Credit Counseling Agencies

Credit counseling had its beginnings in the United States during the early 1950s, the period of the postwar economic boom. With the dramatic increase in lending that powered a dramatic expansion in home construction and other consumer lending, creditors and lawmakers recognized a need for an organization that could advocate for the credit granting industry and also work with consumers who needed assistance. The National Foundation for Credit Counseling (NFCC ) was created in 1951, and the first local credit counseling franchises began operating in the early 1960s, providing financial education and credit counseling to consumers. In addition to the NFCC , the principal industry organization for consumer credit counseling firms is the Association of Independent Consumer Credit Counseling Agencies (AICCCA ), founded in 1993. At the very least, any credit counseling or debt management organization you consider working with should be a member of one of these trade groups.

What services do you offer?
Are you licensed to offer your services in my state?
Do you offer free information?
Will I have a formal written agreement or contract with you?
What are the qualifications and training of your counselors? Are they accredited or certified?
Have other consumers been satisfied with your services?
What are your fees? Are there monthly or setup fees?
How are your employees paid? Are they paid more if I sign up for certain programs or services?
How will you ensure the privacy of any confidential information I give you?

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