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Required Disclosures & State Licenses#
- Cambridge is NOT A LOAN COMPANY. WE DO NOT LEND MONEY.
- All of our credit counseling services are provided from our office located at 67 Hunt Street, Agawam, Massachusetts 01001.
- Fees may apply for debt management plans.
- We are a non-profit agency. We’re supported by the monthly fees paid by our clients, and we also receive funding and/or grants from some of the creditors for the counseling and education we provide.
- Please note that establishment of a plan may adversely affect an individual’s credit rating or credit scores, and that nonpayment of debt may lead creditors to increase finance and other charges or undertake collection activity, including litigation.
As a national credit counseling agency, Cambridge is required to maintain the appropriate licenses in every state where we conduct business. The name of the license varies by state and may include such titles as “money transmitter”, “debt adjuster”, “debt management company”, “debt management service provider”, “credit counseling agency”, “credit services organization”, “budget planner” and “adjustment service company”. Not all states have licensing requirements.
Cambridge ensures that only licensed credit counselors perform credit counseling services. Some states may require additional certifications to service accounts of a consumer. Click here to meet our counselors.
We’re currently licensed in each of the states shown below (Cambridge is exempt from licensure in many other states). If you have any questions regarding compliance, please call (413) 241-2401 or click here to email our Compliance Officer. We invite you to visit the state agencies listed below to verify our licensing status.
Alabama Money Transmitter License
Alabama Securities Commission
445 Dexter Avenue
Suite 12000
Montgomery, AL 36104
License Number: MT#374
Arizona Debt Management License
Arizona Department of Insurance and Financial Institutions
100 North 15th Avenue
Suite 261
Phoenix, AZ 85007
License Number: DM-0907740
Colorado Registered Debt Management Service Provider
Colorado Department of Law
Consumer Protection Section, DM
Ralph L. Carr Colorado Judicial Center
1300 Broadway, 10th Floor
Denver, CO 80203
License Number: DMG-2000005
Connecticut Licensed Debt Adjuster Non-Profit
Connecticut Department of Banking
280 Trumbull Street
16th Floor
Hartford, CT 06103
License Number: DANP-938355
Delaware Licensed Debt Management Service
Department of Justice
Consumer Protection Unit
820 N. French Street, 5th Floor
Wilmington, DE 19801
License Number: 07-16
Idaho Collection Agency License
Idaho Department of Finance
11341 West Chinden Blvd.
A300
Boise, ID 83714
License Number: CDC-4832
Illinois Debt Management License
Illinois Department of Financial and Professional Regulation
Division of Financial Institutions Consumer Credit Section
320 W. Washington (Suite 550)
Springfield, IL 62786
License Number: DM.0000228
Indiana Debt Management License
Indiana Department of Financial Institutions
30 South Meridian St.
Suite 200
Indianapolis, IN 46204
License Number: 10720
Iowa Debt Management License
Iowa Division of Banking
200 East Grand Avenue
Suite 300
Des Moines, IA 50309
License Number: DM-2006-0287
Kansas Credit Services Organization License
Kansas Office of the State Bank Commissioner
700 SW Jackson
Suite 300
Topeka, KS 66603
License Number: CSO.0000031
The Kansas Office of the State Bank Commissioner will accept questions and complaints from consumers regarding Cambridge Credit Counseling Corp. at the address above or by calling toll-free (877) 387-8532.
Kentucky Registered Debt Adjuster
Kentucky Office of the Attorney General
Office of Consumer Protection
1024 Capital Center Drive
Suite 200
Frankfort, KY 40601
License Number: File #02
Maine Debt Management Service Provider Registration
Maine Department of Professional and Financial Regulation
Bureau of Consumer Credit Protection
35 State House Station
Augusta, Maine 04333-0035
License Number: DMS5616
Maryland Debt Management Services License
Maryland Office of Financial Regulation
100 S. Charles Street
Tower 1, Suite 5300
Baltimore, Maryland 21202
License Number: 938355
The State of Maryland requires us to advise you of the availability of the NMLS Consumer Access Website to verify our license status:
NMLS Number: 938355
The commissioner of financial regulation for the state of Maryland will accept questions and complaints from Maryland residents regarding Cambridge Credit Counseling Corp at the address above or by calling toll-free (888) 784-0136.
