What does CONSOL PLUS mean on my credit report?
Learn about CONSOL PLUS, an creditor offering loans for financial assistance. Check the impact to your credit report and financial status.
What is CONSOL PLUS?
CONSOL PLUS is shorthand for Consolidation Plus, with the company name being Consolidation Plus Inc
Consolidation plus offers debt consolidation services for current participants of selected debt management plans. Like most consolidators, it works together with the debtor’s creditor committee to resolve the customer’s debt with their approval
CONSOL PLUS is a Creditor provider. They could be on your report for a number of reasons, for example:
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⚫ You missed a repayment.
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⚫ You opened an account with Consolidation Plus.
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⚫ You opened a credit card / loan / mortgage with this company.
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⚫ Someone fraudulently opened a credit line under your name.
About the account
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⚫ The average account balance is $8500.
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⚫ The average high credit balance is $17600.
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⚫ The average monthly repayment is $400.
The account is classified under the following METRO2 categories:
- ⚫ Unsecured
- ⚫ Collection Agency/Attorney
How do I contact them?
Here is the current contact details for Consolidation Plus:
Address:
- 2114 E Rio Salado Blvd Tempe, AZ 85281
Website:
Email:
- [Interested@ConsolPlus.com MyLoan@ConsolPlus.com](mailto://Interested@ConsolPlus.com MyLoan@ConsolPlus.com)
Phone:
Payments
Consolidation Plus is an invitation-only loan for eligible borrowers who are currently enrolled in select debt relief or debt settlement programs. There is an origination fee of 4.9%, but no penalty for paying off the loan early. Consolidation Plus is committed to helping clients get out of debt and will lend to those with bad credit. You can make a payment with a prepaid debit card with Consolidation Plus. To qualify for a loan from Consolidation Plus, you must demonstrate an ability to make deposits to your debt settlement program’s special purpose account, in addition to other factors.
| Question | Answer |
|---|---|
| Do they offer a monthly payment plan? | No |
| Can I make payments over the phone? | Yes |
| Can I make payments online? | Yes |
| Do they offer a discount for automatic payments? | No |
| Can I make a payment using a mobile app? | Yes |
| Can I make a payment using a prepaid debit card? | Yes |
| Can I make a payment using a wire transfer? | No |
Forgiveness and Cancellation
The website does not offer loan forgiveness or consolidation. You may qualify for loan forgiveness if you are a public servant, work in a nonprofit organization, or are employed in certain other ways.
| Question | Answer |
|---|---|
| Do they offer loan forgiveness? | No |
| Do they offer loan consolidation? | Yes |
How to Apply
you can apply for a loan online, over the phone, or in person. You may also be able to apply for a loan using a mobile app. You may need a cosigner for the loan.
| Question | Answer |
|---|---|
| Can I apply for a loan online? | Yes |
| Can I apply for a loan over a phone call? | No |
| Can I apply for a loan in person? | No |
| Can I apply for a loan using a mobile app? | Yes |
| Can I apply for a loan with a cosigner? | Yes |
SmartCredit Report Example
- This is an example of what this creditor will look like on your SmartCredit report.
Will this affect my credit score?
Whether this account affects your credit score depends on a variety of factors, such as:
- Account Open Date: If you opened this account recently it will impact your credit, the only way to prevent this from impacting your credit score is to remove the account from your report.
- Derogatory Markings: If this account has any derogatory markings such as:
Lates, Charge Offs, Collections and others.
However, there are could be some potential positive aspects to this account which could lead to improving your credit score, such as:
- Account Age: If your account is quite old, then the age of it will positively impact your credit score
- Repayment History: If the account has no
Late Payments, Charge off Payments, then it may reflect a positive impact onto your credit score.
Can it be removed from my credit report?
Yes, with the right strategy, you will be able to remove any account from your report. But you have to be careful to ensure that the account is negative to begin with, or it will negatively impact your credit score.
However, removing a negative account will positively impact your credit score, allowing you to open new credit lines and potentially removing bad debt.
How do I remove CONSOL PLUS from my credit report?
You can send a dispute letter to the credit bureaus to remove this account from your report. You must send a dispute letter to all three credit bureaus, as they are legally required to remove the account from your report if it is found to be inaccurate. For best results you should send a dispute letter to the credit bureaus via certified mail, this will ensure that you have a legal record of the communication.
