Frequently Asked Questions
Here are the most frequently asked questions. If you have a question that does not appear on this list, please contact our support team via email at support@americancreditgroup.com.
Credit & Debt Questions:
Credit
- Why Choose American Credit Group?
- How Long Has ACG Been Helping Customers?
- How Does the Program Work?
- How Much Does It Cost?
- How Long Does It Take?
- Can’t I Fix My Own Credit?
- What Can ACG Do with My Debt?
- Do I Still Need to Pay My Bills After I Enroll
- Is Credit Repair Legal?
- Are There Any Guarantees?
- What is Your Cancelation Policy
- What is Your Refund Policy?
- Are There Discounts for Couples?
Debt
- What Type of Debt Can Be Settled?
- What Type of Debt Cannot Be Settled?
- What Happens If You Cannot Settle a Debt?
- Can Harassing Phone Calls Be Stopped?
- How Does Debt Settlement Affect My Credit?
- Can I Be Sued While in Your Program?
- Can My Wages Be Garnished?
- Are There Any Tax Implecations?
- How Much Does Your Service Cost?
- Can I Negotiation Debts on My Own?
Q: Why Choose American Credit Group?
A: We recognize there is more to improving your credit than the generic dispute letters offered by most credit repair companies. American Credit Group offers a comprehensive credit improvement program that is designed to help you achieve your goals. Whether it’s home ownership, refinancing, rental qualification, employment security clearance or general improvement, we create a customize plan for you.
While we do send customized dispute letters to help remove or correct inaccurate late payments, charge-offs, collections, repos, bankruptcy listings, foreclosures and more. ACG can also help victims of ID theft.
Q: How Long Has ACG Been Helping Customers?
A: The team at American Credit Group has been helping clients improve their credit and achieve their mortgage and refinancing goals for over 16 years.
Q: How Does the Program Work?
A: See our Credit Improvement, Debt Reduction and Fresh Start Programs.
Q: How Much Does It Cost?
A: Our credit improvement service cost $99 for the setup and $59-$69 monthly. If we determine that debt settlement will help you reduce your debt and improve your credit, we will charge a small percentage of only the debts we settle. For $10,000 or more, we charge 5% fee for settlement services. For debt under $10,000, our fee is 10%. Our Fresh Start program is free of charge.
Q How Long Does It Take?
A: On average ACG clients see improvements to their credit score in three to six months. In some cases, clients may see improvements as soon as 30 to 45 days. Our recommendations and score improvement plan can help you start improving your credit immediately. Many companies will try to convince you it takes a year or more to see results. That simply isn’t the case. Companies that focus entirely on disputing items will often leave out the five factors that affect your credit.
- Payment History
- Amounts Owed
- Length of Credit History
- New Credit
- Types of Credit Used
Waiting for the results of generic disputes and expecting deletions to fix your credit problems will leave you angry at the end of a year. Our comprehensive approach gives you numerous ways to start seeing results immediately.
We rely on our clients take the necessary steps to start seeing results immediately. Clients will also need to send, fax or email us updated credit reports in a timely manner. Any delay in getting information you receive from the credit bureaus to ACG, slows down the process.
Q: Can’t I Fix My Own Credit?
A: Yes. You can improve your own credit profile. However it will take time and patience and a thorough understanding of the applicable laws, credit reports, credit scores, the three credit bureaus, creditors and collection agencies and more. Like repairing the brakes on your care, you can do it or you can hire a reputable, experienced firm that has been improving client’s credit for years.
Q: What Can ACG Do with My Debt?
A: After our team of FCRA certified credit specialists have reviewed your credit profile, developed a personalized plan and determine your next steps, it may be necessary to settle some of your debts to continue to improve your credit.
Our debt settlement program can help you with remaining balances and collection agencies. We can help you protect your rights as described in the Fair Debt Collection Practices Act (FDCPA), which governs what collection agents can and cannot do.
From our experience, many creditors violate your rights. Whether it be harassment, statute of limitation implications, licensing issues or collection companies inability to validate their right to collect the debt.
Did you know…
- You can stop collections agencies from calling you?
- Not all debts can be collected legally.
- Each states have statutes that limit collection agencies ability to sue.
- Many debts are reported incorrectly, harming your credit score.
Q: Do I Still Need to Pay My Bills After I Enroll
A: Yes. You should always stay current on your bills. The number one factor affecting your credit score is payment history. Late payments have an immediate, significant impact on your credit. Any firm or company that recommends against paying your bills is misleading you.
Q: Is Credit Repair Legal?
A: The FTC regulates credit repair. Federal regulations were put in place for consumers protection. They are Credit Repair Organizations Act (CROA), Fair Debt Collection Practices Act (FDCPA), Fair Credit Billing Act (FCBA), Fair Credit Reporting Act (FCRA), Truth in Lending Act, and as well as other applicable Federal and State statutes and laws. See our Customer Center for links to these credit and debt resources.
