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Credit Counseling Service 101

How To Choose A Credit Counseling Service

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Red flags: Stay away from companies that do any of the following:

  • Refuse to send you information without first obtaining details about your situation.
  • Pressure you or give you a deadline for returning an application.
  • Ask you to make an up-front "contribution" based on the amount of your debt.
  • Promise to "repair" your credit -- and charge you fees for it.

Background Check: Check with your state Attorney General's office, local consumer protection agency, and the Better Business Bureau (www.bbb.org offsite link) to find out if consumers have filed complaints about the counselor you are considering.

Questions: Once you have located a reputable counseling agency you think you might want to work with, ask about:

  • Fees --
    • What are their fees?
    • What are the fees based on?
    • When do you pay them?
  • Services --
    • What services does the company offer?
    • Do they have educational materials?
    • Are they online?
  • Funding --
    • How is the company funded?
    • Is the service a non-profit organization? (A company's non-profit tax status doesn't guarantee its legitimacy, or necessarily mean lower fees)
  • Counselors --
    • What are their counselors' qualifications?
    • Are the counselors accredited or certified? If not, how are they trained?
  • Confidentiality --
    • What procedures do they have to ensure that your personal information remains confidential?
    • Can the service give you any confidentiality procedures in writing?

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