Consumer credit counseling: credit card issuers' perspectives
On Friday, May 23, 2003, the Payment Cards Center hosted a workshop led by collections managers from J.P. Morgan Chase and Juniper Bank. The managers provided the credit card issuers' perspective on the consumer credit counseling industry. The day's discussion complemented an earlier workshop at which representatives from local consumer credit counseling services (CCCS) discussed their business model. After describing the ways in which new market entrants have affected the counseling industry, the issuers discussed the challenges associated with administering and appropriately valuing the ...
Rollout of FACTA complete
Notes from the field: interview with CCCS of Greater Dallas
In an interview with the Federal Reserve Bank of Dallas, Todd Mark, vice president of education at Consumer Credit Counseling Service (CCCS) of Greater Dallas, discusses the biggest issues clients are facing.
Community development through service
Restoring good credit: a first step to personal economic recovery
In the wake of the Great Recession, more Americans are turning their focus to personal financial recovery. Whether they are recovering from a setback such as unemployment or reduced income, increasing their rainy-day funds, shoring up retirement savings, reducing high-cost debt balances, or all of the above, consumers know that good credit is key to financial stability and success.
New scrutiny for consumer credit counseling industry
Government actions, combined with oversight and standardization from industry organizations, benefit consumers by enabling them to more easily identify agencies that work in their best interest and are certified to provide them with quality financial education.
Building Vermonters' credit
Vermont?s CASH Coalition, which helps low-income people build assets, is expanding outreach activities to include more Free Credit Report Review Days, free tax preparation, and Earned Income Tax Credit advice.
Whither consumer credit counseling?
Bob Hunt outlines the history of credit counseling in the U.S. He also observes that, despite its long track record, the credit counseling industry is not without controversy. For example, in recent years, concerns about conflicts of interest and the emergence of a new type of credit counseling agency have triggered significant legislative and regulatory activity. Hunt notes that there is evidence that credit counseling organizations are effective in helping some consumers. However, he points out that the lack of formal research in this area makes it difficult to interpret information and a ...
Credit counseling: in person, by phone or online
A recent study finds that telephone and face-to-face counseling can be equally effective and appear to generate equivalent outcomes for consumers' creditworthiness two years later. The increase in telephone and online counseling may encourage consumers to seek earlier assistance for their credit and debt problems.
Innovative credit counseling program paves way for first loans (Seguin, Texas)