Keep in mind that we cannot assist you with questions regarding your present account with Cambridge Credit on the Ask Bill page. If you have such a question, refer it to our Client Services Department at 1-800-527-7595. If, however, you would like to submit a question regarding credit or personal finances, we would be happy to help you! Click Here to ask Bill a question. We can't answer every question, but we promise to read them all, and we'll answer as many as possible. If selected, your question will be posted on this site with your first name only.

Click on the links below to check out questions that Bill Buster has already answered.

 

What are the benefits of selecting your program over the other debt counseling programs?

It has never been our policy to criticize another organizations. All agencies should be trying to help you, but there are many differences between us and other debt counseling services. Some of the differences between us and the other agencies include:

• We provide a full financial assessment of your situation, including a budget analysis and evaluation, to determine the advice needed for your situation. We'll go over all your options together and determine the course of action you can take to improve your financial situation.
• We provide extensive post counseling opportunities, including regular mailings, phone calls, and free education that promotes budgeting, savings and an understanding of credit fundamentals. The support that we provide enables us to continue working with individuals to help ensure that they begin to incorporate the advice that can ultimately help them achieve their future financial goals.
• We have a state-of-the-art automated telephone system that provides account information to our clients and creditors 24 hours a day, 7 days a week. As a client you'll also have online access to your account information at our website, www.cambridgecredit.org.
• One of the biggest benefits in contacting a credit counseling agency is all of the valuable financial education you'll receive. In addition to the specific information provided to you by our nationally certified counselors, you will also receive a free "Learn Now or Pay Later" workbook; a free DVD, "Budgeting with the Connors"; and free access to our educational website, www.goodpayer.com, where you can subscribe to receive our free newsletter. Our clients also receive a subscription to our newsletter, the Cambridge Quarterly.
• After you've made your first four payments through our agency, our Benefits Verification and Analysis Department (BVAD) will audit your account to ensure that it is receiving the full benefits normally extended by each specific creditor involved. If it isn't, we'll determine any adjustment that must be made to ensure your success on the program.

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Do you charge fees for your credit counseling service?

We provide a free budget analysis and evaluation to determine the advice needed for your situation. After we complete that full financial assessment and go over all your options, if we determine that a debt management program is right for you, we will send you a full breakdown going over any fee you'd be charged and what you would be saving by using a DMP. If you choose to become a client, your fees will be based on the rules and regulations set by your state. And although our initial and monthly fees are capped at $75 and $50 respectively, our average initial fee is just $50 , and the average monthly fee is only $24.

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Can I access my Cambridge Credit account information online?

You have access to all of your account information through the "Clients" section of our website. Your information is kept on a secure server to ensure your privacy. As a registered client you will be able to:

• View your account 24 hours a day, 7 days a week
• View payment disbursements
• Print out detailed payment reports
• Add and remove creditors

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How will the Cambridge Credit program affect my credit rating?

According to FICO, the recognized authority in the credit scoring business, participation in a DMP is not a factor in your credit score, but some creditors will report your participation to the credit bureaus after your accounts are closed. There are still some lenders out there who will view this negatively, even though you're taking control and dealing with your situation. And later, when you're applying for responsible financing, we'll be more than happy to provide you with letters of reference that will attest to your payment history with us. Please bear in mind that, whether you're in our program or not, it's always recommended that you pay your bills on time as well as pay down your debt.

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What types of bills do you manage?

Debt Management programs (DMPs) traditionally assist individuals with the following types of debt:

• Credit Cards
• Personal Loans (unsecured)
• Personal loans secured by household items, such as furniture, appliances, etc.
• Past-due balances on telephone bills, cellular phone bills, electric bills, etc., as long as the client no longer resides at the same residence and the debt is for an old and inactive account
• Student Loans
• Collection Accounts
• Lines of Credit
• Disconnected Utilities
• Medical Bills
• Repossessions (if the item has been resold and an unpaid balance remains).

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Is joining a Debt Management Program like filing bankruptcy?

Bankruptcy is a legal proceeding that individuals and corporations use to discharge many types of debt. Not all types of debt can be discharged, and individual states have their own rules. For more information on filing for bankruptcy, we recommend that you seek the advice of a reputable local bankruptcy attorney. They're usually listed separately in the yellow pages. We are a credit counseling service, here to give you advice and education to help you improve your financial situation and avoid bankruptcy, if reasonably possible.

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Are you a non-profit counseling agency?

Cambridge is a not-for-profit corporation organized under the laws of the Commonwealth of Massachusetts.

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What are Cambridge Credit's Credentials?

Cambridge Credit Counseling Corp. has gone to great lengths to ensure that individuals receive superior service for all of their credit counseling needs, as well as the education necessary to help them reach their financial goals. In 2001, Cambridge completed a year long process to officially become an ISO 9001:2000 registered organization. Unlike other accreditation services that are recognized only in the United States and Canada, ISO 9000 is recognized and accepted worldwide.

Code of Practice - In 2005, Cambridge became accredited to the AICCCA's Code of Practice, which consists of rules that strictly govern the actions of credit counseling agencies. If you would like more information about the Code of Practice, please visit our Accreditation page.

AFCPE Certification - As counselors reach their third month of service, they begin the twelve-week course of study designed by the Association for Financial Counseling and Planning Education, one of the most widely recognized and respected independent accreditation organizations in the country. All Cambridge counselors are required to hold the AFCPE's Accredited Credit Counselor certification as a condition of their employment, and must also complete 15 credits of approved continuing education every two years to maintain their AFCPE certificate.

If you would like more detailed information about our program, please contact our office at 1-800-235-1407 to speak to a counselor. One of these courteous professionals will contact you shortly and address any questions you may have.

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Will my credit cards be closed if I join your program?

The accounts we handle will be closed while you're on our program. Once you've paid off the accounts in full, you would need to re-apply with the banks. They will evaluate your credit history at that time, and this will determine if they are willing to extend you credit.

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