Free Online Credit Counseling Services | Advantage CCS (2024)

FAQs

What is the Advantage debt Relief Program? ›

The Benefits of the Advantage Debt Management Program:

Waive or reduce high-interest rates. Eliminate late and over-limit fees. No more harassing calls from creditors and collection agencies. Reduced monthly payments.

Credit counseling agencies should be members in good standing with the Better Business Bureau. No agency with thousands of clients will be completely free of complaints, but BBB membership ensures that agencies make every effort to respond to consumer complaints until the client is satisfied.

A reputable credit counseling agency should send you free information about itself and the services it provides without requiring you to provide any details about your situation. If a firm doesn't do that, consider it a red flag and go elsewhere for help.

Credit counseling organizations can advise you on your money and debts, help you with a budget, develop debt management plans, and offer money management workshops. Working with a credit counselor can be a great way of getting free or low-cost financial advice from a trusted professional.

Unfortunately, there is no such thing as a government-sponsored program for credit card debt relief. In fact, if you receive a solicitation that touts a government program to get you out of debt, you may want to think twice about working with that company.

Founded in 2008, National Debt Relief is a debt settlement company that negotiates the reduction of unsecured debt. If you have over $7,500 in unsecured debt, NDR may be able to cut that amount in half.

Credit Counseling Payment Programs. This is a hard figure to track since the credit counseling industry does not publicly report their success rate. But industry insiders report success rates of 20% to 25%.

Beware of Hidden, Up-Front and Monthly Maintenance Fees

So, you may be sending lower monthly payments to your creditors, but you could be losing money by hidden fees your new “business partner” might not reveal to you. Before you sign any contract for services, read every word of the contract.

The Department of Justice provides a list of trustworthy CCCS available nationwide that can be used to avoid any illegitimate CCCS.

What makes a credit counselor credible? ›

An agency should be able to show you that they're certified and licensed to provide services in your state. Then ask what services they offer, what fees you'll be expected to pay, and how they safeguard your personal information. If a credit counselor can't answer these questions or puts you ill at ease, keep looking.

A red flag is a pattern, practice, or activity that indicates a possibility of identity theft. These flags produce a three digit score (0-999) that calculates the customer's fraud risk through the credit report. A higher score indicates a lower risk of identity fraud.

Look for a credit counselor who can do the most for you. You might have to pay some money for help. But a good credit counselor will not ask you to pay in advance.

The Credit Counselling Summary lists the credits and marks you have earned. It also shows how many credits you still need to graduate, how many community service hours you have completed and submitted and if you have successfully completed the Ontario Literacy Test.

Debt relief services may have a negative impact on your credit score, but that impact may not be as big as you think — and in some cases, it can help your credit. How these services impact your credit depends on the debt relief option you choose.

Debt Settlement Program Disadvantages

A debt settlement program requires you to stop paying your creditors, which will add a significant amount to your debt because of late charges and the interest applied. Debt settlement companies can charge a fee for each credit card debt they settle.