After a couple of posts regarding "Help With My Credit" and the Web site HelpWithMyCredit.org I received several questions about the new program. Here are the most frequently asked questions and the answers to these questions.
WHAT IS HELP WITH MY CREDIT?
Help With My Credit is a resource provided by leading credit card issuers and payments to networks to raise awareness and educate consumers struggling to make their credit card payments about assistance available to them, including the work the companies are already doing individually to assist their cardholders.
The companies participating in Help with My Credit have joined together to make it easier for consumers who are unsure about where to turn for help to access tools and information that can help them get back on track. These credit card issuers and payments networks understand that many consumers are unaware of resources available to assist them in managing their credit.
Help With My Credit features a toll free phone number, 1-866-941-1030, that informs consumers about resources of payment assistance, such as specialized customer service representatives within individual credit card issuers, or accredited credit counseling agencies. It also includes a web site, HelpWithMyCredit.org, where consumers can find helpful information about how to manage their credit cards, better communicate with their credit card issuers, and identify and speak with an accredit credit counselor.
WHO IS INVOLVED IN HELP WITH MY CREDIT?
Currently, companies participating in Help With My Credit include credit card issuers Bank of America, Capital One, Citi and Discover Card, in cooperation with payments networks MasterCard and Visa.
WHY DID THE COMPANIES LAUNCH HELP WITH MY CREDIT?
There is a real need to raise awareness of the resources available for consumers struggling with credit card payments. The credit card issuers and payments networks participating in Help With My Credit understand that many consumers are unaware of resources available to assist them in managing their credit.
Many consumers who are struggling to make their credit card payments are unsure about where to turn for help. Help With My Credit was launched to let consumers know that they should call their issuing banks if they are struggling to make their credit card payments. It is in both the lender and borrower's interest for the consumers to make their card payments. Card issuers can work with consumers to keep them from falling behind. Help with My Credit can also help direct consumers to an accredited credit counseling agency.
WHAT DOES HELP WITH MY CREDIT PROVIDE TO CONSUMERS?
The Help With My Credit Web site, HelpWithMyCredit.org, offers tools and information to help consumers better understand how to manage their credit cards, effectively communicate with their credit card issuer, and identify and speak with an accredited credit counselor.
Help With My Credit also features a toll free phone number, 1-866-941-1030, that directs consumers to additional sources of payment assistance, such as specialized customer service representatives within individual credit card issuers, or accredited counseling agencies.
HOW DOES THE TOLL FREE NUMBER WORK?
The toll free number (1-866-942-1030) is based in the United States and answered by live operators Monday through Friday 8:00 a.m. to midnight (ET) and Saturday 8:00 a.m. to 5:00 p.m. (ET). The operators at the toll free number will not serve in a counseling role or collect any personal financial information from callers, but rather will inform consumers about the resources available to them including the member companies, accredited credit counselors, the Help With My Credit Web site, and a consumer brochure.
Callers experiencing problems with making payments related to a credit card account from one of the participating card issuers will be transferred directly to that issuer. If these callers prefer not to work with their institution directly, Help With My Credit operators will be able to connect them to an accredited credit counseling agency.
Callers to the toll free number who have problems with multiple credit cards will be encouraged to speak with their credit card issuers or, alternatively, to speak with an accredited credit counselor. If callers have problems with multiple types of debt beyond credit cards, they will be encouraged to speak with a credit counseling agency. If the caller is interested in credit counseling, the Help With My Credit operator will either transfer them to one of three national credit counseling agencies or encourage them to visit HelpWithMyCredit.org for information about credit counseling and contact information for accredited counseling agencies in their area.
WHERE WILL THEY DIRECT CONSUMERS WHO HAVE CREDIT PROBLEMS BUT DO NOT HAVE A CARD ISSUED BY ONE OF THE PARTICIPATING CARD ISSUERS?
