Apprisen Credit Counseling Review 2024

Pros and Cons Explained

Pros

• Relatively low debt management plan fees: Apprisen's setup and monthly service fees max out at $45, which is low compared to some other credit counseling agencies. Additionally, Apprisen offers to reduce or even eliminate its fees altogether if you're experiencing financial hardship.
• Comprehensive financial and credit services: The agency offers a wide range of credit counseling services that can help you learn more about how to manage your money effectively, with personalized advice for your situation and goals.
• Positive customer reviews: Online reviews for Apprisen are overwhelmingly positive, with many customers praising its team members' compassion, professionalism, and attentiveness.
• Offers a mobile app: Apprisen makes it easy to manage your debt management plan. Its mobile app, myApprisen (available on Android and iPhone) provides an overview of your original and current balance, your monthly payment and due date, an estimated payoff date, and additional resources. Not all credit counseling agencies offer this feature. 

Cons

• Limited weekend hours: The agency only offers weekend customer support for IRIS, its online financial assessment service. If you need support for other programs, you’ll have to contact Apprisen during the week.
• Some additional services require a fee: If you want to take advantage of Apprisen's other services and programs, you may need to pay a one-time or subscription fee. 

How Apprisen Works

Apprisen offers a wide range of financial and credit counseling services. To get started, you can request a free custom financial action plan through IRIS, Apprisen's free online service, which will include recommendations on how to improve your financial management.

You and your Apprisen advisor may decide that a debt management plan would be helpful for you. If so, the agency will work with your creditors to potentially lower your monthly payments, reduce your interest rates, cut or waive fees, and bring your accounts current. Then, you'll make one monthly payment to Apprisen, which will disburse the funds to your creditors according to your plan agreement. 

Only unsecured debts, like credit cards, are eligible for DMPs. Any amount of debt is eligible. However, there is a one-time setup fee of up to $45, and an ongoing monthly fee of up to $45—your fee will be determined based on your income and where you live.

Once you're on a debt management plan, you can use the website or the myApprisen mobile app to manage your account and track your progress. You can cancel a debt management plan at any time, but you may face consequences from your creditors.

If you need help for a specific circumstance, like student loan or bankruptcy counseling, you can select that option in the IRIS orientation or request that service from your advisor.

Accreditations

Apprisen is accredited by the National Foundation for Credit Counseling (NFCC) and the Council on Accreditation (COA). 

The agency also has approval from the U.S. Department of Housing and Urban Development to provide housing counseling services. Additionally, the agency's bankruptcy counseling, which is required before filing for bankruptcy, is approved by the Executive Office for U.S. Trustees.

Finally, Apprisen is an accredited business with the Better Business Bureau, with an A+ rating.

How to Enroll With Apprisen

If you're interested in a debt management plan with Apprisen, the process can take a few days. Here's what you'll need to do:

1. Request a financial analysis: You can use IRIS, Apprisen’s online financial tools resource, to indicate which part of your financial situation you want to focus on. Options include debt, budgeting, building credit, housing, student loans, bankruptcy, small business finances, and others.
2. Submit your information: You'll start by providing your name, email address, and some basic information about your financial situation, including your income, debts, and expenses.
3. Obtain your report: Once you submit your information, a financial specialist will use IRIS to create a customized action plan, which can include recommendations for budgeting and debt management. You can receive the plan in as little as 30 minutes, but it can take up to 48 hours, depending on when you submit your details. 
4. Speak to a financial specialist: After you receive your plan, you can connect with a financial specialist to discuss the next steps, which may include a debt management plan, along with one or more of the credit counseling agency's programs. The specialist will indicate which debts are eligible for the plan.
5. Create a debt management plan: Your financial specialist will work with your creditors to create a manageable payment plan based on your financial situation. If you agree, you'll start making one monthly payment to the credit counseling agency, which will disburse it to your creditors. 

Types of Debt Addressed

Apprisen's debt management plan is designed to help you pay off unsecured debts. That includes debts like credit cards, personal loans, and collection accounts. Medical bills may also be eligible, but only if they're in collections. 

Counseling Services Offered by Apprisen

Besides debt management plans, Apprisen also offers a host of other counseling services to meet specific financial needs and goals. Here are some of the programs. 

Free Financial Analysis

As you get started, you can get a customized report on your financial situation, along with some recommendations tailored to your needs and goals. 

Financial Health Plan

Opt for this service if you want a more comprehensive evaluation of your financial health, which includes a cash flow statement, a debt ratio analysis, a personal balance sheet, a credit report review, a savings plan projection, and a customized action plan. The cost is $95 for an individual or joint session.

Credit Health Education

With this service, you'll work with a financial specialist to learn more about your credit profile and set some goals for improving your credit score. You’ll review your Experian credit report and FICO credit score and get some basic education about how credit scoring works and how to dispute credit report errors, among other things. It costs $65 for an individual session and $85 for a joint session.

Student Loan Counseling

This free service provides education on how to better manage your student loan debt. Topics include evaluating your repayment options, learning how to avoid default, reviewing your credit report, creating a spending plan, and getting an action plan for your specific situation.

Housing Counseling

Apprisen offers three different types of housing counseling: mortgage delinquency and foreclosure prevention, first-time homebuyer counseling and education, and first-time renter counseling and education.

For the most part, these sessions are free. However, there is a $90 fee if your mortgage lender requires you to complete a pre-purchase mortgage counseling session.

Bankruptcy Counseling

If you're planning to file for bankruptcy, you'll be required to complete a pre-filing counseling session, which costs $25 (though some people may be eligible for a waiver). 

