What is a credit counseling agency?

A credit counseling agency is a type of service that provides education and advice on how to manage debt and credit. Credit counseling agencies are found in many locations, including Washington, and are available to people who are facing financial hardships. Credit counseling agencies provide services such as budgeting advice, help with setting up a debt repayment plan, and ways to reduce and consolidate debt. The counselors at credit counseling agencies are experienced in working with creditors and lenders to develop a repayment plan that is beneficial to both the consumer and the creditors. They also help consumers understand their rights under consumer debt defense law in Washington. Credit counseling agencies provide educational services such as classes on budgeting and money management and workshops on how to read credit reports. They also offer debt management plans, where consumers are able to work with the credit counseling agency to develop a payment plan that works for them. A debt management plan may involve the consumer making one monthly payment to the credit counseling agency, who then distributes the payments to the creditors. In addition to providing debt management services, credit counseling agencies can also help consumers with finding ways to reduce their debt and help them rebuild their credit. They can also provide credit repair assistance and provide assistance with filing for bankruptcy if necessary. In Washington, credit counseling agencies are regulated by the Attorney General’s Office and must adhere to the Consumer Protection Act. It is important to research before selecting a credit counseling agency to ensure they are reliable and offer quality services.

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What is a credit counseling agency?

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