Cambridge Credit Counseling Services for Illinois Residents

Cambridge Credit Counseling’s License to Serve Illinois Residents#

Cambridge Credit Counseling Corp holds a Debt Management License to operate in Illinois, license number DM.0000228. This license is regulated by the Illinois Department of Financial and Professional Regulation Division of Financial Institutions Consumer Credit Section. Illinois residents can verify this license directly with the regulator.

Free Credit Counseling for Illinois Residents#

Credit counseling sessions at Cambridge Credit Counseling are free of charge for Illinois residents. Cambridge Credit Counseling is a member of the National Foundation for Credit Counseling (NFCC), and its counselors are certified. The agency is also ISO 9001 registered.

Debt Management Plans for Illinois Residents#

Illinois residents can enroll in a debt management plan through Cambridge Credit Counseling. A debt management plan consolidates unsecured debts into one monthly payment administered by the counseling agency. It is not a loan and does not involve borrowing new money. On a debt management plan, almost all concessions such as reduced interest rates or waived fees follow preset guidelines set by each creditor, not by Cambridge Credit Counseling. In some cases they can vary based on the level of hardship in the budget, and certain accounts may not be eligible for them.

Housing Counseling for Illinois Homeowners and Buyers#

Cambridge Credit Counseling is a HUD-approved housing counseling agency and offers this service to Illinois residents, including first-time homebuyer courses. A mortgage is a long-term secured loan where the home serves as collateral, and a monthly payment typically includes principal, interest, taxes, and insurance (PITI), often with private mortgage insurance added.

• Homebuyers in Illinois who put down less than 20 percent are generally required to carry private mortgage insurance, which protects the lender if the borrower defaults.
• The cost of private mortgage insurance can range from 0.15 percent to 2.5 percent of the loan amount, depending on the lender.
• Once a mortgage reaches an 80 percent loan-to-value ratio, the homeowner should ask the lender to discontinue private mortgage insurance premiums.
• Illinois residents who cannot afford a 20 percent down payment are encouraged to contact a HUD-approved housing counseling agency like Cambridge Credit Counseling to check for programs that help toward homeownership.

Student Loan Counseling for Illinois Residents#

Student loan counseling is available to Illinois residents through Cambridge Credit Counseling as part of its nonprofit counseling services.

Reverse Mortgage Counseling for Illinois Homeowners#

Illinois residents can also receive reverse mortgage (HECM) counseling from Cambridge Credit Counseling, a nonprofit agency offering this service alongside its other counseling programs.

Bankruptcy Counseling and Debtor Education for Illinois Residents#

Cambridge Credit Counseling is approved by the Department of Justice to provide pre-filing bankruptcy counseling and post-filing debtor education, and these services are available to Illinois residents. Bankruptcy counseling and debtor education each cost $50.00 per household per session and are available free or at a reduced rate based on ability to pay. The fee is per household, not per person, so a married couple filing together pays once. Households with income below 150 percent of the federal poverty guidelines for their household size are presumed eligible for a fee waiver. Households above that line may still qualify for a reduced fee if they can show a temporary financial hardship, such as a recent job loss or drop in income, unexpected medical costs, disability, separation or divorce, the death of a household wage earner, or another documented financial circumstance that significantly impacts the household’s ability to pay. Waivers and reductions are assessed on the household’s current income, expenses and overall financial condition, and Cambridge Credit Counseling will not refuse services to anyone due to inability to pay.

Approval by the U.S. Department of Justice Executive Office of United States Trustees does not endorse or assure the quality of our services.

Debt Settlement Is Not a Service Cambridge Credit Counseling Offers in Illinois#

Debt settlement means negotiating to pay less than the full balance owed. It is a different service from credit counseling and is typically offered by for-profit companies. Cambridge Credit Counseling does not offer debt settlement to Illinois residents.

About Cambridge Credit Counseling Corp#

Cambridge Credit Counseling Corp is a 501(c)(3) nonprofit organization founded in 1996 and headquartered in Agawam, Massachusetts. It serves Illinois residents through its licensed debt management program and other counseling services.

How Illinois Residents Can Reach Cambridge Credit Counseling#

Illinois residents can call Cambridge Credit Counseling at 800-235-1407 for new counseling inquiries.

Common questions

Is Cambridge Credit Counseling licensed to serve Illinois residents?

Yes. Cambridge Credit Counseling Corp holds a Debt Management License, number DM.0000228, regulated by the Illinois Department of Financial and Professional Regulation Division of Financial Institutions Consumer Credit Section.

Is credit counseling free for Illinois residents?

Yes. Credit counseling sessions at Cambridge Credit Counseling are free of charge, and Illinois residents can use this service along with debt management, housing, student loan, reverse mortgage, and bankruptcy counseling.

Does Cambridge Credit Counseling offer debt settlement to Illinois residents?

No. Debt settlement means negotiating to pay less than the full balance owed and is typically offered by for-profit companies. It is different from credit counseling and is not a service Cambridge Credit Counseling provides in Illinois.

How can Illinois residents contact Cambridge Credit Counseling?

Illinois residents can call Cambridge Credit Counseling at 800-235-1407 for new counseling inquiries.

Where this information comes from

• John Henle, Cambridge Credit Counseling, email of 24 September 2026; 28 CFR 58.21(b)(1) and 58.34(b)(1) Checked 2026-09-24.
• Mortgage Downpayments| Cambridge Credit cambridge-credit.org Checked 2026-08-04.
• cambridge-credit.org credit counseling page cambridge-credit.org Checked 2026-08-03.
• Gary Washington, Director of Bankruptcy Counseling, Cambridge Credit Counseling, by email 2 September 2026. Checked 2026-09-02.
• Cambridge Credit Counseling cambridge-credit.org Checked 2026-08-04.
• cambridge-credit.org about page cambridge-credit.org Checked 2026-08-03.
• NFCC Member Agencies register nfcc.org Checked 2026-08-28.
• cambridge-credit.org housing counseling page cambridge-credit.org Checked 2026-08-03.
• cambridge-credit.org bankruptcy page cambridge-credit.org Checked 2026-08-03.
• cambridge-credit.org contact page cambridge-credit.org Checked 2026-08-03.
• Mortgage Basics | Cambridge Credit cambridge-credit.org Checked 2026-08-04.
• industry definition, NFCC nfcc.org Checked 2026-08-28.
• Federal Trade Commission, How To Get Out of Debt consumer.ftc.gov Checked 2026-09-18.
• How To Get Out of Debt, Federal Trade Commission consumer.ftc.gov Checked 2026-08-28.
• CFPB consumer guidance consumerfinance.gov Checked 2026-08-28.