Credit counseling agency

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To better manage you finances and get out of debt, a good credit counseling agency needs to be employed to work for you. Credit counselors who represent credit counseling agencies work for consumers in reducing and perhaps even eliminating debt. The FTC always recommends to ask plenty of questions and seek appropriate answers and guidance before comitting to a credit counseling organization. This simply means interview quiet a few credit counseling agencies and hire for the one that is able to give you comfortable answers to all your difficult questions. Remember, you will need credit counseling services for many years to come so don't get stuck with a lemon.



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Credit counseling agency
Are you unable to get control over your credit card debt? Then it might be a good idea to in contact a credit counseling agency. A credit counseling agency can advise you in managing your money, offer solutions to your financial problems, develop a personal plan to help you avoid future credit problems and, if needed, develop a debt repayment plan.

Before you use a credit counseling agency you should take steps to make sure it's a reputable credit counseling agency you chose. The Federal Trade Commission advises you to take the following steps check the agency's background and questions to ask the company.

Always interview several credit counseling agencies before you chose one.

Check if customers have complaints with the credit counseling agency with your local consumer protection agency, state Attorney General and the Better Business Bureau. Complaints should raise a warning flag and it might be a good idea to chose credit counseling agency without complaints.

Some specific questions the FTC recommend you to ask a credit counseling agency are:

Do you have educational materials? If so, will you send them to me? Are they free? Can I access them on the Internet?
What are your fees? Do I have to pay anything before you can help me? Are there monthly fees? What's the basis for the fees?
What are the qualifications of your counselors? Are they accredited or certified? If not, how are they trained?
How does your debt repayment plan work? How will I know my creditors have received payments? Is client money put in a separate account from operating funds?
Can you get my creditors to lower or eliminate interest and finance charges or waive late fees?
A complete list of questions are available at Fiscal Fitness: Chosing a Credit Counselor at the FTC's web site.

You can check out if your credit counselor is a member of one or both of the two national trade associations of credit counsellors.

Association of Independent Consumer Credit Counseling Agencies

The AICCA have a member agency directory which lets you find members agencies. The also publish Best Practises Guidelines. Use the Best Practises Guidelines when evaluating a credit counselor agency.

National Foundation for Credit Counseling (NFCC)

The NFCC's member agencies runs the web site DebtAdvice.org where you can find information about counseling, debt management plans, money management education and homeowner counseling and education.

In addition to the FTC's guidelines the NFCC have their own questions they recommend you to ask a credit counseling agency. They also let you find NFCC members easily with their Member Agency Locator.

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Non-Profit Credit Counseling Companies

You have seen all the ads of credit counseling companies offering to help you get out of debt and reduce the amount of interest you pay on the debt you owe on your credit cards and so forth so your monthly payments will dramatically decrease. Consider avoiding those companies charging hundreds of dollars in upfront credit counseling fees because you may not even end up getting the help you expected! Diligently look elsewhere for advice and do not be impressed by fancy advertisements. The so-called counselor on the other end of the phone may be nothing more than a salesperson hired to get you to sign up for a costly upfront fee!

Also, too many so-called not-for-profit credit counseling companies may be legally operating as non-profit companies but may only give around 1% of the income they generate to charity! This should be inexcusable! Their charitable contributions is what legally makes them a non-profit company in the first place!

Too many of these companies may be legally set up as non-profit companies but the "for-profit" parent companies managing the "non-profit" companies may be taking the income generated by the non-profit companies and spending it on themselves by funneling it through other for-profit companies and business ventures they own and operate!

Congressional legislators and critics, currently investigating around half of all credit counseling companies known to exist in America, call this shuffling of non-profit income into for-profit companies a sort of "shell-game" in which the object becomes to try and find which "shells" or companies that are getting all the income being generated by the non-profit companies!




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Credit counseling agency
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