CREDIT COUNSELING F.A.Q.

Q. What is Debt Consolidation?
A. This IS NOT A LOAN -This program was designed so that you do not need to borrow any more money. Debt Consolidation is the combining of all your unsecured monthly bills into one lower monthly payment. To help get you out of debt as quickly as possible, we will lower your interest rates and reduce and/or eliminate any finance charges. This will dramatically reduce your overall debt and dramatically reduce your pay off time. Our unsurpassed client services department coupled with our industry experience will get you there quicker and give you the financial freedom you deserve!

Q. Why would my creditors agree to lower my Interest rates?
A. Bright Credit Counseling is in association with a licensed Credit Counseling Company. Because of our credit counseling agency's unique position, banks qualify for tax credits from the government when they cooperate with us.

Q. How does the program work?
A. After your initial consultation and budget review, a certified credit advisor will contact you to confirm all of your outstanding debts. Once you enroll in our program, our agency contacts your creditors to get your interest rates and monthly payments reduced to an amount that you could afford to pay. By using the most advanced computer software in the industry our agency is able to operate more efficiently then most other companies. What this means to you is better service, and an easier transition into our program. In addition, you no longer pay your creditors directly. All of your debts are consolidated into one manageable reduced payment made to us monthly. In turn, our agency disburses all your payments to your creditors on the date specified.

Q. Will I still receive harassing phone calls?
A. Upon enrollment into our debt management program your collection calls will begin to dissolve. Within as little as 2-4 weeks you can begin to answer your telephone again knowing it will not be a creditor.

Q. Why shouldn't I just file Bankruptcy?
A. Filing bankruptcy should be your last resort in solving your financial problems. It will have a negative affect on your credit report for up to 10 years. You will also have to deal with attorneys and pay court and filing fees. Most lending institutions won't even consider a credit application involving a bankruptcy.

Q. Will consolidation affect my credit rating?
A. Creditors view debt consolidation as a positive statement because you are making on time payments and a concerted effort to resolve your debt. We do not report to any credit bureaus.

Q. What is an Unsecured Debt?
A. An unsecured debt is any loan or debt that has no tangible assets or property attached to it. The most common types of unsecured debt are: credit cards, department store cards, medical bills, old utility bills, and personal loans. All types of unsecured debt can be consolidated on our program.

Q. What is Secured Debt?
A. Secured debt is a loan or debt that is collateralized by personal or real property. The most common types are mortgages and car loans. Secured debts are generally not accepted through the consolidation process.

Q. Which creditors participate in your Debt Consolidation Program?
A. Participants include all major credit card companies (Visa, Mastercard, Discover), department stores, medical clinics and hospitals, and some student loan bureaus to name a few.

Q. How do I know if I qualify for your program?
A. Anyone with at least $3,000 of unsecured debt (credit cards, dept store cards etc), can qualify. If you are seeking to rid your life of this financial burden, then click here for a free quotation.