Credit-related Services
A credit union is a member-owned nonprofit financial cooperative, providing services like retail banks. Credit unions are commonly referred to as SACCOs in several African countries, standing for Savings and Credit Co-Operatives.
A Credit Services Organization charges consumers for services like obtaining credit extensions, improving credit ratings, and preventing mortgage foreclosures. Many states require these businesses to post a surety bond before being licensed, with the cost varying based on factors such as bond amount, finances, and credit rating.
Credit monitoring notifies individuals of suspicious or unauthorized changes in their credit reports, enabling them to minimize potential damages.
Credit Access Business
A Credit Access Business serves as a facilitator between borrowers and third-party lenders, typically assisting in arranging loans. These businesses are commonly found in areas like payday lenders and auto title lenders.
Financial Literacy Workshops
Attending money management workshops offered by credit counseling organizations improves financial literacy and control over one’s finances. These workshops provide knowledge and skills to make informed decisions and achieve financial goals.