Michigan Licensed Debt Management Company
Michigan Department of Insurance and Financial Services
530 West Allegan Street
7th Floor
Lansing, MI 48933
(877) 999-6442
License Number: 0010556
Minnesota Debt Management Services Provider Company License
Minnesota Department of Commerce
Main Office, Golden Rule Building
85 7th Place East - Suite 280
Saint Paul, MN 55101
License Number: MN-DM-938355
Mississippi Debt Management Service Provider License
Mississippi Department of Banking and Consumer Finance
P.O. Box 12129
Jackson, MS 39236-2129
License Number: 938355
Montana Registered Consumer Debt Management Service
Montana Department of Justice
Office of Consumer Protection
P.O. Box 200151
Helena, MT 59620-0151
License Number: 184958
Nebraska Debt Management Agency License
Nebraska Secretary of State
Licensing Division
1201 N Street (Ste 120)
Lincoln, NE 68508
License Number: No Number Issued
Nevada Debt Management Services Registration
State of Nevada Financial Institutions Division
Department of Business and Industry
1830 E. College Parkway, Suite 100
Carson City, NV 89706
License Number: DMSM11012
New Hampshire Licensed Debt Adjuster
New Hampshire Banking Department
53 Regional Drive
Suite 200
Concord, NH 03301
License Number: 938355DA
New Jersey Licensed Debt Adjuster
New Jersey Department of Banking and Insurance
Licensing Services Bureau
PO Box 473
Trenton, NJ 08625-0473
License Number: 0518603-C14
New York Licensed Budget Planner
New York State Department of Financial Services
One State Street
New York, NY 10004
License Number: BP 102555
Oregon Debt Management Service Provider Registration
Oregon Department of Consumer and Business Services
Division of Financial Regulation
350 Winter Street NE, Room 410
Salem, OR 97301-3881
License Number: DM-80020
Pennsylvania Debt Management Services
Pennsylvania Department of Banking and Securities
Non-Depository Licensing Office
17 North Second Street, Suite 1300
Harrisburg, PA 17101
License Number: 23256
Rhode Island Debt Management Services Registration
State of Rhode Island Department of Business Regulation
Division of Banking
1151 Pontiac Avenue, Bldg. 68-1
Cranston, RI 02920
License Number: 20132893DM
South Carolina Licensed Credit Counseling Organization
State of South Carolina Department of Consumer Affairs
293 Greystone Boulevard, Suite 400
Columbia, SC 29210
License Number: CCL-144579
Tennessee Licensed Debt Management Service
Tennessee Department of Commerce and Insurance
500 James Robertson Parkway
9th Floor - Davy Crockett Tower
Nashville, TN 37243-0565
License Number: 17
Texas Registered Debt Management Service Provider
Office of Consumer Credit Commissioner
Finance Commission Building
2601 N. Lamar Boulevard
Austin, TX 78705
Registration Number: 125729
US Virgin Islands Debt-Management Service Provider
US Virgin Islands Office of the Lieutenant Governor
Division of Banking, Insurance and Financial Regulation
#5049 Kongens Gade
St. Thomas, USVI 00802
License Number: DMSP-02
Utah Registered Debt Management Service
Department of Commerce
Division of Consumer Protection
160 East 300 South, Box 146704
Salt Lake City, UT 84114-6704
License Number: 6760639-DBTM
Vermont Licensed Debt Adjuster
State of Vermont
Department of Financial Regulation
89 Main Street
Montpelier, VT 05620-3101
License Number: DA-28
Virginia Credit Counseling Agency
Cambridge Credit Counseling Corp. is licensed by the Virginia State Corporation Commission
Bureau of Financial Institutions
State Corporation Commission
1300 East Main Street, Suite 800
P.O. Box 640
Richmond, VA 23218-0640
License Number: DC-91
Wisconsin Licensed Adjustment Service Company
Wisconsin Department of Financial Institutions
4822 Madison Yards Way
North Tower
Madison, WI 53705
License Number: 272
Due to exemption or the absence of a licensing requirement, Cambridge is also conducting business in the following 18 states:
- Alaska
- Arkansas
- California
- Florida
- Georgia
- Hawaii
- Louisiana
- Massachusetts
- Missouri
- New Mexico
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- South Dakota
- Washington
- West Virginia
- Wyoming
Cambridge is not currently conducting business in the following states or territories:
- Puerto Rico
WE ARE NOT LAWYERS#
We are credit counselors who specialize in providing the information people need to more effectively manage their credit and debt. In the course of a consultation, a responsible counselor should advise you of the options suited to your financial circumstances. Among many alternatives, this can include the liquidation of assets you may have, budget adjustments you might consider making, negotiating with your creditors on your own, enrolling in a debt management plan, or consulting with a bankruptcy attorney. You must bear in mind that our advice is not legal advice, and that our counselors are not authorized to provide such counsel.
