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# Be Careful with Credit Counselors

There are a large number of companies and individuals that attempt to pass themselves off as credit counselors in order to capitalize on the misfortunes of those who are in severe debt. To help you identify who these unscrupulous entities are, the Federal Trade Commission (FTC) has developed a list of questions that you should ask to determine if a particular credit-counseling agency is reputable. These questions include:

- What services do you offer? A reputable credit counseling service will offer budget counseling and savings and debt management classes, plus be able to provide you with the services of someone who's trained and certified in consumer credit, money, and debt management. The counseling service should begin by discussing your personal situation with you, help you to develop a personalized plan to solve your immediate money and credit problems, and then teach you how to avoid the recurrence of such problems in the future.
- Is the credit counselor licensed in my state to provide the services offered? Many states require counselors to obtain a license before they're allowed to offer credit counseling, debt management plans, or other related services to consumers.
- Does the credit counseling service offer free information? As a consumer who's simply inquiring about working with a credit counselor, you should never be charged for information concerning the services that are offered by a specific company.
- Will I be required to sign a formal contract or written agreement with the credit counseling company? Never agree to pay for any services over the telephone. You should receive a written contract or agreement before being charged for credit counseling services or participating in a debt management plan coordinated by the credit counseling company.
- Do you have a good reputation with the Better Business Bureau and my state's Attorney General? You should take a little time to do a background check on the agency or service that you're interested in working with. Determine if there have been any formal complaints filed against the company; you can search for these on the BBB's website. But keep in mind that even if you can't find any filed complaints against a specific company, that's not an absolute guarantee that the organization is reputable.

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