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Module 2
How Credit Affects You
Improving Your Credit
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Work with a Reputable Credit Counseling Organization
If you need professional assistance to help improve your credit, there are nonprofit, community-based credit counseling organizations that provide one-on-one assistance. Don’t confuse expensive credit-repair clinics with legitimate nonprofit credit counseling organizations.

What to Look For
A reputable credit counseling organization should be approved by EOUST (part of the Department of Justice) and offer a range of services from helping consumers to pay off debt and avoid bankruptcy to guidance in designing a spending and savings plan or buying a first home.

Get an Explanation FirstBefore working with an organization, ask for an explanation of the programs and types of services offered to assist you. The Federal Trade Commission (FTC) suggests asking some pertinent questions to find the counseling service that best meets your needs. Some of the questions you should consider include:
  • What are your fees? Are there set-up and/or monthly fees?

  • How are your employees paid? Do the employees or the organization benefit if I sign up for certain services, pay a fee or make a contribution to your organization?

  • What are the qualifications of your counselors? Are they accredited or certified by an outside organization? If so, which one? If not, how are they trained?

More Questions?For additional questions, visit the FTC Web site. You may also download and review 10 Tips for Picking a Credit Counselor!

Helpful Links

Sites with More InformationTo learn more about how to improve your credit, visit the following sites:

FDIC Money Smart Program
FTC's Facts for Consumers
Improving Your FICO Score
National Foundation for Credit Counseling
House America Counseling Center

These helpful links are also available in the Resources area.

Next Step
It pays to improve your credit! To see how credit impacts interest on loans, continue to Credit and Loans.

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