Q: Are There Any Guarantees?
A: See Our Commitment to American Credit Group clients.
Q: What is Your Cancelation Policy
A: Our cancellation policy is simple. If you decide you no longer want or need to receive our services, just pick up the phone or send us an email to let us know. No gimmicks or 30 day notices required. We do not require a long term commitment, so when you would like to stop receiving services, that’s it.
Q: What is Your Refund Policy?
A: Because it doesn’t happen often, we offer a no questions asked refund policy for any month that you don’t feel we’ve done our job. If you have already paid for the month, we can refund your money or provide the next month free of charge.
Q: Are There Discounts for Couples?
A: Our Refer A Friend program allows you to receive a discount or a cash for referring a spouse, other family members or friends. You don’t even have to sign up at the same time. Simply tell a friend. When they mention your name you get a free month of service. Or you can apply the credit to your friends and families setup fee.
Q: What Type of Debt Can Be Settled?
A: Unsecured debt can be settled in most cases. Unsecured debt is debt that is not collateralized by assets (home, auto, boat). Types of debt commonly settled includes:
- Credit Cards
- Medical Bills
- Personal Loans
- Collection Accounts
- Auto Repossession Balances
- Past Due Utilities/Cell Phone Bills
- Some Judgments
Q: What Type of Debt Cannot Be Settled?
A: Secured debts cannot be settled. Secured debt is collateralized by assets. When you default on a secured debt the creditor has the right to foreclose or repossess the property that have a lien on. Types of debt that American Credit Group can not settle include, but are not limited to:
- Student Loans
- Tax Debt
- Home Loans/Mortgages
- Auto Loans (Prior to Repossession)
Q: What Happens If You Cannot Settle a Debt?
A: Not all creditors are willing to settle debt. While it is rare, there are some companies that are not willing to negotiate. You will not be charged for companies that are not willing to settle..
Q: Can Harassing Phone Calls Be Stopped?
A: We can immediately request that all future communication between you and your creditors go through American Credit Group. It will also allow for communication through the postal service. This will stop harassing phone calls to you at home and work. However, it is important to keep a line of communication available to creditors and collectors. If they have a method of communicating and they are not aware of your effort to resolve your debt they may file a lawsuit as they may have no other choice to enforce their rights.
Q: How Does Debt Settlement Affect My Credit?
A: If your accounts are open and active, we do not recommend debt settlement. Contacting your creditors in hopes of settling an account for 40%-60% will prompt creditors to close your accounts immediately. That will hurt your scores. Not paying your bills on time will only make it worse. American Credit Group would NEVER advise a client to stop paying their bills.
If an account has been charged-off or in collections your credit scores have already taken a significant hit. Debt settlement will allow you to begin the recovery process by reducing your debt and starting you on a path to better credit and better opportunities.
Q: Can I Be Sued While in Your Program?
A: Yes. A creditor may sue you when and if they feel that is necessary. Enrollment in our program does not protect you from a law suit. It does however indicate to creditors your desire to address your debt. Continuity in our program, contact by American Credit Group, prioritizing debt repayment can help reduce the odds of being sued. However there is no implied or stated guarantee that a creditor may not sue you over your debts.
Q: Can My Wages Be Garnished?
A: You must first be sued and a judgement must be entered against you. If your wages have already been garnished it will become more difficult to settle your debt, as the creditor already has a methods of collecting your funds. However, if your settlement plan accelerates the repayment of debt, creditors are typically willing to negotiate.
Q: Are There Any Tax Implications?
A: Creditors are required to report settled/cancelled debts exceeding $600 to the Internal Revenue Service (IRS). However, the IRS does allow you to write off income from settled/cancelled debt if you are insolvent. Consult a tax attorney or advisor for more information about tax implications for you.
Q: How Much Does Your Service Cost?
A: American Credit Group charges a $49 setup fee (which is waived for credit customers). During the setup ACG will gather your information, notify creditors or your representation and create your customized debt plan.
Our fee for settlement services is 7.5%. It is one of the most ethical and affordable pricing models in the industry. Most competitors charge 15%, with a significant portion of their fees taken prior to any debt being settled. With American Credit Group, 92.5% of every dollar you spend will go toward you debt, not ACG.
Q: Can I Negotiation Debts on My Own?
A: Yes you can. And we encourage you to do so whenever you think you can. We offer this service with the added benefit of years of experience with particular knowledge of the Fair Debt Collection Practices Act (FDCPA), a thorough understanding of state by state statute of limitations implications, debt licensing, debt validation and most importantly a clear understanding of the goals and tactics used by creditors and collectors. Our relationships with creditors and collectors gives us an advantage that most consumers will not have.
If you are a current ACG customer and you have questions, please feel free to contact us M-Th 7-6 pm, Fri 7-3 pm (PST).
Call us toll free at 866.939.9990.
Fax credit reports/ID docs to 866.959.9990