You'll also need to complete a post-bankruptcy education course to satisfy court requirements. For this, Apprisen offers a group workshop for $50.

Propel Financial Coaching

The Propel program costs $90 per year or $10 per month. You’ll get a series of financial coaching sessions over the course of a year, access to coaching on demand, and yearly checkups.

Financial Courses

With IRIS ConnectED, you can register for individual courses that cover many of the same topics that are covered by individual paid sessions. If you're looking to learn on your own, this can be a more affordable option. Course prices vary.

Expected Cost

For its debt management plans, Apprisen charges a one-time setup fee and a monthly service charge. These fees can vary depending on your income and state of residence, but they'll never exceed $45.

If you're experiencing financial hardship, Apprisen may agree to reduce or even waive its fees. 

In addition to the cost of the plan, you’ll be expected to pay down your debt by making regular monthly payments to Apprisen. The monthly payment amount will be determined when you develop your DMP with your advisor.

Expected Relief Amount

Many people who pursue a debt management plan qualify for lower interest rates and monthly payments and reduced or waived fees. If you have past-due debts, Apprisen may even be able to bring the account current.

However, the credit counseling agency doesn't provide specifics on what you should expect, as the details can depend on your creditors and financial situation.

Expected Time to Complete the Program

Similar to other credit counseling agencies, a debt management plan with Apprisen typically takes three to five years to complete. 

The length of your program will depend on many factors, including how much eligible debt you have, how much you can afford to pay each month, and your creditors' willingness to lower interest rates. 

Client Dashboard

Apprisen offers an online client dashboard, allowing you to view your account, make additional payments, and track your progress. You can also use the myApprisen app to accomplish these goals. 

Customer Service

Customer Satisfaction and Reviews

Apprisen has a positive reputation overall. It has an A+ rating from the Better Business Bureau, and an average customer rating of 4.87 out of 5 stars across 107 reviews on the platform. 

As of March 2024, the Consumer Financial Protection Bureau hasn't received any recent complaints about the agency.

Apprisen vs. Money Management International vs. InCharge Debt Solutions

Is Credit Counseling Worth It?

Credit counseling can be a great way to get free or affordable advice tailored to your financial situation, needs, and goals.

If you're overwhelmed with debt, a DMP can be a good way to tackle your debt situation with minimal impact on your credit score. Be aware that if you include credit card balances in your debt management plan, your creditors may force you to close your accounts. This action may reduce your available credit, which may cause your credit utilization ratio to spike. This can have a negative impact on credit scores.

Fortunately, your credit score will rebound as you pay down your balances, although it can take time to recover. You're still paying the full principal balance, so you won't have to worry about other major negative marks on your credit reports, as you would with debt forgiveness. 

With that in mind, you should run the numbers with a credit counselor to determine whether the fees associated with a debt management plan are worth it. Also, while it may be in your creditors' best interests to work with you, they aren't obligated to do so, so there's no guarantee that you'll get lower interest rates or waived fees. If they aren’t amenable to a DMP, you may need to consider other ways to tackle your debt, like bankruptcy or debt settlement.

Is Debt Relief Through Credit Counseling Taxable?

Debt management plans may involve negotiating reduced interest rates and waived fees and may extend your repayment terms to make your monthly payment more affordable. But unlike debt settlement, a debt management plan doesn't reduce your principal amount owed. As a result, there's no debt cancellation or forgiveness, which means there won't be a tax bill. 

The Bottom Line

Apprisen offers a wide range of credit counseling services, including a relatively affordable debt management plan. However, if you're looking for other credit counseling services, you may be able to find more affordable options elsewhere. Before you agree to a debt management plan or any other counseling service, shop around and compare options from several agencies to ensure you get the best deal.

Frequently Asked Questions (FAQs)

Is Apprisen Legit?

Yes, Apprisen is a legitimate nonprofit credit counseling agency, with roots going back nearly 70 years. It’s accredited by the NFCC and the International Association of Professional Debt Arbitrators (IAPDA).

How Much Does Apprisen Cost?

A debt management plan with Apprisen requires a setup fee and monthly service charge. In both cases, the most you can expect to pay is $45. The agency also offers other services, with fees varying depending on the program you choose. Customers facing financial difficulties may qualify for reduced or waived fees. 

Does Apprisen Offer Debt Management Plans?

Yes, Apprisen offers debt management plans for unsecured debts.

Does Apprisen Hurt Your Credit?

Apprisen's basic credit counseling services won't have any effect on your credit score. However, if you get on a debt management plan you may be required to close credit card accounts, which can negatively impact your credit by increasing your credit utilization. 

How We Determine the Best Credit Counseling Services

To determine the best credit counseling services, we reviewed various databases, competitive analyses, consumer behavior, and more, ultimately narrowing down the list to 40 companies, including 17 companies that offer credit counseling services that include debt management plans. We developed a quantitative model where we identified 53 important criteria across five categories. We weighted each category as follows for this article:

• Costs and fees: 37.00%
• Availability: 19.50%
• Reputation and stability: 18.50%
• Customer experience: 9.00%
• Services: 16.00%

We then gathered data for the 53 criteria directly from companies via websites, media contacts, and existing partnerships. Data were collected between Oct. 19, 2023, and Dec. 18, 2023. This resulted in over 2,000 data points in our rubric, which we used to score and determine the best debt relief companies (including debt settlement and credit counseling services) for people looking to manage and get out of debt.

To learn more about our process for finding the best debt relief companies, read our full methodology.