What Is the National Foundation for Credit🦄 Counseling (NFCC)?

The National Foundation for Credit Counseling (NFCC) is a national network of non-profit credit counseling organizations. One of the primary services provided by NFCC member agencies is counseling people who have taken on too much debt, with the goal of keeping them from declaring 澳洲幸运5官方开奖结果体彩网:bankruptcy.

To achieve this objective, NFCC members often recommend that their clients participate in a 澳洲幸运5官方开奖结果体彩网:debt management plan (DMP), in which the client makes a✱ single monthly payment to the NFCC member, who in turn uses those funds to repay the client’s debts.

A central assumption of the DMP strategy is that the NFCC member will successfully negotiate more flexible debt repayment terms with the client’sꦬ creditors, which may or may not be true in practice.

The NFCC works to maintain standards of ethical conduct within the credit counseling industry. Some unethical credit counseling firms have been known to make🐷 unrealistic or misleading promises to their clients, placing them in an even worse financial position.

How the NFCC Works

Founded in 1951, the NFCC has grown to represent member agencies in all 50 states, including the District of Columbia and Puerto Rico. The NFCC acts as a coordinating body for its member firms, while also lobbying the United States government on behalf of the 澳洲幸运5官方开奖结果体彩网:credit counseling industry.

In order to maintain their NFCC accreditation, member firms must ensure that their staff is adequately trained and that annual audits are completed in regard to their operating and trust accouꦺ🐎nts.

💙 NFCC member firms must also provide ongoing consumer education programs while demonstrating that any funds held on behalf of clients are being regularly disbursed to those clients’ creditors on a biweekly basis.

The NFCC is also working to improve standards among credit card counselors. In recent years, some consumer watchdog organizations have criticized the credit counseling industry for its alleged exploitation of some vulnerable customers. In addition to explicitly fraudulent organizations that accept clients’ money and do not pass it along to their creditors, some ostensibly legitimate credit co꧋unseling agencies do not make it clear that their services are often not free for the end-user.

Example of the NFCC

If you are struggling to repay your debts, you can 澳洲幸运5官方开奖结果体彩网:seek t🐲he help of a credit counselor. You can learns through the website of an NFCC-accredited credit counseling company whether that the firm is a non-profit that provides services such as 澳洲幸运5官方开奖结果体彩网:credit score reviews, advice on how to avoid 澳洲幸运5官方开奖结果体彩网:foreclosures, information on how to responsibly use products such as a 澳洲幸运5官方开奖结果体彩网:reverse mortgage, guidance on 澳洲幸运5官方开奖结果体彩网:student loan repayment plans, and assistance through DMPs.

Thr🎃ough worki𒀰ng with the credit counseling company, you could potentially pay off debts, one manageable monthly payment at a time.

The Bottom Line

The National Foundation for Credit Counseling (NFCC) is a membership organization that aims to promote the credit counseling industry while setting standards for credit counselors. You can turn to this organization to 澳洲幸运5官方开奖结果体彩网:connect with a credit counselor who can help you address challenges in your specific financial situation.