Consumers who call the toll free phone number and are struggling to make payments on a card issued by a non-participating issuer will be offered similar choices. The main difference is that customers of participating credit card issuers will be provided a transfer to the participating card issuer or a transfer to one of three participating accredited credit counselors.
Non-participating issuers' customers will be instructed on how to look on the back of their card for the appropriate phone number. If they choose to speak with a credit counselor, consumers will be directed to HelpWithMyCredit.org where individuals will find two different publicly available Web sites: the National Foundation for Credit Counseling (NFCC) and the Association of Independent Consumer Credit Counseling Agencies (AICCCA), both of which offer listings of accredited credit counselors on their respective Web sites.
WHY ARE THEY DIRECTING CONSUMERS TO CREDIT COUNSELORS?
many consumers are struggling with multiple issues, such as a home mortgage, multiple credit cards or loans. In these cases, we recommend that they speak with an accredited credit counselor who can help them take stock of their entire financial situation and help them map out a plan to achieve overall financial stability. All of the credit counselors referred to consumers by Help With My Credit Program are accredited by either the National Foundation for Credit Counseling (NFCC) or the Association of Independent Consumer Credit Counseling Agencies (AICCCA).
WHAT WILL VISITORS FIND ONLINE?
The Help With My Credit Web site, HelpWithMyCredit.org, is designed to offer consumers a wide range of helpful information in one place that can help them understand how to take the next step to deal with their specific credit issues. It also includes information about how to manage credit cards wisely, effectively communicate with credit card issuers, and if needed, determine how to identify and speak with an accredited credit counselor.
WILL ONLY PEOPLE WITH CREDIT CARD PROBLEMS BE HELPED BY THIS RESOURCE? WHAT IF PEOPLES' FINANCIAL PROBLEMS INCLUDE OTHER ISSUES BEYOND CREDIT CARDS? WILL THEY BE HELPED?
Help With My Credit is designed specifically for people who are struggling with credit card payments. Consumers experiencing broader financial issues may wish to speak with a financial issues may wish to speak with a financial planner or an accredited credit counselor.
Hope that answers some of the questions we've been getting. If there are any more questions let's hear them we'll get them answered.
WHAT IS HELP WITH MY CREDIT?
Help With My Credit is a resource provided by leading credit card issuers and payments to networks to raise awareness and educate consumers struggling to make their credit card payments about assistance available to them, including the work the companies are already doing individually to assist their cardholders.
The companies participating in Help with My Credit have joined together to make it easier for consumers who are unsure about where to turn for help to access tools and information that can help them get back on track. These credit card issuers and payments networks understand that many consumers are unaware of resources available to assist them in managing their credit.
Help With My Credit features a toll free phone number, 1-866-941-1030, that informs consumers about resources of payment assistance, such as specialized customer service representatives within individual credit card issuers, or accredited credit counseling agencies. It also includes a web site, HelpWithMyCredit.org, where consumers can find helpful information about how to manage their credit cards, better communicate with their credit card issuers, and identify and speak with an accredit credit counselor.
WHO IS INVOLVED IN HELP WITH MY CREDIT?
Currently, companies participating in Help With My Credit include credit card issuers Bank of America, Capital One, Citi and Discover Card, in cooperation with payments networks MasterCard and Visa.
WHY DID THE COMPANIES LAUNCH HELP WITH MY CREDIT?
There is a real need to raise awareness of the resources available for consumers struggling with credit card payments. The credit card issuers and payments networks participating in Help With My Credit understand that many consumers are unaware of resources available to assist them in managing their credit.
Many consumers who are struggling to make their credit card payments are unsure about where to turn for help. Help With My Credit was launched to let consumers know that they should call their issuing banks if they are struggling to make their credit card payments. It is in both the lender and borrower's interest for the consumers to make their card payments. Card issuers can work with consumers to keep them from falling behind. Help with My Credit can also help direct consumers to an accredited credit counseling agency.
WHAT DOES HELP WITH MY CREDIT PROVIDE TO CONSUMERS?
