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Choosing the Right Credit Counseling Agency for You - Some
Tips Part 2
Credit counseling companies come in all shapes and sizes.
Whether you are looking at working with a local credit counseling
organization or a national credit counseling organization there
are some very important factors to calculate before choosing the
right credit counseling option for you. Here is a list of
questions for you to ask a credit counseling company before
determining whether or not you should participate with their
organization.
Licensing Requirements-
Credit counseling organizations are held to certain standards
by state regulatory officials. Credit counseling organizations
are required to adhere to state licensing requirements. It is
important that you ask the credit counseling organization if they
are compliant and able to offer credit counseling services in
your area. Keep in mind though, that although a majority of
states have requirements for credit counseling organizations not
all do. You may want to check your particular states finance and
banking department if you have questions regarding the status of
the credit counseling organization you are speaking with.
Credit Counselor, or Not?-
Credit counseling has been around for years. However, recently
credit repair or debt settlement companies have sprouted up
everywhere. Credit counseling has a proven record of working for
consumers. Recently credit counseling organizations have come
under fire from the press and IRS due to a few bad seeds. These
companies were not credit counseling to its truest form. Credit
counseling was created with the consumer in mind, some companies
failed to recognize that.
Along with the credit counseling industry in a little turmoil
over the bad seeds more and more credit repair companies making
false claims came along. Credit counseling took a hit for that
although the two practices are entirely different. Then you have
debt settlement. Debt settlement companies claim they will have
your debt paid off in a short time. It would be nice if they were
paying it all back, but they are not. You also get extremely past
due and your credit can be ruined for a long time. Sometimes
these companies call themselves credit counselors. Credit
counseling is for the best interest of the consumer. Make sure to
ask the organization you are speaking to if they are a credit
counseling organization. Ask if they have certified credit
counselors staffed.
Non-Profit-
Credit counseling organizations typically hold a 501c3 status
with the IRS. This means that the credit counseling organization
carries a non profit status with the IRS. Credit counseling
organizations that utilize the non profit status are held to
higher standards by the IRS. There are caps on the fees they can
charge and it is expected that the credit counseling organization
is designed to educate the public about debt. Not all non profit
credit counseling organizations use the non profit status for the
best of the client. Check with the credit counseling company you
are thinking of working with and ask them if they are a licensed
non profit credit counseling organization. Then ask them what
they do to earn that status. If a counselor can not tell you it
may be an indicator to look for another credit counseling
organization to work with.
Rick Munster is the Media Planner for Debt Reduction Services,
http://www.debtreductionservices.com.
When he's not busy developing a media plan he enjoys writing or
getting away to mountains for a little fishing and hiking.
MORE RESOURCES:
MORE COLLEGE CREDITChicago Sun-Times, United States - 10 hours agoDespite the current nationwide credit crunch, the State of Illinois secured $100 million for the student loans by tapping a new source -- credit unions. ... |
Ask, and you might receive a lower credit-card rateSeattle Times, United States - 14 minutes agoPick up the phone, look at the latest credit-card offers and keep repeating this: The bank needs me more than I need it. By Susan Tompor Pick up the phone, ... |
Boston Globe |
US travelers face credit snafuBoston Globe, United States - 12 minutes agoBy Eric Lucas All I wanted to do was buy gas, so I put my credit card in the automatic card-reader and got ready to fill the tank. ... |
Credit - Google News
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