- Existing Clients: (800) 527-7595
- New Inquiries: (800) 235-1407
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.
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:
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.Back to top
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:
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.Back to top
Debt Management programs (DMPs) traditionally assist individuals with the following types of debt:
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.Back to top
Cambridge is a not-for-profit corporation organized under the laws of the Commonwealth of Massachusetts.Back to top
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.Back to top
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.Back to top