• Existing Clients: (800) 527-7595
  • New Inquiries: (800) 235-1407

Cambridge Credit Counseling
Credit Counseling Division
Frequently Asked Questions (FAQ)

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Cambridge's primary mission is to provide education and advice to those struggling to manage their debt. When choosing a credit counseling agency, always do your research. To help, Cambridge has answered some of the most frequently asked questions about credit counseling.Keep in mind that, on this page, we cannot assist you with questions regarding your present account with Cambridge. If you have such a question, please refer it to our Client Services Department by calling 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 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 anonymously.

Click on the links below to check out questions that we have 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 organization. All agencies should be trying to help you, but there are many differences between us and other debt relief 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 counseling sessions, 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 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 greatest benefits of working with 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. In addition, each week you'll receive an e-mail linking you to the latest episode of our "Your Money 2.0" web series. 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?

At no cost to you, our counselors provide a thorough 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 you decide that a debt management program is right for you, we'll send you a full breakdown going over any fee you'd be charged, if any, 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 $40.00, and the average monthly fee is only $25.22.

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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; it is considered a neutral mark. Some creditors will report your participation to the credit bureaus after your accounts are closed, and there are still some lenders out there who will view this negatively, even though you're taking control and dealing with your situation.

When you close the accounts enrolled in a debt management program, your credit scores will be reduced, though by how much it is impossible for us to calculate. The reduction is entirely dependent on the material in your credit report at that moment. 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. Cambridge has been a registered ISO 9001 organization for nearly a decade. Unlike other accreditation services that are recognized only in the United States and Canada, ISO 9001:2008 is recognized and acceptedm 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 Certifications page.

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

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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