This review is the result of a press release that I saw that said “Beware, many of the firms advertising Debt Settlement services are not legitimate and will destroy consumers credit.” The press release was issued by Accelerated Debt Consolidation, Inc.
7100 W Camino Real
Boca Raton, FL 33433
Domain name is owned by:
Canton, MI 48187
Argus Development is now Sports Data, Inc. – Source
Accelerated Debt Consolidation is a full service Credit Counseling and Debt Management firm. – Source
Accelerated specializes in reducing interest rates for consumers that must maintain their credit rating. – Source
Accelerated Debt Consolidation was incorporated by Neil Young and James Young on January 26, 2001 in Florida.
Jim Young – CEO
James H Young
Neil Young – No longer listed as an officer with the company as of 2010. – Source
Accelerated Trust Enterprises, Inc.
Accelerated Trust, Inc.
The company makes the statement “Our firm also owns and operates a 501-C3 non-profit corporation called Accelerated Trust, Inc. that we must have in order to submit proposals and payments to those creditors that will only deal with non-profit credit counselors.” – Source. But in fact Accelerated Trust, Inc. lost it’s non-profit status in 2008 and I could find no public 990 non-profit tax return filed for that company since 2006.
They even say “It is also important to be aware that many very large non-profit firms that are not legitimate exist. Many of these firms advertise nationally on television and the internet. They use their 501-C3 non-profit status to lead consumers to believe that they are some kind of public service. It is these so called “non-profit” firms that should be avoided. Many consumers and even credit advisors make the mistake of assuming that a non-profit firm is automatically legitimate, nothing could be further from the truth.” Unless I’m reading this wrong that is essentially what they are doing themselves. They claim to own and operate a non-profit company but according to all public records, they don’t.
I find it odd that the primary domain for this company is listed as being owned by a sports data company.
The company makes the claim that “Debt Help is available without ruining your credit.” – Source. But in fact the enrollment of any credit card accounts in a credit counseling or debt management program will impact your credit. Those cards included will be closed and the credit history will no longer move forward and contribute to the calculation of a current credit score using open accounts.
They also make the statement “If a consumer is in a position where they just can’t pay their credit card debts or other unsecured debt obligations, bankruptcy is rarely the proper choice.” – Source. I would have to say that is not a statement that reflects the greater reality I see. Bankruptcy is in fact the only legal solution any consumer has in the face of debts they can’t pay to avoid lawsuits, end collection activity and to get a fresh start.
On the same page is a stunning statement, “A consumer that is unable to pay their unsecured debt is much better off to let the accounts “charge off” and show as R-9’s on their credit report until such time that they can make arrangements to satisfy the obligations. When the time came in the future to handle the accounts, Accelerated Debt Consolidation could then refer you to a company that we have been working with for years that can help you get negative credit history corrected.” – Source. I would be hard pressed to read that as anything other than a “pay to delete” credit repair approach which violates the Credit Repair Organizations Act.
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