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Who Regulates Credit Counselors?

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From Quick Guide: Basics of Credit Counselors

Summary: Credit counselors are not regulated by a government body, but many agencies train and certify financial experts. Learn who regulates credit counselors from a credit counselor in this free personal finance video.

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By Maria Enomoto
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Maria Enomoto works as a credit counselor for Consumer Credit Counseling services in San Jose, California.read more

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Video Transcript

"Hi, my name is Maria Enomoto from Consumer Credit Counseling Services and we are going to be discussing on who regulate the Credit Counselors. Credit Counselor, it's a title, it's a position that a person can provide service of guidance on a client that his having financial problems. So, it can be anybody that can use that title. The Credit Counselors are not regulated by one specific entity because a person can be a Credit Counselor and work for profit or work through an agency that belongs to a non-profit network. So, it depends on who you're working with in case you're going to have any complaints or any more information that you want to know about agencies. If you want to work with a reputable agency, it's better if you find out that if the agency belongs to a national foundation, such as Consumer Counseling Service that belongs to the National Foundation of Credit Counseling. This is because you, this way you're going to assure that the agency will provide a quality service. And also, it's going to be a good idea if you decide to work with any agency before you take any decision of working with them in any kind of problem that you might be offered. To check what is the grievance procedures with this company, it usually you can resolve it with the company, with the managers of the company or the CEO or you can take that complaint to the next step, the Better Business Bureau or a small claim court if that's finally the way you're going to resolve this. But, there's no one entity that controls everybody, it's separated by non-profits and profits. So, the good way to go its before deciding to work with any credit counselor, just to find out a little bit of the background of that person or the agency that this person belongs to."

eHow Article: Who Regulates Credit Counselors?

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