- Reduce debt by up to 40%
- Offers debt consolidation loans
- 4.9 star score on Trustpilot
- Available in 46 states
Cons
- Not transparent of fees
- Lots of BBB complaints
Types of debt Americor helps settle
Like most debt relief companies, Americor cannot help in settling federal student loans, but that’s where the company’s debt consolidation services can be a potential solution. Here are the types of debt Americor debt relief services can support:
How Americor Debt Relief’s fees work
Americor is not transparent about fees. It does not disclose fees on its website. We called to get further information and asked what the fees would be. The representative was unable to answer the question unless we provided the exact amount of debt and where it was. This makes shopping for debt settlement hard when you are trying to compare one company to another.
How does working with Americor Debt Relief impact credit score
When you settle debt with Americor Debt Relief, your credit score can be negatively impacted because Americor needs to halt payments to creditors in order to negotiate with them. However, if you choose a debt consolidation loan instead, you could see your credit score improve with regular payments. If the debt consolidation doesn’t involve settlement, you are just taking existing debts and moving them into a new, affordable loan. This can have a positive effect on your credit history.
Americor Debt Relief ratings
How much can I save by using Americor Debt Relief?
Americor Debt Relief’s website states that you can reduce your monthly payments by up to 40%. Keep in mind that whatever the savings are on the settled debt, there are still fees associated with the account. Ensure you understand your net savings since fees are not disclosed as a general rule.
How long does Americor Debt Relief take to settle debt
The website says you can be debt-free in 24-48 months. However, if you take a debt consolidation loan, you can expect to make payments for up to six years. The term of your debt relief will depend on which option you choose.
| Minimum eligibility | Minimum eligibility | Minimum eligibility |
| Minimum $5,000 | Minimum $1,000 | N/A |
| Fees | Fees | Fees |
| Varies based on amount of debt | 25% of enrolled debt | 15-25% of enrolled debt |
| Expected time to relieve debt | Expected time to relieve debt | Expected time to relieve debt |
| 24-48 months | 24-48 months | 24-48 months |
| View Offer at Americor | View Offer at Accredited Debt Relief | View Offer at National Debt Relief |
Other services Americor Debt Relief offers
Americor Debt Relief also provides loans to consolidate debt and reduce payment amounts. Loans are good for up to 60 months, with APRs ranging from 5.99% to 29.99%. There is a loan origination fee of 6.99%. Americor Debt Relief also offers debt consulting services for those seeking to change how they use credit so that they don’t face the same problems again with overwhelming unsecured debts.
Are there risks with settling debt with Americor Debt Relief
It can seem risky to work with a company that is not transparent with fees. However, Americor Debt Relief will provide you with a fee quote once you go through a formal intake with them. Aside from that, consumers need to be aware that their credit score may drop if they do debt settlement with Americor Debt Relief.
Americor Debt Relief’s reputation for settling debt?
The reputation of Americor Debt Relief is divided. While they have nearly a five-star average with Trustpilot, they have more than 200 complaints with the BBB. This is a high number of complaints compared to some of the other debt settlement companies we reviewed. Complaints include problems with withdrawals and payments not equaling the total amount owed to creditors.
Is Americor Debt Relief right for you?
While Americor has a solid reputation on Trustpilot with more than 15,000 reviews, we are concerned about the complaints and the lack of transparency regarding fees. Consumers may find a better solution with another debt settlement provider who has fewer complaints and is straightforward on how pricing works.
About the contributors
Kimberlee Leonard is an expert contributor with more than two decades of experience covering personal finance topics. Her work has been featured on US News and World Report, Business.com and Fit Small Business. She brings practical experience as a business owner and insurance agent to her role as a small business writer.
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