Cambridge Credit Counseling Reviews
Cambridge Credit Counseling Corp. has been providing credit counseling and financial education services since 1996. They maintain an A+ rating with the Better Business Bureau and are currently Consumer Affairs’ top-rated credit counseling agency. The fees they charge for their debt management services are regulated by the state in which the particular consumer resides, but never to exceed an initial fee of $75 and a $50 per month service fee.Cambridge is also a HUD-approved housing counseling agency, providing foreclosure intervention, first-time homebuyer assistance, and rental counseling services. They have also been approved by the Massachusetts Executive Office of Elder Affairs to offer reverse mortgage (HECM) counseling to seniors and are approved by the U.S. Department of Justice, Executive Office of the United States Trustee to provide pre- and –post filing bankruptcy-related counseling services.
About Cambridge Credit Counseling
Cambridge Credit Counseling has been in business since 1996. New ownership took over a few years ago and righted a ship that had gotten off course. One debt solution that Cambridge Credit Counseling provides is a debt management plan (DMP) for consumers that are having difficulties paying off and managing their debt on their own. Under the previous owners, problems lead to lawsuits and government actions, including a fine of $4.2 million. These problems were addressed and resolved by the new owners. New, solid standards systems were put in place. Cambridge Credit Counseling has an A+ BBB rating. As with any debt management plan (DMP) a consumer makes a single monthly payment to the counseling agency. The agency keeps a portion of each payment for its fees, then distributes the consumer's payment amongst the individual creditors. A typical DMP aims to repay the entire debt, along with accrued interest, over the course of five years. Also, Cambridge Credit may receive payment and consideration from creditors in exchange for inducing consumers to repay their debts. Consumers should individually explore this apparent conflict of interest.