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Volume 7, Issue 3, 2007   Federal Reserve Bank of Dallas

New Scrutiny for Consumer Credit Counseling Industry

Government actions, combined with oversight and standardization from industry organizations, benefit consumers by enabling them to more easily identify agencies that work in their best interest and are certified to provide them with quality financial education. Read more »

Credit Counseling: In Person, by Phone or Online

A recent study finds that telephone and face-to-face counseling can be equally effective and appear to generate equivalent outcomes for consumers' creditworthiness two years later. The increase in telephone and online counseling may encourage consumers to seek earlier assistance for their credit and debt problems. Read more »

Choosing a Credit Counseling Agency

Consumers can go online to get advice about choosing the right agency. Read more »

News & Events

  • 'Building Wealth' Resource Now Available in Spanish
    The revised version of Building Wealth, the Dallas Fed's popular personal finance education resource, is now available in Spanish. The publication, Cómo Crear Riqueza, focuses on the three building blocks of building wealth: budgeting, saving and investing, and controlling debt. An online edition off-site link features built-in calculators and interactive worksheets, allowing users to calculate their personal net worth and set wealth-building goals. For more information, go to http://dallasfed.org/ca/wealth/index.cfm off-site link.
  • Toll-Free Hotline Offers Foreclosure Counseling
    Texas has one of the highest foreclosure rates in the country. To address this problem, local leaders launched the HOPE Partnership, which includes mortgage lenders, nonprofits and government agencies from the Dallas–Fort Worth metroplex and Houston. The focal point of the campaign is the toll-free (888) 995-HOPE [4673] hotline, which is administered by the Homeownership Preservation Foundation and provides free counseling in English and Spanish 24 hours a day, seven days a week. For more information, see www.995HOPE.org off-site link.

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