The Help With My Credit Web site, HelpWithMyCredit.org, offers tools and information to help consumers better understand how to manage their credit cards, effectively communicate with their credit card issuer, and identify and speak with an accredited credit counselor.
Help With My Credit also features a toll free phone number, 1-866-941-1030, that directs consumers to additional sources of payment assistance, such as specialized customer service representatives within individual credit card issuers, or accredited counseling agencies.
HOW DOES THE TOLL FREE NUMBER WORK?
The toll free number (1-866-942-1030) is based in the United States and answered by live operators Monday through Friday 8:00 a.m. to midnight (ET) and Saturday 8:00 a.m. to 5:00 p.m. (ET). The operators at the toll free number will not serve in a counseling role or collect any personal financial information from callers, but rather will inform consumers about the resources available to them including the member companies, accredited credit counselors, the Help With My Credit Web site, and a consumer brochure.
Callers experiencing problems with making payments related to a credit card account from one of the participating card issuers will be transferred directly to that issuer. If these callers prefer not to work with their institution directly, Help With My Credit operators will be able to connect them to an accredited credit counseling agency.
Callers to the toll free number who have problems with multiple credit cards will be encouraged to speak with their credit card issuers or, alternatively, to speak with an accredited credit counselor. If callers have problems with multiple types of debt beyond credit cards, they will be encouraged to speak with a credit counseling agency. If the caller is interested in credit counseling, the Help With My Credit operator will either transfer them to one of three national credit counseling agencies or encourage them to visit HelpWithMyCredit.org for information about credit counseling and contact information for accredited counseling agencies in their area.
WHERE WILL THEY DIRECT CONSUMERS WHO HAVE CREDIT PROBLEMS BUT DO NOT HAVE A CARD ISSUED BY ONE OF THE PARTICIPATING CARD ISSUERS?
Consumers who call the toll free phone number and are struggling to make payments on a card issued by a non-participating issuer will be offered similar choices. The main difference is that customers of participating credit card issuers will be provided a transfer to the participating card issuer or a transfer to one of three participating accredited credit counselors.
Non-participating issuers' customers will be instructed on how to look on the back of their card for the appropriate phone number. If they choose to speak with a credit counselor, consumers will be directed to HelpWithMyCredit.org where individuals will find two different publicly available Web sites: the National Foundation for Credit Counseling (NFCC) and the Association of Independent Consumer Credit Counseling Agencies (AICCCA), both of which offer listings of accredited credit counselors on their respective Web sites.
WHY ARE THEY DIRECTING CONSUMERS TO CREDIT COUNSELORS?
many consumers are struggling with multiple issues, such as a home mortgage, multiple credit cards or loans. In these cases, we recommend that they speak with an accredited credit counselor who can help them take stock of their entire financial situation and help them map out a plan to achieve overall financial stability. All of the credit counselors referred to consumers by Help With My Credit Program are accredited by either the National Foundation for Credit Counseling (NFCC) or the Association of Independent Consumer Credit Counseling Agencies (AICCCA).
WHAT WILL VISITORS FIND ONLINE?
The Help With My Credit Web site, HelpWithMyCredit.org, is designed to offer consumers a wide range of helpful information in one place that can help them understand how to take the next step to deal with their specific credit issues. It also includes information about how to manage credit cards wisely, effectively communicate with credit card issuers, and if needed, determine how to identify and speak with an accredited credit counselor.
WILL ONLY PEOPLE WITH CREDIT CARD PROBLEMS BE HELPED BY THIS RESOURCE? WHAT IF PEOPLES' FINANCIAL PROBLEMS INCLUDE OTHER ISSUES BEYOND CREDIT CARDS? WILL THEY BE HELPED?
Help With My Credit is designed specifically for people who are struggling with credit card payments. Consumers experiencing broader financial issues may wish to speak with a financial issues may wish to speak with a financial planner or an accredited credit counselor.
Hope that answers some of the questions we've been getting. If there are any more questions let's hear them we'll get them answered.
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