The American Association of Credit Counselors was founded in 1955, disbanded during the 1980’s but was re-established in 2010. They’ve kept the same core principals of putting consumers first and offering fair and transparent debt solutions for over 55 years. The new American Association of Credit Counselors (AACC) was formed during a meeting held on November 13, 2010 in North Carolina by consumer advocate Steve Rhode.
What is the American Association of Credit Counselors?
The association is not a formal association, at all. It’s basically a group of debt relief companies who have come together through an agreement for keeping to strict standards when assisting people with their debt problems, including a requirement that customers receive ethical and transparent advice.
Standards of Practice by Member Companies
All members of the association agree to meeting the following standards:
Suitability test: companies must put each consumer through the suitability test to determine which debt relief option is the best choice for the individual based on the individuals’ financial situation and personal goals. If an AACC member’s service or product is most beneficial to the consumer, it will be offered – but if there is another option more suitable for the individuals’ situation – then the customer will be referred to other reputable resources.
Describe action plan: all members of the association agree to fully describe the action plan and steps to consumers for successful completion of the debt relief plan. Members provide consumers with details for how long the plan will take to complete and how much money it will cost both in the form of debt payments and fees for the program.
Customer support: all members of the association agree to provide exceptional customer support including timely responses to emails and phone calls, updates on at least a monthly basis for the progress of the action plan, access to the accounting information of customer’s money and ability to escalate concerns to top management of the debt relief company at any time.
Disclosures: members of the association agree to disclose any fees paid by customers for debt relief services in a clear manner.
Goals of The American Association of Credit Counselors
The association would like to include all debt relief companies that focus on putting the consumer first. In this way, consumers could visit The American Association of Credit Counselors and choose from any of the member debt relief companies and feel confident they are working with reputable and quality companies with the common goal of assisting consumers become debt free. Debt relief companies can only be added to the association through invitation, and prospective member companies must receive 80% votes from current members to join.
Current Member Companies
The American Association of Credit Counselors currently include:
- CESI Debt Solutions
- Active Debt Solutions
- Care One
- Cambridge Credit Counseling
- New Era Debt Solutions
- Consumer Recovery Network