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Keep informed and educated about the credit counseling industry, credit and money management issues. In this section you'll find articles on a variety of topics. Just click on the title to get to the article. Remember to check back often for new information.

Debt company warning signs. - 02/04/2009

Not all debt relief companies are reliable

Consumers should know what to look for and avoid when choosing a debt relief company

More and more people are finding themselves struggling financially and looking for help to pay down their debt and to start moving in the right direction with their finances.

Consumers who are looking for help are also finding themselves bombarded by advertisements for various debt relief agencies. It can be difficult for consumers to know what companies are reputable and will offer a truly beneficial service.

Consumers who are in debt and struggling can be vulnerable and may sign up with a debt relief company that doesn’t have the best interest of the consumer at heart. Some companies offer a quick fix to debt that could cause even more financial harm to consumers. It’s often wise to follow the old adage, “If it seems too good to be true, it probably is.”

With a little bit of research, consumers can be sure they are working with a reputable debt relief agency. Consumers should check with the Better Business Bureau, the Federal Trade Commission and their state attorney general’s office to find out if the debt relief company they are considering is in good standing, is in compliance with state and federal laws, and how many complaints have been filed against the company.

Be wary of companies that:

Cold call or solicit a consumer out of the blue.
Charge high fees, especially if the fees are paid up front.
Ask consumers to sign over power of attorney.
Will not send free information about their services and fees.
Encourage consumers to sign up for a plan or program immediately without first sending the consumer the program’s details in writing.
Pay their employees based on commission.
Don’t offer financial education as part of their plan or program.

When choosing a debt relief agency, consumers should look for a company that:

Is a non-profit organization and preferably a member of the National Foundation for Credit Counseling such as Advantage Credit Counseling Service.
Is in good standing with the Better Business Bureau.
Is accredited.
Discloses information about the fees and details of their plan or program in writing before requiring a consumer to sign up for anything.
Offers a comprehensive financial education as part of their plan or program.
Adheres to any state or federal laws, including licensing requirements.

Advantage Credit Counseling Service, formerly known as Consumer Credit Counseling Service of Western Pennsylvania, has been helping people get rid of their “debt monkey” since 1968 by educating them on matters of personal finance management, budgeting and credit management.

The non-profit 501(c)3 agency is accredited by the Council on Accreditation (COA) and holds membership with the Better Business Bureau. Advantage has been designated as a certified

comprehensive housing counseling agency by the U.S. Department of Housing and Urban Development (HUD). Advantage is also a member of the National Foundation for Credit Counseling, the umbrella association for over 100 credit counseling agencies nationwide that promotes the highest member standards for credit counseling.

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