What is a national Foundation consumer credit (NFCC)’
The national Foundation for consumer credit (NFCC) is the organization franchises a non-profit credit counseling agencies. One of the main services provided by the member agencies of NFCC counseling people who took on too much debt, with the goal of keeping them from declaring bankruptcy.
Another way they help to help consumers work out payment plans and reduce their overall debt load. In NFCC also lobbying the Congress and regulatory agencies on issues of importance to the credit counseling industry.
The national Foundation penetration for consumer credit (NFCC)’
In the NFCC was founded in 1951 and has grown to represent local accredited agencies members in all 50 States, the district of Columbia and Puerto Rico. In the NFCC acts as a gatekeeper, the analysis of its member institutions to ensure consumers get a consistent and competent advice. For example, member agencies should conduct annual audits of operating and trust accounts. They should offer programs in consumer education. In addition, participants must comply with strict rules on payments of the customer to creditors to two times per month. In addition, the debt counselors must be trained and accredited by NFCC.
In addition to the General debt counseling and consolidation services, programs, NFCC has to offer:
- Credit score reviews
- Counsel homeowners on strategies to avoid foreclosure
- Help elderly citizens to decide whether to buy a reverse mortgage
- Initiatives to manage student loan debt counseling graduates on how to minimize your interest payments
- Advise clients how to ensure timely repayment of debts
- Explain what to do if they can’t make the payments
NFCC works to enhance the reputation of credit counselors
In the field of credit counseling has come under fire from consumer, human rights organizations. For the actual scammers who charge clients money and not pass it along to debtors, some lending institutions do not give advice to understand that while they don’t profit Agency, their services are not free.
Consumers must generally pay Commission to agencies for debt relief or consolidation service. Consumer watchdogs point out that in many cases, a consumer can arrange a debt relief by a simple phone call to the lender. Thus, the main purpose of NFCC is to rehabilitate the reputation and expertise of its member institutions.
Lenders also pay NFCC
Banks and credit card issuers were supporters Advisory services are provided by organizations such as the NFCC, because they reduce the chances of declaring the debtor’s bankruptcy. Many of the creditors under the voluntary program with NFCC, the compensation terms of recovery Agency advice. This action lenders adds weight to the argument that consumers are often unable to arrange for debt relief.