Looking For Help From a Credit Counseling Agency?
We are sometimes contacted by members regarding how to decide between an accredited credit counseling agency and the not-so-great choices that abound. This can be one of the most important choices you will ever make.
The 'good guys' will represent you, charging little to no fees to you, financing their operation with contributions from your creditors. They can reduce or eliminate finance charges and late fees depending upon your situation, helping you to pay bills within full agreement with your creditors. It may not preserve your overall credit score but it will improve your financial forecast in the best way possible.
The 'bad guys' charge you a stiff fee right up front, advise you not to communicate with your creditors any longer and won't disclose to you the fact that they will ruin your credit and good reputation in the process.
Phrases to watch out for are "debt settlement" and "debt cancellation" as clues to the resources being the not-so-good kind. And if they advise you to no longer communicate with your creditors directly you can bet they are not keeping your best interests in mind.
Also remember, your Credit Union is here to help! Please call 301-863-3053 to speak to a Debt Recovery Specialist.
