What is CCCS?
CCCS stands for Consumer Credit Counseling Services. Consumer credit counseling service agencies are Internal Revenue Service 501(c)93) nonprofit organizations that will help you find a workable solution to financial problems. Each CCCS agency offers a common set of services, including financial education, budgeting assistance, and Debt Management Plans.
Credit.org was originally founded as a nonprofit credit counseling agency under the umbrella of the National Foundation for Credit Counseling (NFCC). The company has now grown into a leading debt relief and financial education company. Today, with a goal of supplying Americans the help they need to solve their debt problems, credit.org continues to use well-trained, specialized coaches to help consumers answer credit questions and solve credit problems.
History of Consumer Credit Counseling Services?
The NFCC was founded in 1951 to promote awareness of credit and financial literacy. This was in response to the widespread introduction of credit cards and the emergence of the credit card industry. The NFCC began offering nonprofit credit counseling as a new service for those obtaining their first credit card.
Are all CCCS agencies nonprofit?
While certain CCCS agencies remain under the membership of the NFCC, some have split from the NFCC and have forged their own path. These independently operated CCCS agencies are IRS 501(c)(3) nonprofit organizations.
What is the FCAA?
In 1993, the Financial Counseling Association of America (FCAA) was founded as an alternative to the NFCC. The FCAA focuses on some of the newer technologies and allows counseling by phone and online. Consequently, credit counseling agencies can reach a wider geographical area. CCCS agencies may be a member of the NFCC or the FCAA but aren’t required to operate under either organization.
Who is Credit.org?
Credit.org evolved from a standalone credit counseling service agency under the NFCC to an independent, for-profit, national credit and debt resolution company. The organization is equipped with the tools to provide clients with the debt and credit repair services they need. Credit.org continues to maintain an A rating with the Better Business Bureau, a testament to their dedication to clients throughout the years.
Although credit.org is no longer an NFCC nonprofit credit counseling organization, it continues to work in close partnership with many nonprofit counseling organizations, including Springboard Nonprofit Consumer Credit Management, Inc. dba creditanddebt.org.
What Kind of Credit Repair Services Does credit.org Provide?
What are Debt Management Plans?
Credit.org partners with nonprofit credit counseling agencies to offer Debt Management Plans (DMPs). These plans consolidate a consumer’s unsecured credit and debt payments into one convenient monthly payment. Some of the advantages of having a Debt Management Plan include concessions from your creditors including a reduction in interest rates or elimination of late fees.
- A single monthly payment to all of your creditors
- Reduced total monthly payments
- Lower interest rates
- Personalized budgeting advice
A typical credit card is designed to take 20-30 years to pay off at the minimum monthly payment. DMPs can be paid off in about 4-5 years, eliminating debt much faster than traditional methods.
Even without a DMP, credit counseling clients benefit from a free, confidential session that provides them with a workable budget and expert advice on managing personal finances and reducing debt over time.