What does the credit counseling agency have to provide under the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) credit counseling requirement.
The counseling agency has to provide information to you on the following topics: 1) their funding sources, 2) credit counselor qualifications 3) the significance of any repayment plan on your individual credit report 4) the cost of the counseling program (which in many cases you have to bear yourself). The credit counselors cannot receive a commission based on the outcome of the potential plan, and they must provide you with an analysis of your financial situation and suggestions on how to avoid debt in the future, and have resources sufficient to track your individual plan for the term of any restructuring they recommend.
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The counseling agency has to provide information to you on the following topics: 1) their funding sources, 2) credit counselor qualifications 3) the significance of any repayment plan on your individual credit report 4) the cost of the counseling program (which in many cases you have to bear yourself). The credit counselors cannot receive a commission based on the outcome of the potential plan, and they must provide you with an analysis of your financial situation and suggestions on how to avoid debt in the future, and have resources sufficient to track your individual plan for the term of any restructuring they recommend.