According to the Code of Ethics our counselors are sworn to uphold, a counselor should only provide counsel within his or her area of expertise. If your circumstances indicate that you should also consult with a professional in some other area, we’ll advise you accordingly.
NO FALSE PROMISES#
Our counselors are thoroughly trained and independently certified, so why don’t we guarantee that your credit standing will improve if you simply follow our advice? The easy answer is that as a responsible agency, we can’t give any kind of guarantee, even though we stand behind the soundness of our advice. It sounds contradictory, but there are two reasons for this we’re certain you’ll appreciate.
- We can’t be with you 24 hours a day to monitor your financial behavior, and;
- Lenders make their own decisions to grant credit, and the decisions they make are based on a number of variables that extend well beyond the scope of our service.
We know what has worked for millions of Americans in the past, and that our advice is echoed by experts throughout the financial services industry, but we can’t provide any kind of guarantee.
Required Michigan Disclosures#
In accordance with the Michigan Debt Management Act and Administrative Code 451.1235 Rule 15.(1), Licensees must disclose the following:
451.423 Initial fee; consent of creditor; presumption.
Sec. 13.
When a licensee establishes a debt management plan for a debtor, the licensee may charge and receive an initial fee of $50.00.
A licensee shall attempt to obtain consent to participate in a debt management plan from at least 51%, in number or dollar amount, of the debtor’s creditors within 90 days after establishing the debt management plan. If the required consent is not actually received by the licensee, the licensee shall provide notice to the debtor of the lack of required consent and the debtor may, at its option, close the account. If the debtor decides to close the account, any unexpended funds shall be returned to the debtor or disbursed as directed by the debtor.
451.424 Contract between licensee and debtor; requirements.
Sec. 14. (1) A contract between a licensee and debtor shall include all of the following:
- (a) Each creditor to which payments will be made and the amount owed each creditor. A licensee may rely on records of the debtor and other information available to it to determine the amount owed to a creditor.
- (b) The total amount of the licensee’s charges.
- (c) The beginning and termination dates of the contract.
- (d) The principal amount and approximate interest charges of the debtor’s obligations to be paid under the debt management plan.
- (e) The name and address of the licensee and of the debtor.
- (f) Any other provisions or disclosures that the director determines are necessary for the protection of the debtor and the proper conduct of business by a licensee.
451.428 Fee under debt management plan; purchase of credit reports or educational materials and products; charge for cancellation or default; when contract effective; cancellation of contract; excessive charge.
(1) In addition to the fee described in section 13(1), a licensee may charge a reasonable fee for providing debt management services under a debt management plan. The fee under this subsection shall not exceed 15% of the amount of the debt to be liquidated during the express term of the plan.
(2) A licensee may offer a debtor the option to purchase credit reports or educational materials and products, and charge a fee to the debtor if the debtor elects to purchase any of those items from the licensee. Fees charged under this subsection are not subject to the 15% limitation on fees described in subsection (1).
(3) Except for a cancellation described in subsection (4), in the event of cancellation of or default in the performance of the contract by the debtor before its successful completion, a licensee may collect $25.00 in addition to any fees and charges of the licensee previously received by the licensee. This $25.00 fee is not subject to the 15% limitation on fees and charges under subsection (1).
When a contract takes effect, and what happens on default
(4) A contract is in effect when it is signed by the licensee and the debtor and the debtor has made a payment of any amount to the licensee. The debtor has the right to cancel the contract until 12 midnight of the third business day after the first day the contract is in effect by delivering written notice of cancellation to the licensee. A cancellation described in this section is not subject to, and a licensee shall not collect, the fee described in subsection (3).
(5) If a debtor fails to make a payment of any amount to a licensee within 60 days after the date a payment is due under a contract, the licensee may, in its discretion, cancel the debt management contract if it determines that the plan is no longer suitable for the debtor, the debtor fails to affirmatively communicate to the licensee the debtor’s desire to continue the plan, or the creditors of the debtor refuse to continue accepting payments under the plan.
(6) A licensee shall not contract for, receive, or charge a debtor an amount greater than authorized by this act. A person that violates this subsection, except as the result of an inadvertent clerical or computer error, shall return to the debtor the amount of the payments received from or on behalf of the debtor and not distributed to creditors, and, as a penalty, an amount equal to the amount overcharged.