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About Debt Management Credit Counseling Corp.
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Since 1999, Debt Management Credit Counseling Corp. (DMCC) has been dedicated to helping consumers repay their debts. As a nonprofit organization, its certified counselors offer budgeting assistance, debt management plans (DMPs), credit counseling and financial education. It provides debt management services remotely and can serve clients in all 50 states and Washington, D.C.
Pros & Cons
- Helps with payday loans
- Spanish available
- Not all pricing listed
What is Debt Management Credit Counseling Corp.?
DMCC offers both free and paid financial services. It provides free educational tools to the public and its clients through seminars at local high schools and community centers. DMCC's certified credit counselors are trained and certified by the National Association of Certified Credit Counselors (NACCC) and the Financial Counseling Association of America (FCAA).
One unique service that DMCC offers is payday loan assistance, which is a program that offers consumers a way to break the cycle of payday loan debt. Payday loans are a type of predatory lending with most balances due at the time of your next paycheck. DMCC’s program gives clients between six and 12 months to repay their payday loan.
How does Debt Management Credit Counseling Corp. work?
For DMCC’s debt management plan, there are three phases that every client goes through:
- In the enrollment phase, you list all of your unsecured debts, and DMCC gives you a quote for a monthly payment plan. This monthly cost is designed to stay the same for the entirety of the program, even if it takes you five years to be debt-free.
- Once you agree to this quote, you will set up an Automated Clearing House (ACH) payment and contact your creditors to let them know you have enrolled in a DMP and want to close your account. DMCC will also contact your creditors for program approval and to negotiate a reduction to your interest rate.
- You will then make regular monthly payments until your debt is repaid.
Debt Management Credit Counseling Corp. products and services
DMCC offers a variety of services and educational tools to help clients with their finances:
Credit counseling
Debt management plans
Bankruptcy counseling
Housing counseling
How much does Debt Management Credit Counseling Corp. cost?
Some of DMCC’s counseling services are completely free. Other plans, like the DMP, have a setup fee and monthly fee set by your state.
While DMCC does not publish all of its prices, it did post these fees:
- Credit report analysis: $49
- First-time homebuyer course: $30
- Bankruptcy counseling: $25 to $30
Debt Management Credit Counseling Corp. FAQ
What happens if I miss a payment on my DMP?
Most creditors will terminate your benefits if a payment is missed during a billing cycle, and some will not allow you to reenter a DMP agreement for one to five years.
Can Debt Management Credit Counseling Corp. help with student loans?
While you cannot enroll your student debt into a DMP, DMCC has student loan resources to help individuals with federal loans pursue deferment or forbearance, loan consolidation, a new payment plan or discharge/forgiveness.
Does DMCC offer debt settlement services?
DMCC offers a program that is similar to debt settlement that allows eligible clients to repay only 50% of their owed debt over a 36-month period. This program is marked by pre-approved creditors, so it is not clear who qualifies.
Will working with DMCC hurt my credit score?
Depending on which program you choose, your credit score could be impacted positively or negatively. For example, if you choose to use DMCC for a credit report analysis, the advice taken could improve your score. However, enrolling in a debt settlement or debt repayment program through the company could drop your score significantly.
Is Debt Management Credit Counseling Corp. legit?
DMCC is a legitimate business based in Florida. It says that it has helped over 100,000 clients pay off more than $500 million of debt and see an average payment reduction of 24%. You can contact the company for a free consultation before signing up for services.
Debt Management Credit Counseling Corp. Reviews
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- We use intelligent software that helps us maintain the integrity of reviews.
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Debt Management Credit Counseling Corp. Company Information
- Company Name:
- Debt Management Credit Counseling Corp.
- Website:
- www.dmcccorp.org