What is the National Foundation for Credit Counseling?
The National Foundation for Credit Counseling (NFCC) is an American institution that aimed to provide licensing, accreditation and assistance to debt or credit counselors. It was funded primarily by lending (credit card) agencies. In the wake of much higher credit spending in the 1970s and 1980s (which continues today) the NFCC helped point people in the direction of debt counselors. These counselors worked for nonprofit agencies, and would help borrowers consolidate their debts, especially if they owed to multiple credit cards, lowering or suspending further interest, and helping borrowers make a single payment each month, which would be disbursed among their creditors. The companies most associated with the NFCC were called Consumer Credit Counseling Services. In the 1990s, huge numbers of agencies unaffiliated with the NFCC began to crop up. The worst of these charged huge fees for consumers attempting to repay their bills, and the IRS, eventually caught up with some of these agenci
Related Questions
- Are National Financial Literacy Foundation (NFLF) and Financial Education Services (FES) approved providers of the required bankruptcy credit counseling and the personal financial management course?
- Is the agency affiliated with a national body such as the National Foundation for Credit Counseling (NFCC) that requires strict quality, financial and ethical standards for membership?
- What is the National Foundation for Credit Counseling?
