If you have found yourself over your head with money and in need of credit repair, you may choose to go ahead and apply for credit counseling. Companies that offer this service will set individuals up with a payment plan to reduce their debt until it is paid off through methods such as credit consolidation. While these services may prove invaluable in restoring your financial integrity and gaining back a measure of control over your life, it is imperative that you apply for these services through an accredited, professional agency. There are many companies offering these services and you must choose the one best suited to your needs. Make sure that any companies you are looking into are accredited by a third party; that is, their services are recognized and endorsed by a second organization (non-affiliated!) that recognizes their high standards.

The Council on Accreditation and of Services for Families and Children, Inc., is probably the most well-known of the large number of organizations which debt counseling companies can be recognized by. Accreditation by the COA means that the agency is guaranteed to abide by the high standards set in the areas of volunteer Board governance, service delivery, fiscal integrity, and counselor certification. It is important to note that as a reliable accreditation organization, the COA does turn companies down for accreditation if the standards they set are not met by the company.

Another organization which is vital to the process of debt reduction business is the National Foundation for Credit Counselling. Debt consolidation companies that are members of the NFCC also are required to conform to very high standards. These standards apply both to individual counselors and to the business as a whole. Counselors who work for these businesses must undergo exacting tests and training in order to be certified.

Debt consolidation companies who offer a credit loan and other means of reducing debt must adhere to several standards in order to receive accreditation. They must agree to have annual audits done on operating and trust accounts,a s well as meeting all the requirements that are stated by the Federal Trade Commission. Any clients who use the business must receive a quarterly statement from the company at the very least, and clients must file detailed reports about their situation, including the cause of their debt and written plans of action.

The COA goes even further when they accredit an organization. In order to receive recognition from the COA, businesses must have counselors who are certified by the NFCC and have minimum fee structures in place for their clients. The COA is also committed to meeting the needs of specific minorities and the fair treatment of creditors.