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 ) 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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