2006-10-24 07:47:20 · 8 answers · asked by Anonymous in Business & Finance ➔ Credit
Yes, they can help but there has been a lot of corruption in the credit counseling industry. You just need to make sure they are looking out for your best interest.
There was a new law passed earlier this year that is trying to clean up the credit counseling industry. It is worth knowing the new laws before you pick an agency. (See source below...)
2006-10-24 09:02:18 · answer #1 · answered by perfectcreditclub 3 · 0⤊ 0⤋
If you are already in dire straits managing your debt then credit counseling might be beneficial. However, if you have not defaulted on any debt or have not fallen more than 30 days behind on a payment then you might want to be wary before you committ. Many times these services will negotiate with credit card companies for lower rates and/or payments. Often the cost of this to you is that your debtors more or less 'own' your credit and may start reporting you as slow pay, a delinquent account, etc. The fact that you are in consumer credit counseling will also appear on your credit report which most potential lenders view negatively when considering a loan. However, if you are slow in making payments and receiving calls from lenders then you might consider it. Just make certain you are well informed before signing anything!!
There are also many different credit counseling agencies out there. I would ask fro references or a website to visit to find out exactly what their particular approach is to helping you. Many are nothing more than legal scams.
2006-10-24 15:00:05 · answer #2 · answered by Marcus 2 · 0⤊ 0⤋
Nope.
You will find with research that the companies often rip off or screw up your credit often.
visit DaveRamsey.com to learn what the bankers don't want you to know.
Oh Credit counseling is treated as if you filed bankruptcy for 7 yrs if you want to buy a house.
Best way to finish your credit problems - turn your TV radio electronic toys off . Get two more jobs make money pay bills and never got into debt slavery again. Sell anything you have no blood relations with. Get a paid car .
Learn what the poor inist on not learning, unless you like debt.
2006-10-24 15:00:08 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Yes, these nonprofit services are established to help low to moderate income consumers improve their credit and financial situation. If you are in need of credit counseling, I recommend visiting one of these agencies in person. You will want to find one nearby that has a satisfactory rating with the Better Business Bureau.
2006-10-24 14:55:58 · answer #4 · answered by Anonymous · 0⤊ 0⤋
they can be helpful, however the fact that you use them will show up on your credit report just like filing bankruptcy (sp?). They really dont do anything you cant do yourself with a lil research, but if you dont have the time or energy and dont mind the blotch on your credit report they can help you out.
2006-10-24 14:57:10 · answer #5 · answered by thunder31634 2 · 0⤊ 0⤋
I think they can be beneficial to someone who is experiencing financial difficulties or someone who may be considering bankruptcy.
2006-10-24 14:55:29 · answer #6 · answered by mzmscheeveeuhs 3 · 0⤊ 0⤋
Yes - they help a lot of people.
2006-10-24 15:15:10 · answer #7 · answered by fatsausage 7 · 0⤊ 0⤋
yes
2006-10-24 15:10:14 · answer #8 · answered by Maya 1 · 0⤊ 0⤋