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Credit Counseling Agency
Get out of debt with the help of a credit counseling agency
If you are struggling with high interest credit card debt, the first priority should be to pay it off; and a credit counseling agency can help. Over the past 46 years, the caring counselors at Money Management International/CCCS, a leading non-profit credit counseling agency, have helped hundreds of thousands of people repay millions of dollars. During your confidential appointment with a trained counselor, you will develop a strategy based on your unique circumstances. Your counselor may even be able to negotiate a repayment plan with your creditors to reduce interest rates and stop collection efforts. On a plan, you make one consolidated monthly payment to Money Management International/CCCS that is disbursed to your creditors.
Working with a credit counseling agency does not affect your credit score
Because having good credit does have some privileges, one of the most common questions posed to any credit counseling agency is how participating in a debt management plan affects a credit score. It is a common misperception that working with a credit counseling agency like MMI is viewed by lenders as being the same as if you file for bankruptcy. This is simply not the case.
If you choose to work with a credit counseling agency, your ability to get credit in the future depends on several things. First, your ability to get credit in the future would depend on how your debt management plan is set-up. For example, if your budget doesn't permit you to pay full payments, for a period of time some of your creditors might report you are not paying as originally agreed although they have accepted the reduced payment. When you are able to make regular payments again, this notation will be removed. After having completed your debt management plan, your accounts should be on a current status and all notations that your payments are being paid through a credit counseling agency should be removed. There should be no further notation on your credit bureau file that you used the services of a credit counseling agency.
For more information about your credit score and how a credit counseling agency can help, visit www.moneymanagement.org.
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