LowerMyBills.com helps consumers by allowing them to compare monthly bills and reduce living costs. The company states that they can reduce borrower interest rates by 30%. LowerMyBills.com was found in 1999 and was purchased by Experian in 2005. They provide many industries to choose from along with their debt consolidation service. One important piece of information to know about this company is that many past clients have claimed that they save personal information whether you submit it or not.
- Single platform to compare rate
- Funding in as little as 3 days
- Matching service
As a comparison platform, we do find it impressive that the company has been in business for 17 years, especially considering the amount of negative press they have received from their recent lawsuits. The company's comparison platform works by matching a customer’s unique needs with companies that can meet those needs over a broad-spectrum of financial aspects. Services range from: Refinance Home purchase Reverse mortgage Auto & life insurance Auto loans Solar energy connection Personal loans
This review is going to focus mainly on their personal loan service which may help indebted consumers find a solid match for their consolidation needs. By clicking on the “Personal Loan” link on the company’s website, clients will be directed to a page providing general information about how the company can help you. LowerMyBills.com works with affiliate companies that offer rates as low as 5.5% APR. It is worth mentioning that the best rates are reserved for those seeking to enroll in a one-year contract and also have excellent credit scores and history.
- Information is taken regardless if submitted
- No credit counseling
- No accreditations
Information is Saved
From first glance, we thought this site was a credible source to compare rates and lenders. However, upon closer look, we found that the company saves personal information entered into each field and is saved regardless of whether or the application gets submitted or not. This is unsettling for the consumer for nobody wants their personal information leaked on the internet.
Lack of Education or Counseling
On top of the consumer’s information being unsecured, this company makes little to no effort to educate clients on finances. It does, in fact, seem that their sole service is to illegitimately gather customer information and sell it to third-party contributors. This obviously does the opposite of helping individuals who are drowning in debt. Want to see the top rated Debt Consolidation Companies? Click Here
The Bottom Line
Since LowerMyBills.com solely compares companies and does not provide any consolidation services. It goes without saying this company won’t satisfy anyone who is looking for a legitimate consolidation service. For the fact that they do not offer loans, they lack federally backed and nationally recognized accreditations usually associated with consolidation companies. If you want advice on which company to use for consolidation, they could help. Just make sure you know that your information might be sold to other consolidation companies. We would recommend looking at some of our top rated companies instead.
LowerMyBills.com offers an array of free online services for customers. Among these services is refinancing, home purchase, auto insurance, life insurance, personal loans, and auto loans. LowerMyBills.com also offers solar energy option to help lower energy bills. The Only service available for customers to consolidate their debt is to apply for a new personal loan to pay off their old ones.