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Consumer Credit of America Frequently Asked Questions and Answers
Questions And Answers About Our Credit Counseling Service
When debts are too high and you don’t see a way out, Consumer Credit of America can often help. We understand that you probably have a lot of questions about why a consumer credit counseling service can assist and just how it works. Below you will find some of the most common questions people ask us about consumer credit counseling and their answers:
Why should I work with Consumer Credit of America instead of another credit counseling agency?
Consumer Credit of America has more than 15 years of experience counseling and managing debt repayment programs. Our customer support representatives are dedicated to giving you the one-on-one quality care and attention that you need and deserve. Our certified credit counselors are always available at no charge to answer any financial questions you may have. We offer the commitment to excellence and customer support that many of the large nationwide companies frankly don't care about. We simply strive to provide a superior credit counseling experience because we believe our clients deserve it.
What will this cost me?
Consumer Credit of America is supported primarily by creditors' contributions. We do not charge for initial counseling. If a debt management program is set up, a very nominal monthly fee is usually asked for to pay for our services. Cost and availability may differ from state to state. Since we are nonprofit, creditors assume most of the burden of costs for our debt and credit card consolidation service.
Is your service and the information I provide you kept confidential?
Your security concerns are taken very seriously during the entire credit counseling process. All information submitted electronically is protected by a secured website. No outside party has access to your information and it is not released or sold to any outside company. Only the creditors involved in your program will be contacted on your behalf.
How long does a first appointment last?
You should allow about 1/2 to 1 hour for your first appointment. Please be prepared to talk about the budget information we ask you to provide, and please have available your current month's debt statements. No consumer credit counseling service can possibly offer you thorough, proper guidance and the advice that you may need in a 10 minute interview.
What happens in a counseling session?
Working together, we will examine your situation and help you determine the best way to repay your debts. In some cases, a budget for you to follow may be the solution. If a debt consolidation and management plan is your best option and is decided upon, an agreement is prepared listing the debts to be paid, the schedule of payments, and the terms to which both parties agree. It is at this time that we can answer specific questions regarding your repayment program such as interest rates or other creditor concessions, as well as any other personal financial questions. While we do not offer debt consolidation loans, our programs do provide you with the financial relief you need and a clear path to becoming debt free.
What debts are included in your debt repayment programs?
Generally, only your unsecured debts such as credit cards, unsecured bank or finance company loans, medical bills, bills with collection agencies or various other unsecured past due accounts are included in the debt consolidation and management program. We can advise you on any difficulties you may be having with your mortgage, auto loans, utilities, etc.; however, you will continue paying these on your own and within the budget we will help you develop during credit counseling.
Do all creditors reduce or stop interest?
Not all creditors stop or reduce interest as each company has its own policy. However, most major national credit granters will reduce interest, and many stop the interest all together. Your counselor will advise you as to their individual policies. We do work hard on your behalf to reduce or eliminate fees and interest so credit card consolidation programs can move forward toward payoff as quickly as possible.
Can you stop legal action and phone calls?
We are able to successfully work with creditors in the majority of cases; however, there is no guarantee that impending legal action can be stopped. Many creditors will halt this action upon the implementation of your program, and collection calls normally cease within 90 days of a successful credit counseling agreement.
How will this affect my credit report?
Consumer Credit does not report any of your information to the credit bureaus. This is a responsibility of your creditors, and most companies have favorable credit reporting policies. If you are currently behind on your payments, you have probably already been reported as late. Once on a repayment program, many companies will re-age your account within 90 days, meaning they will report your account as current on your credit report. Many companies will also report your participation in a debt management program. Our goal is to help you solve your debt troubles, and unfortunately, there is no quick fix regarding your credit report. Our consumer credit counseling service can put you on the right path to realizing that fix, but time is required to repair damage.
How do I know what is being paid to my creditors?
You will be able to keep track of what is happening during credit card consolidation repayment. For example, you should still continue to receive monthly statements from each of your creditors. Consumer Credit will also send you a statement each month showing the receipt of your payments, as well as a breakdown of how much we sent each company on your behalf.
If it’s time to regain control of your finances, contact us today for a free, no obligation consultation. Our credit counseling professionals can be reached at 800-955-5765.
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