How to Get Free Credit Counseling in Rhode Island

Find Rhode Island Nonprofit Credit Counseling Agencies

There are many companies that will offer services to you, don’t settle on the first Rhode Island credit counseling agency you come across without doing some research into how they handle their customers. You should look into working with a reliable nonprofit credit counseling agency in Rhode Island. These credit counseling agencies will offer their services to you for free so you won’t have to go deep into your pockets. Moreover, nonprofit credit counseling agencies are likely to offer qualified counselors who are trained on financial matters therefore, ensuring you’re getting good advice. Make sure that the credit counseling company you choose is accredited by the NFCC (National Foundation for Credit Counseling). To ensure the company is following minimal standards of qualified counselors. The Federal Trade Commission website also has vital information to help you choose a good Rhode Island credit counselor and provides a list of preliminary questions you should jot down to ask the credit counselor before signing up.

Information to Research Before Talking to a Rhode Island Credit Counseling Agency

There are many obvious red flags to look out for before signing up with a Rhode Island credit counseling agency. Look out for some of these: 

• The company requests a payment before anything has been done or knows anything about your financial situation.

• The company charges high fees. 

• The company promises to get you out of debt quickly.

The Rhode Island credit counselor should be accredited by the state. Check the NFCC website to make sure they are listed there. The NFCC is the largest and oldest nonprofit financial counseling organization in the U.S. The NFCC makes all companies renew their certifications every two years. Any company that is listed there must adhere to strict accreditation standards. Further, taking a look at the Better Business Bureau, to review any consumer complaints against the company, is a good way to ensure the company has a good reputation. You can also take a look at the State Attorney General’s office and the Consumer Protection Bureau. In any situation, use your natural instincts, if it sounds too good to be true, it probably is. 

Questions To Ask the Rhode Island Credit Counselor Before Signing Up

Have a list of questions ready to ask your Rhode Island credit counseling agency to get a clear idea of the types of services they provide. Some questions to consider are: 

• Do you charge a fee for your credit counseling services? (remember the initial session should always be free.)

• Can you provide references? 

• How often can I get a status update?

• What will happen if the counselor’s recommendation is more than I can afford?

• How are your services funded?

• Will my crediting session be done online, over the phone or in-person?

• What documents do I need to prepare for my credit counseling session? 

What to Expect During Credit Counseling

The first Rhode Island credit session will probably last between 40 to 60-minutes. During the initial interview, the counselor will want to get a full picture of your financial situation. Be ready to discuss your income, assets, and debts. To ensure a smooth process, have with you your paystubs, tax returns, and bills. If you are married, bring your spouse to the session so they can get on board with you. Once the counselor understands your financial situation they will come up with a plan to help alleviate your debts. There are many debt repayment strategies they may recommend to you depending on your situation. 

What Happens After Credit Counseling In Rhode Island

After your Rhode Island credit counselor has a good sense of your personal finances they may suggest bankruptcy, a debt consolidation plan or a debt management plan, to help you get out of debt faster.