519-646-2222Not-For Profit Credit Counselling
Non-profit credit counselling scores big
According to a recent article in the Toronto Star some credit counselling agencies have questionable ethics and take advantage of financially vulnerable people. Some credit counsellors are certified through a US company that provides credit counselling training based on a US Military programme model. The company certifies a credit counsellor and awards the credentials “AFCC” following a short self study programme and the completion of a two hour multiple choice examination.
There are no formal training or licensing requirements for credit counsellors in Canada and there is no oversight body except for provincial consumer protection legislation. Consumer protection legislation is still evolving and Ontario is yet to implement the protective measures that have been suggested.
In the meantime it is business as usual for credit counsellors, credit and debt consultants, debt settlement and credit repair companies. Unfortunately the most financially vulnerable people are the ones who will pay the price, and according to the Toronto Star article pay they will to the tune of almost $8,500,000.00 per year and that is just to one agency.
Caveat emptor (buyer beware) – if you, or someone you know, are having financial problems meet with a highly trained, licensed and well regulated professional – call a licensed trustee in bankruptcy and explore your options.