Individuals facing financial difficulties experience very different situations. That’s why you want to determine the best way to approach a situation. Unsecured credit card debt is a major cause of financial trouble. Therefore, today we will look at some credit counseling FAQ’s to help you better understand the process.
Credit Counseling FAQ’s
Here are some quick answers to some of the most popular credit counseling FAQ’s.
What should I look for in a credit counseling agency?
Credible credit counseling agencies ideally:
- Are non-profit organizations
- Have been in business for at least 7 years
- Have a state license
- Charge no minimum fees
- Have certified counselors
- Are a member of one of the trade associations: either Financial Counseling Association of America (FCAA) or the National Foundation for Credit Counseling (NFCC)
What are the benefits of working with certified consumer credit counselors?
Certified consumer credit counselors with a reputable agency, such as American Consumer Credit Counseling, are experts who tailor confidential programs to meet your specific needs. They will help you understand your situation so you can get on the road to financial freedom.
What happens when I contact an agency?
When you contact an agency, you will be advised of any information you need for your financial review session. You are then able to gather your financial documents and relevant information together to receive professional help. One of the most important points is to be sure that the agency offers free education to help you learn how to manage your finances. They should also provide you with free ongoing education once you are in a program.
Is my information confidential with these agencies?
Will credit counseling stop legal action and creditor phone calls?
In many cases, the agencies are able to work with creditors to stop any legal action and develop a solution that will satisfy everyone. If you maintain your payment arrangements with the credit counseling agency most often the majority of phone calls will stop.