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Americor
Minimum debt
$7,500
Typical turnaround
24 to 48 months
Fees
14% to 29%

Our verdict

Americor Debt Relief helps clients with moderate to high amounts of debt find relief through consolidation loans, debt settlements and bankruptcy.

Americor Debt Relief has a strong track record of reducing unsecured client debt on an average of 40-50% and gets a positive rating from the Better Business Bureau. However, it can take up to 48 months to settle client debt and may exclude those with smaller debt amounts.

Best for: People struggling with unsecured debt looking for clarity around the right option.

Pros

  • Offers debt consolidation loans up to $45,000 through Credit9
  • Cancel anytime without penalties or fees
  • Strong track record of resolving $2 billion in debt
  • Clients save an average of 43% of their enrolled debt

Cons

  • Clients must have at least $7,500 in unsecured debt
  • Can take up to 48 months to settle or reduce debt

In this guide

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What makes Americor Debt Relief shine?

Americor has a slightly smaller minimum for customer fees at 14% compared to its competitors such as Pacific Debt Relief and Freedom Debt Relief that start from 15% of the debt you’ve enrolled. The company also received a positive A+ review from the Better Business Bureau and reports helping over 200,000 clients get out of more than $2 billion in debt.

Where Americor Debt Relief falls short

Americor requires a minimum of $7,500 in unsecured debt in order to qualify for its services and products such as debt consolidation loans, which may exclude many debt-ridden individuals with smaller amounts of debt.

A few clients complained that the debt took longer to settle than they expected and that they saw multiple charge offs on their credit report as a result. The website does state it can take up to 48 months to negotiate with creditors and reduce the amount of debt owed.

How much can I save?

According to Americor Debt Relief, clients can save anywhere from 40 to 50% of their enrolled debt by the time they’ve completed the program. This is before the program fees kick in.

How much does it cost?

Americor does not charge fees until it lowers your total debt with creditors. The fees are 14% to 29% of the debt you choose to enroll in the program.

If a client enrolls $10,000 in debt and the assigned fee is 15% (which falls in the range above), the client would pay $1,500 in fees to Americor after the debt is settled.

Will using Americor hurt my credit?

Using Americor may hurt your credit in the beginning. However this is temporary as this credit decline is due to you not making your payments on time as Americor negotiates on your behalf. This means your debt-to-income ratio, credit utilization and payment history may take a hit. However, 85% of debt settlement clients see their credit score return back to normal levels or higher once they’re done with the process.

Americor product details

Free quote or consultationYes
ServicesDebt Debt Consolidation Loans, Debt Settlement, Credit Counseling, Bankruptcy
Minimum Debt$7,500
Average turnaround24 to 48 months
Fees14% to 29%
Types of debtUnsecured debt such as credit cards, medical debt, department store card debt and personal loans
AccreditationsBetter Business Bureau, America's Consumer Affairs, American Association for Debt Resolution
Direct or third-party negotiationsDirect
State availabilityNot available in: Colorado

Before you sign up with a debt relief company

Debt relief companies typically charge a percentage of a customer’s debt or a monthly program fee for their services. And not all companies are transparent about these costs or drawbacks that can negatively affect your credit score. Depending on the company you work with, you might pay other fees for setting up new accounts or third-party settlement services, which can leave you in a worse situation than when you signed up.

Consider alternatives before signing up with a debt relief company:

  • Payment extensions. Companies you owe may be willing to extend your payment due date or put you on a longer payment plan.
  • Nonprofit credit counseling. Look for free debt-management help from nonprofit organizations like the National Foundation for Credit Counseling.
  • Debt settlement. If you can pay a portion of the bill, offer the collection agency a one-time payment as a settlement. Collection agencies are often willing to accept a lower payment on your debt to close the account.

How to qualify for Americor Debt Relief

While Ameircor Debt Relief has a significant track record of helping individuals get out of debt, it has basic eligibility requirements for its debt relief programs:

  • Must be located in a state the company services
  • You must be struggling with $7,500 or more in unsecured debt

How the debt settlement process works

The debt settlement process for Americor Debt Relief takes place in three steps, according to their website.

  1. Receive a Free Debt Analysis. The company asks you to enter personal information and get a free debt relief plan.
  2. Negotiate or Consolidate Debt. Americor Debt Relief staff negotiate with creditors on your behalf and help you decide if a debt consolidation loan with monthly payments is right for you.
  3. Pay your fees. Americor Debt Relief only charges a percentage of your enrolled debt, once they’ve reached a settlement with your creditor.

How Americor compares to other companies

Name Product Costs Money-back guarantee: Requirements
Accredited Debt Relief
Charges and fees vary by the company you're ultimately connected with
Must be at least 18 years old and a legal US resident; additional terms may apply based on services and products used.
This A+ BBB-rated service offers free consultations to lower your monthly payments help you get out of debt faster.
Freedom Debt Relief
Not rated yet
Freedom Debt Relief
Monthly payment based on enrolled debt, no upfront fees
Must have at least $7,500 in unsecured debt, have a hardship is preventing the ability to pay creditors, and live in a serviced state.
Freedom Debt Relief works to help people with unmanageable, unsecured debt get back on their feet.
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Americor Debt Relief reviews and complaints

BBB accredited Yes
BBB rating A+
BBB customer reviews 4.65 out of 5 stars, based on 1450 customer reviews
Trustpilot Score 4.9 out of 5 stars, based on 15,581 customer reviews.
Customer reviews verified as of 26 February 2024

On the BBB’s website, customers speak highly of the company in regards to its debt relief solutions, debt consolidation loans, and financial expertise, among other factors. The same goes on Trustpilot, where reviewers give soaring reviews about helpful, knowledgeable and transparent customer service representatives.

Is Americor Debt Relief legit?

Yes Americor Debt Relief is a legit company which has been accredited by the Better Business Bureau since 2015. However, in 2023, there was a class action lawsuit filed against the company for failure to deliver promised debt relief services.

Americor Debt Relief has a membership in the American Fair Credit Council, which stands to protect the rights of consumers and requires member companies to follow strict regulatory guidelines.

Risks to debt settlement

Before you enroll in a debt settlement service, you should review the associated risks as well. Here are a few to begin with.

  • Damage to your credit. When you settle your debt, oftentimes the amount isn’t marked paid in full on the borrower’s credit report. This means it still shows you owe the payment and will impact your score.
  • Tax implications. If your debt is canceled, forgiven, or discharged for less than the amount owed, the amount of the canceled debt is taxable, according to the IRS.
  • Negotiation problems. If you sign up with a debt settlement company there is always the risk that creditors reject their negotiation offer and you end up where you started.
  • Increased costs. Debt settlement is a service as any other and may require you to pay fees. Oftentimes this is a percentage of the amount of debt you wish to enroll. For someone who is already saddled in debt, paying extra fees may feel inconvenient.

Frequently asked questions

What is debt relief?

Debt relief is a service companies offer to help individuals reduce their outstanding debt. The companies may negotiate on their behalf or hire a third party.

How long does it take to be debt free with Americor Debt Relief?

There are no promises to be debt free, but it can take up to 48 months to reduce the amount of outstanding debt you owe to creditors.

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