Credit Repair: Credit Counseling

"Credit Counseling"

A legitimate credit counseling organization provides education and counseling to consumers who may need help with managing their credit, debt, money and budgeting. But not all credit counseling organizations provide these services. Some charge high fees, but may not disclose that. Some misrepresent their nonprofit status or fraudulently obtain their nonprofit status by misrepresenting their business practices.

If you're considering using the services of a credit counseling organization, the FTC encourages you to choose carefully. When researching credit counselors, ask:

1. what services they offer. An initial counseling session usually lasts an hour, with an offer of follow-up sessions. Look for an organization that offers a range of services -- for example, budget counseling, savings and debt management -- and counselors who are able to discuss your entire financial situation.
   
   
2. if they're licensed to offer their services in your state. Many states require a license before credit counseling services can be offered.
   
   
3. if they offer free information. Avoid organizations that charge for information about the nature of their services.
   
   
4. if you'll have a formal written agreement with them.

For more in-depth information on debt or credit counseling, read Credit Counseling, Is It Something For You? and Choosing a Credit Counselor.

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