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Who can use your services?
CCCS of OK, Inc. serves all members of our community. We do not pre-screen clients for eligibility. We do not discriminate or deny services based on race, religion, color, gender national origin, handicap, employment, income or ability to pay the counseling fees. Some of the agency’s services may not be appropriate or available for all clients.
How much does it cost?
No one is denied services if they are not able to pay the fee. We charge a fee of $20 for initial budget and credit counseling. Clients who participate in a Debt Management Plan (DMP) are charged a $25 monthly administration fee as a part of the Plan. The Pre-Bankruptcy Credit Counseling and Pre-discharge Personal Financial Management Course are $50 each.
How do you operate with such low fees for services? How is your agency funded?
CCCS of OK, Inc. is a not-for-profit agency. Our revenue comes from fees from clients, creditor contributions, Tulsa Area United Way; grants and donations.
Why would I choose your agency instead of others that I hear about?
CCCS of OK, Inc. has been in operation as a not-for-profit educational agency for over 35 years. We have community-based offices to better serve our clients and are well-known and respected in the communities we serve.
We are a member of the National Foundation for Credit Counseling, which requires us to maintain the highest standards for credit counseling services. Those standards include: Accreditation by an independent accrediting agency – we are fully accredited by the Council on Accreditation (COA); Annual independent audit of all financial records: Certification and ongoing professional education of credit counselors; and a volunteer board of directors who represent the communities we serve.
CCCS of OK, Inc. is a member-agency of the Tulsa Area United Way and undergoes an annual review by TAUW that measures the effectiveness of our services, as well as our fiscal responsibility and accountability. We maintain a satisfactory record with the Better Business Bureau.
Who will know if I get credit counseling or go on a Debt Management Plan? Will my employer find out? Will it show on my credit report?
CCCS of OK, Inc. complies with Federal Privacy Laws and has policies and procedures in place to insure that all client information is confidential. Our Privacy Policy is detailed in our Privacy Notice, which you will receive before you are counseled, or you can read it on our website.
We do not disclose information about you to any third party, including your spouse or employer, without your written permission to do so. We do not report your participation on a DMP to the credit reporting services, however, your creditors may report such information as part of your credit history.
What happens in the counseling session? How long does it take?
We allocate 60 to 90 minutes for each counseling session to gather information and address your specific financial concerns. The counselor will work with you to resolve those issues and provide a written action plan following the counseling session.
The counselor will identify your income and other resources available to meet your financial needs and obligations and will help you develop a realistic spending plan for your basic expenses. You will discuss money management issues: Identifying wants versus needs; Planning for the unexpected or future needs; and establishing short and long-term financial goals. The counselor will list all of your debt obligations and, if appropriate, recommend a Debt Management Program (DMP) or suggest other options for debt repayment.
We do not provide legal advice, but can answer basic questions about bankruptcy and debt collection practices.
What is a Debt Management Plan?
A CCCS of OK, Inc. administered Debt Management Plan (DMP) is a voluntary program to assist you with repayment of your debts. The counselor will develop a proposed DMP for repayment of your unsecured debts – credit cards, medical bills, personal loans. If you choose to participate, you will deposit funds each month in the agreed amount and CCCS of OK, Inc. will administer the payments to your creditors.
What is the benefit of using a DMP to pay my debts?
Creditors who agree to participate in the DMP may reduce interest rates, stop charging late or over-limit fees and re-age delinquent accounts so they will no longer report as late on your credit record. Most creditors will stop collection action, including collection calls, when they agree to accept payments through a CCCS of OK, Inc. administered DMP. A DMP may help you get out of debt faster with reduced interest charges and the ‘power pay’ effect of the DMP, as smaller debts are paid off, the payments are applied to remaining accounts rather than reducing the amount you pay on the DMP.
How long will it take to pay off my debts on a DMP?
Most DMP’s are calculated to be completed within 48 to 60 months. Many clients are able to complete their DMP more quickly by using tax refunds, bonuses, and pay increases to accelerate payments while on the program. Compare that to a typical repayment: A credit card balance of $2,500 with an interest rate of 20% per year, paying only the minimum payment due each month would take about 25 years to pay off!
Do all creditors stop interest and other fees?
Most major creditors have developed their own specific policies for clients on a DMP through a qualified credit counseling agency. Very few stop finance charges completely, but many creditors reduce interest rates significantly lower than the default rates charged on past due or high risk accounts. Most will also stop assessing late fees and over the credit limit fees. The counselor will provide you with a payout forecast for the proposed DMP on your debts, which will include information about the interest concessions and other benefits each creditor offers when they accept our proposed DMP.
How do I find out about my credit record and credit score?
An amendment to the Fair Credit Reporting Act effective December 1, 2004 allows each individual to obtain a free credit report from each of the three major credit reporting services every year.
The free credit reports may be ordered only through one central website, www.annualcreditreport.com, or toll-free phone number 1-877-322-8228, or mailing address, Annual Credit Report Request Service, P. O. Box 105281, Atlanta, GA 30348-5281.
How does using CCCS of OK, Inc. affect my credit rating or my Credit Score?
Your credit record and credit score will not be affected by your seeking counseling services through CCCS of OK, Inc. If you choose to participate in a CCCS of OK, Inc. Debt Management Program (DMP) to repay your debt obligations, CCCS of OK, Inc. will not report any information on your credit record. Creditors may report that your account is on a DMP.
Participation in the DMP may affect your credit report either favorably or unfavorably, according to the creditors’ policies with respect to the DMP, your payment history prior to and during your participation in the DMP.
Your counselor will discuss this more fully with you as it relates to your individual situation.
How can I fix my credit or clean up bad credit? Can CCCS of OK, Inc. help?
Any negative or derogatory information that is correct may remain on your credit record for up to seven years from date of last activity. Records of Bankruptcy remain up to ten years.
Companies that claim to help you clean up your credit or remove negative information cannot, legally, remove or change any information for you.
If you believe information on your credit report is incorrect, only you can request an investigation to correct the errors. CCCS of OK, Inc. can assist you in reviewing your credit report to determine any action you can take to improve your credit record and provide information on how to correct inaccuracies.
More Questions?
Call us at 1-918-744-5611 or toll-free 1-800-324-5611 or e-mail your question, cccsofok@aol.com.
We respond to e-mails within 24 hours or the next business day.