Assessment and Appraisals of ClearOne Advantage Models, With Evaluations and Scores Included
ClearOne Advantage, a debt settlement company based in Baltimore, Maryland, has been helping consumers tackle their unsecured debt since 2008. However, one key piece of information that sets it apart from many competitors is that it does not publicly disclose a specific success rate for its debt settlement program.
While the industry average, as reported by the American Fair Credit Council (AFCC), indicates that approximately 55% of enrolled debt is settled across the debt settlement industry, this figure does not reflect ClearOne Advantage's specific performance.
ClearOne Advantage's programs typically last between 24 and 60 months, with the first settlement usually achieved within 3–4 months of enrollment. Clients may save 40%–60% of their original enrolled debt before fees, and 25%–37% after accounting for all program fees. The company claims that clients typically repay about 75% of their original debt, including fees.
Customer satisfaction, according to ConsumerAffairs data, is high, with 100% of recent reviewers reporting satisfaction with the process, and 88% satisfied with customer service. However, it's important to note that satisfaction rates are not equivalent to program completion or success rates.
ClearOne Advantage's services are designed for consumers with at least $15,000 in unsecured debt and is currently available in 22 U.S. states, making it less accessible than many competitors that serve 38 to 42 states.
The company's approach to debt settlement involves negotiating with creditors to reduce what you owe, rather than combining balances into a new loan. However, users on platforms like Reddit have shared both positive and negative firsthand experiences, including concerns about credit damage from missed payments, delayed settlements, creditor lawsuits, and unexpected requests for additional funds.
Total fees for ClearOne Advantage can reach 25-30%, with the core fee being 20-25% of enrolled debt. The company charges no upfront fees but has additional costs such as a monthly service fee, a fee per payment for phone-based settlements, an escrow setup fee, and a monthly escrow fee.
ClearOne Advantage has received certifications from respected industry organizations, including the IAPDA, a member of AADR, and accreditation by CDRI. It also boasts an A+ rating from the Better Business Bureau (BBB).
In 2017, ClearOne Advantage was named in a lawsuit alleging deceptive trade practices and violations of state consumer laws, although no major penalties or closures resulted. The company has served over 170,000 clients and resolved more than 3 billion dollars in debt.
Despite the generally positive reviews on Trustpilot, ClearOne Advantage has faced a high volume of complaints from clients, with issues including unauthorized withdrawals, delayed refunds, poor follow-up and communication, settlement discrepancies, excessive hidden fees, and difficulty cancelling or receiving refunds. The BBB has recorded 207 complaints filed with the organisation over the past three years, but no major lawsuits have been publicly disclosed.
In conclusion, while ClearOne Advantage offers a debt settlement service with reported strong savings and customer satisfaction, it's crucial for potential clients to request detailed, individualized information from the company and compare it with other options, as outcomes can vary significantly based on your financial situation and creditor cooperation.
The diverse services offered by ClearOne Advantage extend beyond debt settlement, encompassing wealth management and personal finance, making it a comprehensive choice for clients seeking comprehensive financial guidance. By investing in ClearOne Advantage's services, businesses and individuals may potentially capitalize on unique strategies for debt resolution, debt settlement, and wealth management.
Prospective clients should conduct thorough research and consider the company's fees, which might reach 25-30%, and understand the potential risks, such as concerns about credit damage, delayed settlements, and unauthorized withdrawals, when making their investment decision in ClearOne Advantage's service.
