Credit Solutions of America

Credit Solutions of America is a privately owned debt settlement company based in Dallas, Texas. It says it has more than 750 employees and has served more than 250,000 customers. Established in 2003 by Doug Van Arsdale, the firm says it is the largest of its kind. Credit Solutions’ management include: Doug Van Arsdale, CEO; Jon Sisson, President; Mona Cayard, CFO; and, Heather Carmichael, Director of Operations. Credit Solutions is the subject of several pending lawsuits nationwide.

Background

Debt settlement companies negotiate with creditors to accept reduced payments. Credit Solutions of America says that it has settled more than $900 million of debt since its inception in 2003, and says that the average settlement is 50 cents on the dollar. However, the New York Attorney General Andrew Cuomo disagrees, and in his state's lawsuit against the company has said Credit Solutions settles debts for only 1 percent of its customers in that state.

The Better Business Bureau reports that Credit Solutions has an “F” rating, the lowest rating given, and that as of June 19, 2010 it has received 1477 complaints against the company in the preceding 36 months. According to the report,