ClearOne Advantage review

What makes ClearOne Advantage shine?

ClearOne Advantage has a track record of resolving over $3 billion across its 170,000 clients in the past 15 years. It claims that clients who complete its program report paying about 50% of their enrolled debt balance before fees and 75% of their enrolled balance after fees.

Where ClearOne Advantage falls short

ClearOne has a higher minimum debt requirement than a few of its competitors. It also has a high 25% fee that clients must pay on their enrolled debt once their settlement occurs. The fact that it isn’t licensed in all 50 states also places it at a geographical disadvantage compared to its competitors.

How much can I save?

As mentioned above, clients, on average, pay half their enrolled debt balance before fees by the time they’re done with the program.

ClearOne shares that someone with a $26,000 outstanding debt at an 18% interest rate and 3% minimum monthly payment would pay a total of $47,639 after 10 years without debt relief. After completing its program, they would pay $19,500 and pay down the debt in four years. In this example, monthly payments would have been $748 but were reduced to $406 after ClearOne’s help.

How much does it cost?

You’ll have to pay a small monthly fee, which counts towards your settlement balance. Otherwise, you’ll have to pay a percentage fee off your enrolled balance once ClearOne settles your account. This usually falls around a high 25%.

Will ClearOne Advantage hurt my credit?

Like with any debt relief service, you will likely see a drop in your credit score in the beginning. This is because as ClearOne negotiates on your behalf, you’ll be missing due payments, hence your payment history will take a hit. However, once you resume your new payment schedule, your payment history and credit score should begin to improve.

ClearOne Advantage details

How to qualify for ClearOne Advantage

To qualify for ClearOne’s debt settlement service:

• Have a minimum of $10,000 you owe
• Must be unsecured debt (credit card, medical, personal and more)

How the debt settlement process works

ClearOne outlines four steps on its website to get started with debt relief.

1. Contact a ClearOne certified debt specialist who guides you on the best solution. This step typically takes about 20 minutes.
2. Get a personalized plan that fits your budget.
3. Enroll in the plan and start making small monthly payments. These payments accumulate to resolve your debt.
4. Let ClearOne Advantage negotiate with your creditors on your behalf.

How ClearOne Advantage compares to other lenders

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Updated regularly
Product USFPL	Finder Score	Costs	Money-back guarantee:	Requirements
Accredited Debt Relief	Finder score 9 Excellent	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.	Go to siteMore Info Compare	loading Fetching your data...
Freedom Debt Relief	Finder score	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.	More Info Compare	loading Fetching your data...
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What is the Finder Score?

The Finder Score crunches 6+ types of personal loans across 50+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.

Read the full Finder Score breakdown

ClearOne Advantage reviews and complaints

BBB accredited	No
BBB rating	N/A
BBB customer reviews	2.9 out of 5 stars, based on 276 customer reviews
Trustpilot Score	4.9 out of 5 stars, based on 8,692 customer reviews.
Customer reviews verified as of	02 February 2024

ClearOne receives mixed reviews from clients. On the Better Business Bureau’s (BBB) website, clients report significant drops in credit scores and higher-than-expected fees. It also has a BBB Alert pointing out a pattern of complaints concerning poor customer service and a lack of transparency over the program’s terms and conditions.

Meanwhile, on Trustpilot, clients report positive experiences, such as encountering empathetic customer service professionals and knowledgeable staff.

Is ClearOne Advantage legit?

ClearOne is a legitimate company with more than 170,000 clients enrolled in its services. It has received mixed reviews across consumer review sites. It’s worth noting it faced a lawsuit in 2017, where Joseph M. Lischwe, the plaintiff, filed a complaint against ClearOne, stating that the company violated state laws and promoted deceptive trade practices.

Risks to debt settlement

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

• Damage to your credit. When you settle your debt, the amount usually isn’t 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, creditors may reject the negotiation offer, and you could end up where you started.
• Increased costs. Debt settlement is a service like any other and may require you to pay fees. Typically, this is a percentage of the amount of debt you wish to enroll. For someone already saddled in debt, paying extra fees may feel inconvenient.