With the debt levels at all time high, credit counselling agencies are reaping on the boom. However, as a consumer, it is in your best interest to pick a credit counselling agency wisely. In usually accreditation is helpful & an accreditation with either the National Foundation for Credit Counselling or the Association of Independent Consumer Credit Counselling Agencies is recommended.
When you have narrowed the list of credit counselling agencies you need to work with, it is a lovely suggestion to call up your local Better Business Bureau & see if any complaints are filed with them. If a credit counselling agency has plenty of complaints filed against them, you are better advised to move on with other companies.
It is also important to understand what is being offered by a credit counselling agency. A reputed credit counselling agency will offer you a range of services including a certified personal counselor, personal financial budget calculation worksheet, DMP (debt management plan) details, work with creditors to lower interest & plenty of free resources & credit counselling information.
If a credit counselling agency offers erasing your credit history, it usually indicates a red flag. Credit history cannot be erased. Correct information about your credit accounts will stay on record for 7 years.
Credit counselling fees:
A reputed credit counselling firm will offer budget services at no cost & charge you for DMP (debt management plan) or other premium services you seek. As a consumer look out for a reputed credit counselling agency that will charge you between $15 - $30. $50 can be thought about at the high finish of the spectrum when you are comfortable with the services they offer.
Try to collect further information on credit counselors. Ask what kind of training is given to credit counselors. Ideally look for companies that offer training as well as accreditation by an outside source. Additionally ask how the credit counselors are paid? In the event that they are paid a commission, they might pressure you in to accepting a DMP.
I hope all the above listed information will be helpful in selecting the right credit counselling agency for you. Any research before selecting a credit counselling agency will be time well spent.
When you have narrowed the list of credit counselling agencies you need to work with, it is a lovely suggestion to call up your local Better Business Bureau & see if any complaints are filed with them. If a credit counselling agency has plenty of complaints filed against them, you are better advised to move on with other companies.
It is also important to understand what is being offered by a credit counselling agency. A reputed credit counselling agency will offer you a range of services including a certified personal counselor, personal financial budget calculation worksheet, DMP (debt management plan) details, work with creditors to lower interest & plenty of free resources & credit counselling information.
If a credit counselling agency offers erasing your credit history, it usually indicates a red flag. Credit history cannot be erased. Correct information about your credit accounts will stay on record for 7 years.
Credit counselling fees:
A reputed credit counselling firm will offer budget services at no cost & charge you for DMP (debt management plan) or other premium services you seek. As a consumer look out for a reputed credit counselling agency that will charge you between $15 - $30. $50 can be thought about at the high finish of the spectrum when you are comfortable with the services they offer.
Try to collect further information on credit counselors. Ask what kind of training is given to credit counselors. Ideally look for companies that offer training as well as accreditation by an outside source. Additionally ask how the credit counselors are paid? In the event that they are paid a commission, they might pressure you in to accepting a DMP.
I hope all the above listed information will be helpful in selecting the right credit counselling agency for you. Any research before selecting a credit counselling agency will be time well spent.
Thanks for sharing this article, its been a really helpful read. I've personally never dealt with credit counseling in Vancouver before. I'm really nervous about it and can't wait to see how it's all going to go.
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