Cambridge Credit Counseling
Cambridge Credit Counseling Corp. has been in business since 1996 and provides consumer credit counseling. Consumer Credit Counseling is a program whereby the company submits proposals to each creditor to request a lower interest rate and minimum payment. The client then makes a single monthly payment to the company and the company then extracts it’s fees and pays each creditor an agreed payment.
In researching this company, it was very clear that there are a lot of problems with the consumer credit counseling model and this program has a very low retention rate overall. That being said, Cambridge seems to have a very low consumer complaint record in comparison to other similar companies in the industry. They also seem to provide more educational services and materials to clients than other credit counseling companies.
At the time of this review, they have a “C” rating with the BBB and only 4 filed complaints in the last 36 months; all of which have been either resolved, or closed. Without knowing for sure how many clients they have, this seems to be a low number of complaints. A search of Google brought up quite a few more complaints, but they really seem to stem from the consumer credit counseling model being flawed rather than any wrongdoing by the company. The largest number of complaints seem to be that creditors do not honor the proposals and revert back to full required payments after a short time in the program.
On March 17, 2009 ChoiceREVU Editor wrote:
I am giving this company relatively high marks given that most of the complaints their clients seem to have are more focused on problems with the credit counseling model rather than the company’s practice. – ChoiceREVU Editor