How to Compare Consumer Credit Counseling Services

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When comparing consumer credit counseling services, consider who pays them, as a credit counselor working for a larger corporation or a bank may not provide the best one-on-one service. Find a credit counselor who works for the customer, not the bank, with information from a financial manager and currency trader in this free video on finance.

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Video Transcript

Hi, I'm Roger Groh. We're here to talk about how you can figure out the best credit counselors to hire, to work for you. How do you compare them? Well, first thing is to know who pays them? Do they actually work for you, or do they work for the bank that you borrowed money from, or the credit card company that you've borrowed money from? big distinction. If they work for you only, and they don't have any tie back to a lending institution, they will truly be your advocate. It could be an attorney, it could be an accountant, it could be somebody who actually works in a credit reporting company, who specializes in helping people, work out their problems. Number two is, people or companies that are tied to lending institutions, credit card companies and banks, being the two most obvious. They are not going to be working in your favor. They will look good, they may be free, they'll have a wonderful story to tell, and they'll be polished, but their job is to get as much money out of you, back to the bank that pays their salary, so two distinctions, who pays them?Does a lending institution pay them, or do you? and are they truly your advocate? That's how you compare it.

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