Credit and Debt Blog
A Service of Debtors Unite, Inc.
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Credit counseling is marginally effective once all of your accounts have been charged off. The reason is that most of your options are off the table when your accounts are turned over to outside collections.
Experienced credit counselors are familiar with multiple techniques and strategies to eliminate credit card debt. Reputable agencies can help you understand all of your options. If you wait too long, then you only have a few options left. (more…)
The former IRS Commissioner known for scrutinizing many nonprofit credit counseling agencies has now been asked to resign from his most recent post. Mark Everson left the IRS to become President and CEO of the American Red Cross.
In as little as 6 months, Everson went from top IRS official to embattled nonprofit executive. (more…)
I hear some people say that credit counseling is just like bankruptcy. Others say that you cannot get a loan if you are on a debt management plan. There is so much incorrect information being discussed, and regrettably, it is often by professional mortgage loan officers and bankers.
Let’s bury the hatchet on those old urban legends. Here is the truth, from Fair Isaac Corporation, the Federal Housing Administration (FHA) and the US Department of Housing and Urban Development. (more…)
Some critics claim that credit counseling is biased toward creditors. Even the Internal Revenue Service has claimed that credit counseling provides private benefit to creditors.
Some credit counseling agencies are more concerned with their own bottom line than yours. With all of these revelations, how do you decide which agency to contact? Also, how can you trust them to represent you? (more…)
