Americor Funding Review: Is It A Scam?

The company offers a range of debt relief services at Americor.com, including debt settlement, consolidation, and credit lines.

Overview Of The Company

It is important for consumers to be critical of the companies they do business with. We have given Americor three stars based on our research.

Are you interested in consolidating your loans and getting a lower interest rate? You may have received an offer from Americor.

If you received a letter from Americor Funding, they may have offered you a loan of $44,926 at 0% interest for debt consolidation. This may seem like a great deal, but be careful – it may not be as great as it initially appears. The loan terms may reveal some potential issues if you examine them closely.

Line of credit with 0% APR for the first 12 months; after 12 months, the rate may change depending on your performance. Rates range from 5.99% to 24%. There is an enrollment fee of about 15%–25% based on your enrolled debt when you begin the program.

Before a debt settlement offer can be made, clients must save at least 25% of each debt due to an enrolled creditor.

We found more concerns as we read the small print on Americor Funding website.

• Clients typically receive their first settlement within four to seven months of enrollment, and then every three to six months thereafter. 
• Debt settlement companies cannot guarantee that your debt will be repaid in a certain amount or percentage of time.
• Creditors or collectors may try to collect from you or sue you.
• Your credit score will likely be adversely affected if you use debt resolution services.
• Higbee & Associates, d/b/a Advantage Law, may offer some programs.

How does Americor Funding work?

An Irvine, California-based debt relief company, Americor, has relieved more than $2 billion of debt. Since November 2015, the Better Business Bureau has accredited them as a company that has been in operation for more than 14 years. The company has an A+ rating from the Better Business Bureau. The company had received 1,884 customer reviews as of September 9, 2022, and 145 complaints were filed against it.

If you would like to contact them, the company’s address is 18200 Von Karman Ave., FL 6, Irvine, CA 92612-1023, and the phone number is (800) 353-4576.

Fast Loans Funding and Credit9 are affiliated with them.

What is the process of Americor Funding?

In most cases, debt settlement takes between 24 and 48 months. Americor Funding accepts unsecured debt ranging from personal loans to credit cards, medical and hospital bills, overdue rent, and utility bills. Americor requires you to have at least $10,000 in debt in order to begin the process.

Their debt settlement program requires clients to save at least 25% of each debt due. Approximately four to seven months after enrollment, clients receive their first settlement offer, and every three to six months thereafter. They don’t always finish the program. Estimates are based on previous results and may not be the same as yours.

A specific amount or percentage of your debts cannot be resolved, and a specific timeframe cannot be guaranteed. The company does not assume your obligations, make monthly payments to creditors, provide tax, bankruptcy, accounting, legal advice, or credit repair services. Higbee & Associates, d/b/a Advantage Law, may offer some programs. They are not available in all states. Fees may vary by state.

How much does Americor Funding cost?

You’ll pay Americor fees depending on your debt amount when you enroll. Fees range from 15% to 25%, depending on your state.

What is the truth about Americor Funding?

It appears that Americor Funding is a legitimate company offering debt relief services, but you should do your research before signing up with them or any other debt relief company. In order to get an idea of what kind of experience you will have if you decide to use their services, read customer reviews and make sure you understand all of the fees involved.

What are the savings you can expect with Americor?

It is possible that Americor can help you reduce your debt by a significant amount. Their clients, who pay all their program fees before any program fees are taken into account, save 40–50% of their enrolled debt upon successful completion. The fees could be as high as 15% to 25%.

What is the maximum amount of debt you can enroll in Americor for?

In order to enroll in Americor’s debt consolidation program, you must have at least $10,000 in unsecured debt. This includes credit card debt, medical bills, and personal loans.

Our certified credit counselors will review your finances during a free consultation to help you decide whether debt consolidation or debt settlement is right for you.

What are the effects of Americor on your credit?

Americor will conduct a “soft credit pull” to determine which offers may be suitable for you. This credit pull will not affect your credit score, creditworthiness, or ability to get credit in the future. Soft power does not affect your score as a tradeline entry.

The Americor website: how to use it

Americor can be used as follows:

1. Once you submit basic information on the website, a representative will call you.
2. Based on your proprietary platform needs, Americor will provide you with a list of options.
3. Choosing the right option means following the instructions and making the payment.

Can I cancel Americor?

The first step to canceling your debt settlement is to notify your creditor and debt settlement company in writing.

In most cases, debt settlement companies waive this fee if you cancel your debt settlement agreement before the end of its term. If you cancel prematurely, you may incur penalty fees.

The second step is to request the cancellation steps from the company.

Unless otherwise stated, you should continue making your original monthly debt payment until your debt settlement contract is canceled. Most companies will send you instructions on how to cancel.

The final step is to make a payment

You may be legally bound if you fail to make the final payment to the debt settlement company as the last step to exiting the contract.

Contact your creditors as soon as possible

Getting in touch with your creditors is your next step now that you are no longer dealing with a debt settlement company. You have two options: renegotiate a new debt payment plan, or stick to the original agreement. Be sure to keep up with any missed or owed payments.

What are the affiliations of Americor?

There are several debt relief companies affiliated with Americor, including Credit 9, Apply Credit 9, and Credit 9 Lending.

BBB Reviews for Americor Funding

In the last three years, 145 complaints have been filed against Americor, a debt relief company. Of those, 46 were resolved within the previous year.

What is the legitimacy of Americor Funding? 

There are a number of debt relief companies out there, many of which are scams. If you are considering using Americor to consolidate your credit card debt, you may wonder if the company is legit.

We know the following:

• The company was established in 2008 and specializes in Debt Relief.
• Among the services offered by the company are debt consolidation and debt settlement.
• In addition to having an A+ rating with the American Fair Credit Council, Americor is a Better Business Bureau accredited company.
• In the last three years, over 100 complaints have been filed against Americor with the Better Business Bureau.
• Billing and collection issues are the most common complaints against Americor.

Taking all this into account, what does it all mean?

The BBB accreditation and A+ rating are good signs. However, most complaints against Americor involve billing and collection problems.

Consider researching Americor’s Debt Consolidation or Debt Settlement services before using them.

Comment below if you’ve used Americor’s Debt Relief services.