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Question DetailsAsked on 5/12/2011

Legitimate Credit Counseling Service in SE Denver area?

I'm looking for a legitimate credit counseling service in the Denver area, preferably in the southeast metro area. Please don't send me one if you don't have 1st hand knowledge that they are honest and not rip-off artists.

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The credit counseling industry is heavily regulated in Colorado by the Unifrom Debt Management Services Act (UDMSA). You can check with the Colorado Attorney General for a list of licensed and bonded providers in the state.

Finding a local credit counseling firm may be difficult. There are probably less than 300 true credit counseling agencies in the nation. There are several national firms.

The primary benefit to working with a conumser credit counseling service is the debt management plans (DMP) they offer. A DMP can often help you reduce your monthly payments on unsecured debts (credit cards, store cards, some medical debts), because the credit counseling agency has prearranged interest rate reductions set up with most credit card issuers.

You can often obtain the same type of lower payment arrangements with creditors yourself. Creditors and banks have their own internal hardship plans they offer to their account holders once you fall behind with payments (if your current payment and interest reductions are not generally offered).

Creditors will often remove late fees when enrolling in a DMP or when you sign onto a reduced repayment plan directly with them yourself.

If you are not yet 90 days behind in payments, creditors will somtimes reage your account once you are on a DMP or a direct payment plan you set up. This means they bring your account to a current status which has less of an impact on your credit report.

There are benefits and drawbacks to consumer credit counseling services. The fewer accounts you have to enroll in a DMP repayment plan the more you can handle the process on your own. The more accounts you have that you are juggling, you may be better off working with one of the credit counseling agencies you will find licensed and listed with your AG office.

If you would like details and support with a DIY effort for reducing your debt, Debtcc is a free people helping people community based forum focused on debt issues since 2003. Check out the credit counseling page for more details on what you can do for yourself, as good or better than, a credit counseling service: http://www.debtconsolidationcare.com/credit-counseling.html

Answered 6 years ago by DebtBytes




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