The Consumer Credit Counseling Service - Who Funds & Controls It?
Consumer Credit Counseling Service or CCCS is a nonprofit debt counseling service that assists consumers who are over their heads in debt. CCCS is funded and controlled by the credit grantors and the credit bureaus.
The CCCS - Does Not Repair Credit
Often, CCCS provides a beneficial service to the consumer. Because of the obvious allegiance between CCCS and the credit bureaus, you cannot reasonably expect CCCS to do anything that the credit bureaus would frown upon, such as help you repair your credit.
Credit Counseling Services - Not For People With Good Credit
In fact, if you decide to leave CCCS before you have finished their program, they can list your failure to complete the process as a negative listing on your credit report (though this is rare.) When you are participating in the CCCS program, your creditors will often note it on your credit report. If you have perfect credit, and wish to keep it, you may not want to use a credit counseling service. These services usually create negative listings because their process will generally make you late on your bills at least 30 days.
Paying Off Debts - Does Not Repair Credit
Many people think that paying off a debt will repair their credit. This simply is not true. If you use a credit counseling service to help you pay off your debts, this can actually work against restoring your credit health. The fact that you resorted to a debt counseling program is a red flag for prospective credit grantors. Remember, paying off your debts is a step in the right direction, but it does not repair your credit.
With these factors in mind, consumer credit counseling can be a life-saver if you're over your head and need some help and some breathing room.
Learn More: Dangerous Credit Repair Games - NOT to Play
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Why Use the Professional Team at Lexington Law...
Individuals can certainly repair their credit without the help of anyone; however, it can be a long complicated process. Be smart - Let experts work for you. Lexington Law has a team of credit repair experts that can turn your credit around very quickly. For as little as $39 a month, you can have legal experts correcting your credit scores! The substantial gain in saved interest and fees will more than pay for the small cost - it is smart to put credit repair into the hands of professionals.
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No Risk - Refund Policy
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Benefits Of Higher Credit Scores
▪ Save Thousands In Interest
▪ Lowers House Payments
▪ Make Car Payments Affordable
▪ Make Saving Money Possible
▪ Provide Resources For Children
▪ Reduce Family Stress
