How to Become a Debt Settlement Broker

Learn what career allows you to help consumers get out of debt.

Debt settlement brokers are professionals who help consumers negotiate debts with creditors. Some consumers turn to a debt settlement broker to help them regain control of their finances. Another name for debt settlement brokers is credit counselors. If you're interested in helping consumers settle their debts, then becoming a debt settlement broker may be a right career move.

Instructions

1. Train and obtain your certification. The National Foundation for Credit Counseling (NFCC) offers training and certification programs for debt settlement brokers and credit counselors. Contact the NFCC to enroll in these training and certification programs so that you can educate yourself on debt, credit and the debt settlement industry.

2. Brush up by enrolling in accounting and finance courses. Enroll at your local community college or in an online college level course for finance and accounting. Registering and completing finance and accounting courses allow you to refine and improve your finance and accounting knowledge, which can help you stay up-to-date on ways to help settle your clients' debts.

3. Apply for a license bond. Contact a local license bond company to buy a credit counselor license bond to be compliant with the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. This act requires debt settlement and credit counseling professionals to obtain a license bond -- bond amount minimums vary by the state.

4. Apply for a debt settlement broker position. Search local job listings online to see if credit counseling agencies in your area are hiring. Financial institutions such as banks, lenders and mortgage companies and credit card companies also hire debt settlement brokers.

Tips & Warnings

• Since the downturn in the economy started in 2007, there has been an increased demand for debt settlement professionals. A bad economy and high unemployment rates credit create a high demand for debt counselors. Even in stable economic situations, there are always consumers who need help with settling their debt and managing their finances, so there is still a need for this type of professional.

• Churches and community centers also hire debt settlement professionals.

• Take continuing education courses to stay up-to date on new laws and regulations in the debt and credit industry. Seminars and professional associations typically offer these types of courses and provide this type of information.

References

• National Foundation for Credit Counseling
• Accessible
• Association of Independent Consumer Credit Counseling Agencies