Credit Counseling Services - Selecting The Right Agency

Consumers seek credit counseling services at different times in their financial lives

. Some look for help before their situation is critical in hopes to head off financial disaster while others wait until there are foreclosures or collection processes already in the works. In any case, selecting the right credit counseling service can make all the difference for a consumer's financial future.

One of the first areas a consumer must investigate are the non-profit credit counseling services. They range from ones who appear to be associated with Christian or other religious organization or even government related. They usually play up the non-profit portion of their business. While there are some legitimate non-profit organizations who provide credit counseling services, there are many who are just as worried about their fees and bottom lines as for profit companies. Before signing a contract with any counseling service, it pays to look into their background. Even a quick online check will usually reveal any disgruntled clients or charges against them.

The consumer needs to ask questions, and there is a set of logical, meaningful ones to have at hand. Find out what affiliations the credit counseling service might have. The National Foundation for Credit Counseling is certainly one, and check to see what qualifications - such as CPAs, etc - the company has. It should be visible on their website or company brochure. Third party accreditation is also important. That means that they are audited for practices and compliances.

The better the credit counseling services the more wide ranged they will be. In other words, they should offer counseling for those who aren't in financial trouble but for whom learning about budgeting is important. If they also offer debt management and pre-bankruptcy help, that means they are more well-rounded as a company and will be more likely to address all consumer concerns. The fees they will charge should be openly explained, and while set-up fees and monthly fees are standard, be aware of any hidden ones that might pop up later. Ask in advance.

There is no cookie cutter approach to credit counseling services, and it is important for the consumer to find a company who will become involved in a situation and treat it on a very individual basis. Every case of debt consolidation, debt settlement and debt management is different, and all aspects of the program should be transparent to the consumer. Know where the monthly payments are going and when. That's the key to successful credit counseling services.

by: Vicki Hall

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