If you are searching for the meaning of Consumer Credit Counseling Service (CCCS) in real estate and also a definition of Consumer Credit Counseling Service (CCCS), then this blog post is helpful for you.
Definition
A national non-profit agency that, at no cost, helps debtors plan budgets and repay their debts.
One major criticism of CCCS is that each office is primarily funded by voluntary donations from
the creditors that receive payments from debtors repaying their debts through that office. The goal
of CCCS is to ensure that consumers repay the debts that they owe. CCCS may arrange easy
payment plans that increase the chances for repayment, but harm a consumer’s credit in the
process. Agreeing to a payment plan and following it to the letter may not stop creditors from
reporting delinquent repayment information to credit bureaus for each month the payment falls
short of the previous minimum amount.
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