This is a nonprofit company that is essentially providing the service of debt consolidation. Their description of their own nonprofit is that it exists to negotiate debt consolidation for its clients. They specifically claim that they will negotiate with creditors to achieve reductions in minimum payments, reduced or eliminated interest rates, elimination of late or overlimit fees, re-aging of accounts (a creditor considering your account current), and the elimination of collection calls.The company claims to help clients assess their personal finances. During our free counseling sessions we help clients set up a budget, evaluate their debt and review their spending plan. Finally, there is the debt consolidation offer that theoretically simplifies your budget by creating one monthly payment that is paid to Consumer Credit of America.
Credit Repair Aimed at Removing Items from Credit Reports
This is not a credit repair service in the classic sense of the term. Most credit repair services basically include these steps: your initial consultation they will help you create a plan that is based on a time frame. The first step includes reviewing your credit reports from all three major credit reporting firms. They initially try to negotiate the removal of items from your reports by researching their efficacy. Once all specious charges and claims are removed they will begin the process of negotiating with credit bureaus to get the remaining items removed from your report and score that are more complicated disputes.
As a Debt Consolidator
This nonprofit claims to exist to serve the public good so that people can repair their credit through repayment. That is not the industry’s description of credit repair services. There is no detailed characterization of how their consolidation program works or what the administrative fees associated with such a service might be. There is also no attempt to articulate how terms are negotiated with creditors, let alone the actual details of the terms. The main pitch is toward people who feel like the only honorable thing to do is to continue to pay rather than eliminate their debt through other legal means.