Things to Expect From a Credit Counseling

So, you have finally decided to enroll in a counseling program offered by a reputable credit counseling agency in your locality. You decided to do this so that you can resolve your credit problems once-and-for-all.

Still, you want to know what you can expect from your very first counseling session. To help you in this matter, allow us to run you through three major steps usually undertaken by finance experts and their clients in debt relief guide programs.

Three Steps in Debt Relief Programs

1. Getting and Verification of Contact Information – Before your financial situation will be analyzed, you will be requested by the finance specialist to provide personal and contact information. The certified counselor of the credit counseling agency will ask you to write down your complete name, address and phone number, office contact details, and other relevant information. Aside from these, you may also be asked to provide additional documents such as citizenship papers, company ID’s, and passport that can vouch for your identity. This step is vital since it allows the debt relief guide provider to verify your identity.

2. Reviewing of Your Monthly Finances – After gathering your personal information and verifying your identity, the next step that your credit counseling agency will do is to ask you to provide it a clear picture of your financial standing. To do this, you may need to give the finance specialist an accurate report of your monthly earnings and expenses. You may be asked by the credit counselor to list down all your monthly expenses so that he can help you distinguish the necessary from the unimportant items. Aside from this, you will also be required to itemize your existing credit obligations as well as the interest rates charged on these accounts. This way, the finance specialist can come up with solutions tailor to fit your financial capabilities as well as your personal situation.

3. Provision of Solutions and Alternatives – The third and last step of the debt relief guide program is the provision of personalized solutions and alternatives. In this step, the finance specialist of the credit repair help provider will give you different strategies that you can employ to end your credit woes and repair your credit history. For example, he or she may recommend that you get social service assistance, mortgage deals, self-study materials and debt management programs. The certified counselor will tackle the benefits and drawbacks of each option so that you can select one that will help you, not only to retire your credit obligations but also to regain your credit reputation.

But the credit counseling program does not end there. You can actually contact the credit repair help provider anytime you need further information that you can use to pay down your outstanding debts. You can also call the finance specialist to provide you a better program that you can employ in case of sudden changes in your life, like a job loss or a debilitating illness.