In 2011, Cambridge Credit Counseling issued our first Debt Relief Performance and Satisfaction Report. This "Transparency Report" was created to answer years of questions about the debt relief professions from regulators, creditors, legislatures, and consumers. We found that these questions were being asked because the industry as a whole had never adequately explained the services that we offer. We thought is was time to change that and released this report to provide answers to everyone's questions about the effectiveness of credit counseling.
Past Reports:8th Release 7th Release 6th Release 5th Release 4th Release 3rd Release 2nd Release 1st Release
When it comes to personal finance, the importance of making informed decisions can't be overstated. The same is true when trying to decide whether credit counseling is an appropriate option – people must be informed in a way that lets them form reasonable expectations about the services they'd receive. The consumers who reach out to an agency must be able to have faith that their concerns will be addressed, their questions answered, and, when appropriate, that timely and effective services will be provided. Before an individual enrolls in a debt relief program, they need to have a clear understanding of how the program works, how many clients succeed or fail, and exactly how much the program will cost. Until now, agencies in the debt relief profession, including Cambridge, have not done a good job of providing information about the outcomes and value of their programs. Cambridge's Transparency Project is an attempt to remedy this situation, allowing regulators, creditors, legislators and, most important, consumers, to trust the agencies that are willing to participate."
With these goals in mind, Cambridge will begin providing quarterly updates on a variety of statistics related to our program outcomes. Our Debt Relief Performance and Satisfaction Information will be released at the beginning of each quarter and be made available to the public, to our colleagues, and to any regulator who would like to know more about how we function. Among other things, the data we provide will include the reasons why consumers are seeking credit counseling assistance, community education statistics, current DMP enrollment figures, DMP enrollment savings, proposal acceptance rates, fee waivers, average fees for service, program success and failure rates, and overall client satisfaction. We encourage others within our profession to release similar statistics.
To learn more about the Transparency Project, please contact Cambridge's President and CEO, Christopher Viale, at 1-888-694-7491, or, click here to email Mr. Viale for more information about our Transparency Project.