There are a number of organizations that a debt consolidation credit counseling agency can be accredited by but the most well known is the Council on Accreditation of Services for Families and Children, Inc. (COA). This guarantees that the debt consolidation credit counseling agency will adhere to high standards of service delivery, counselor certification, fiscal integrity, and volunteer Board governance. The COA does not give accreditation to every debt consolidation credit counseling agency and they only give their seal of approval to those debt consolidation credit counseling agencies who meet their exacting standards are given their seal of approval.
Many debt consolidation credit counseling agencies are members of the National Foundation for Credit Counseling. Debt consolidation credit counseling agents who are NFCC-certified have undergone a rigorous training and testing program.
To receive accreditation the debt consolidation credit counseling agency must comply with several service-specific quality standards such as:
• Annual audits of operating and trust accounts
• The debt consolidation credit counseling agency meets all consumer disclosure requirements as set forth by the Federal Trade Commission
• Funds are disbursed daily and funds are disbursed immediately in emergencies
• Each consumer receives an assessment of how he/she came to be in financial difficulty, a comprehensive financial plan, and a written plan of action
• Clients receive (at minimum) a quarterly statement
In addition, the COA has their own standards for service delivery & quality that a debt consolidation credit counseling agency must meet for them to be accredited which are:
• Meeting the needs of cultural/ethnic population groups in the communities they serve
• Fair and equitable treatment of creditors
• Minimum fee structures for consumers
• Presentation of educational programs
• Counselors who are NFCC-certified
• Having a branch counseling network in place for support their clients