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Credit Counseling: Your first step to a fresh start

April 3, 2008

Choosing a credit counseling agency is a very important step to making a fresh financial start. It is imperative that anyone considering getting help from a credit counseling agency know what things to look for to make sure they are working with a reputable agency that has their best interest at heart.

The first step is to find a credit counseling agency that is affiliated with the National Foundation for Credit Counseling (NFCC). The NFCC is the umbrella association for over 115 credit counseling agencies that promotes the highest member standards.

The next step is to check with your local Better Business Bureau to find out if the agency is in good standing. You can also find out if any complaints have been filed about the agency.

If, after checking with the BBB, you still have questions, you can also contact your state Attorney General’s office to see if any complaints have been filed against the agency.

When you contact your agency of choice, ask about all fees upfront. A reputable agency should give you all of their fees and terms without hassle. Be sure to ask if the agency’s counselors receive any type of commission for signing clients to a Debt Management Program, or DMP. You’ll want to choose an agency where the employees are not working on a commission.

A typical credit counseling session should take about an hour. Be wary of agencies that spend only a few minutes going over your finances. Also, don’t be rushed into signing up for a DMP immediately.

Also, choose an agency that offers education with their services. Reputable agencies often offer classes and community presentations on matters of budgeting, personal finance and the responsible use of credit.

At Advantage Credit Counseling Service, the initial credit counseling session is free, and consumers receive a free informational packet that contains their personalized budget and action plan and details of a DMP if you and the counselor felt that would be a suitable debt repayment option for you.

Written by Lauralynn Schueckler · Filed Under Credit Counseling 

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