my plan for credit counseling agencies
credit counseling has been very profitable for years. unfortunately when a service/product is very profitable it attracts all types of people to provide that service to the public. too many of those people have contributed to the negative view of the industry.
this negative view is why so many states are really hard on counseling agencies and why many consumers and businesses don’t want to work with them. in my opinion some of the services they offer are needed. it would make our jobs a lot easier if all of our clients and prospects had good credit. since many don’t finding out how they can repair or in some cases having someone help you to repair is good.
and even though there’s a ton of regulation in many states my solution is more regulation. all agencies, agents/consultants, and clients should be registered.
the reason for registering the clients would be to see how well the agency and agent(s) are helping them. the state can see if the client’s score and financial condition is improving. those whose clients constantly improve should be in good standing. those who have too many non improving clients should have issues to deal with. of course this would be based on the clients following the agency’s plan.
but credit repair/restoration is needed. what isn’t needed is the shadiness associated with the industry. but that can be changed.