| Free quote or consultation | Americor will call you after you submit your contact details |
|---|---|
| Services | Debt settlement |
| Minimum debt | $10,000 |
| Typical turnaround | 24 to 48 months |
| Direct or third-party negotiations | Direct |
| Types of debt | Unsecured debt, personal and business debt |
| Accreditations | AFCC member, IAPDA member, BBB accredited |
| Ratings | A+ BBB rating |
| Free resources or tools | Financial tips blog |
| Customer service | Email: info@americor.com Phone: 866-333-8686 Fax: 800-536-2207 Hours: Monday through Friday from 6 a.m. to 7 p.m. PT, Saturday from 6 a.m. to 5 p.m. PT Mail: 18200 Von Karman Ave, Suite 600, Irvine CA 92612 |
The debt settlement process typically takes 24 to 48 months. Americor accepts a variety of unsecured debt, including personal loans, credit cards, medical and hospital bills, overdue rent and past due utility bills. Like most debt settlement companies, you must have at least $10,000 in debt to get started.
When we contacted a sales representative, we were told there are no refunds or money-back guarantees available. Other details — like how your savings will be set up and how Americor will handle your payments to your creditors — will depend on your state laws.
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. For example, if it's able to settle $25,000 worth of debt for $15,000, you would be charged a 25% fee on the settled amount — or $3,750.
Americor states that it saves its customers 50% on average. But keep in mind that the exact amount it's able to save you will vary based on the type of debt you have and how willing your creditors are to negotiate.
Americor is a legitimate debt settlement company with multiple accreditations from multiple trade organizations, including the American Fair Credit Council (AFCC) and International Association of Professional Debt Arbitrators (IAPDA). Its privacy policy covers how Americor collects and uses your personal information, and its website is secure. However, it doesn't state what type of encryption its website uses. If you're curious, reach out to customer service before submitting any sensitive personal information over the Internet.
Americor functions like a typical debt settlement company, which means it has many of the normal pros and cons — including a negative impact to your credit score.
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 4.6 out of 5 stars, based on 1579 customer reviews |
| BBB customer complaints | 119 |
| Trustpilot score | 4.6 out of 5 stars, based on 3,334 customer reviews |
| Customer reviews verified as of | 15 October 2020 |
Americor receives a plethora of positive reviews — but many have been submitted within the past few months. While this can reflect positively on its recent customer service, it's important to consider what the complaints have to say: The majority cite that their credit was negatively impacted and that they were sued by their creditors. Unfortunately, this is a common occurrence with all debt settlement companies. Consider this carefully before using Americor or any debt relief service.
To get started with Americor's debt settlement program:
Americor will reach out to you by phone to discuss your next steps.
Americor sets up a trust account in your name that you will begin making payments toward. It may instruct you to stop paying your creditors to make it easier to settle your debts, but do this at your own risk: Your creditors may still choose to sue you.
Once it reaches a settlement, you'll need to review and agree to it. Americor will then expect you to pay a percentage of the debt settled in the form of a fee — sometimes as high as 25%. You may also need to pay taxes on the amount your creditor has forgiven.
The process usually takes 24 to 48 months, but Americor states that it has an average debt reduction of 50% — relatively high for a debt relief company.
Americor may have a high average savings, but there are more debt relief options you should consider before signing up.
Use our table to compare debt relief companies by cost and requirements. Hit Go to site to sign up, or select the link with the company’s name to read our full review.
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Kellye Guinan was a financer writer for Finder, covering everything from loans from auto to personal to business finance.
Americor is a highly rated and accredited debt settlement service and may be best for those who already have relatively low credit. It works with both unsecured debts and some types of overdue bills, and the process takes 24 to 48 months.
But there isn’t much information about Americor’s services available on its website. There’s no list of states serviced, and when we reached out to customer service multiple times, we weren’t able to pin down specific details about fees. We also received different information based on the customer service rep we got. You’ll also have to contend with worsened credit and potential lawsuits, which are common with any debt settlement service.
Before you sign up, compare it to other debt settlement companies to make sure you’re working with the best service.
