Cambridge Credit Counseling Corp.
FOR IMMEDIATE RELEASE
CAMBRIDGE CREDIT COUNSELING GAINS NEW YORK STATE BANKING DEPARTMENT APPROVAL FOR FEE STRUCTURE
Good Payer program at the heart of highly successful debt management service
AGAWAM, MA – July 25, 2002 – Cambridge Credit Counseling Corp., a provider of credit counseling and budget planning services to clients nationwide, today announced that the New York State Banking Department, after a 13-month review, has approved the fees the company charges consumers for its New York company, Cambridge/Brighton Budget Planning Corp.
“The state with the largest, most sophisticated financial services sector in the country has determined that Cambridge Credit offers a debt management service that is priced reasonably and provides a superior business model to customers,” said John Puccio, President of Cambridge Credit. “This begins a new era in our relationship with New York residents as we provide them with the service they need to successfully get out of debt and wrest control of their financial lives.”
The approval brings to four the number of states (including Maine, Michigan and Connecticut) that have licensed Cambridge Credit and found its fees to meet rigorous standards of the individual, state regulatory requirements.
The department’s review considered the findings of a recent in-depth research report comparing Cambridge Credit’s fee structure to a wide variety of consumer credit counseling services across the U.S. The report, by Economists Incorporated, of Washington D.C., revealed that Cambridge Credit’s fees “fall within the range” of other budget planning and credit counseling agencies, and in several cases are lower.
An important feature of Cambridge Credit’s service – and a key to the success its clients have in the company’s debt management program – is the Good Payer program. Other consumer credit counseling companies keep 100% of the sums of money they receive from creditors in return for administering a debt management program – the so-called “fair share” payouts. Cambridge Credit is the only provider that splits the fair share monies with consumers who have maintained their payments for six consecutive months – fully half of every dollar it earns from creditors goes to Cambridge Credit’s clients.
“The Good Payer program provides our clients with both an incentive and a reward for succeeding in paying off their debts,” said Mr. Puccio. “The Good Payer program is an integral part of our fee structure and clearly a feature of our service that works in the best interests of consumers.”
More than $3 million has been paid by Cambridge Credit to its clients through the Good Payer program so far, and the amount increases every day. Along with the company’s educational services, customer care, and state-of-the art technology infrastructure, the program explains why Cambridge Credit has one of the highest client retention rates in the industry.
About Cambridge Credit Counseling Corp.
Cambridge Credit Counseling Corp., a 501 (c) (3) Not-for-Profit and ISO 9001 registered organization, provides credit counseling, educational assistance and budget planning services to clients throughout the United States. Since its incorporation in 1996, Cambridge Credit has assisted over 160,000 consumers nationwide and enrolls approximately 6,000 consumers a month into its credit counseling program. For more information about Cambridge Credit, visit www.cambridge-credit.org