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by Kevin C. SirBladis

Your credit history is a very important part of your financial life. It can determine whether you can buy a house or a car, and how much you'll pay for it.

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Consumer Credit Counseling Service or CCCS is a nonprofit debt counseling service that assists consumers who are over their heads in debt. It's important to know that CCCS (and companies like them) are funded and controlled by the credit grantors and the credit bureaus.

There are countless other companies that call themselves debt counselors, credit counselors, or debt consolidators. Many of these companies are officially non-profit, but don't let that fool you. Some of the wealthiest people we've met in this industry run non-profit debt consolidation companies.

Debt consolidators can provide a beneficial service to the consumer. They can freeze late penalties, lower the interest rate, and consolidate all your credit card payments into one monthly bill. If you make your payments as scheduled, you can pay off all your debt in a few years, saving thousands of dollars.

But these companies make money from you (often, your first monthly payment goes to them, as well as a monthly payment) AND they make money from the creditors, who pay them to "manage" the collection of your account.

Because of the obvious allegiance these companies have with the credit bureaus, you cannot reasonably expect them to do anything that the credit bureaus would frown upon, such as help you repair your credit.

In fact, if you decide to leave a debt consolidation program before you have finished it, they can list your failure to complete the process as a negative listing on your credit report.

Also, when you are participating in the debt consolidation, your creditors will often note it on your credit report. If you have perfect credit, and wish to keep it, you may not want to use a credit counseling/debt consolidation service. These services usually create negative listings because their process will generally make you late on your bills at least 30 days.

The fact that you resorted to a debt counseling program alone is a red flag for prospective credit grantors.

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