Vision Credit Education, Inc.

We see the ads on television about debt management companies, debt settlement firms and bankruptcy attorneys. Each of these companies sells a specific service. So how do you know what service you need? An educational charity can help you discover your best options through a counseling session without the sales pitch.

There are reputable for-profit companies and there are reputable nonprofit organizations that can provide great services. If you call the wrong one, you could find yourself in a high-pressure sales pitch to sign onto a single service.

The reason that a nonprofit credit counseling organization can be the best option is that they will help you determine what your options are based on your own unique personal situation. In addition, they will help you evaluate how feasible your various options are. They will give you the information and support to make the right decision.

IRS Audits

You may have heard that many nonprofit credit counseling organizations were being audited by the Internal Revenue Service. That is true. Another fact is that while some have already been stripped of their nonprofit status, others are still operating as nonprofit organizations pending an appeal of a revocation.

This can make it more difficult to determine which organizations are operating with IRS approval, since audits are kept secret until a revocation is announced. You can still find a reputable organization that is a true nonprofit charity.

First of all, understand that Vision Credit Education was granted tax-exempt nonprofit status under Internal Revenue Code 501(c)(3). We received this distinction using the new stricter IRS guidelines for approving nonprofit credit counseling organizations. Vision Credit Education meets IRS regulations and has been awarded nonprofit status by the IRS.

Other organizations may not be as easy to determine the nature of their nonprofit status. However, here are things to look for if the organization can be expected to maintain charity status:

• substantial public education and outreach
• frequent classes and seminars
• highly trained and accredited counselors
• ability to meet face-to-face
• behave true to their mission

Remember that newer IRS guidelines restrict nonprofit credit counseling organizations from spending massive amounts of money on advertising. If you saw them on television or clicked on an internet banner advertisement, chances are you are contacting a for-profit company. Worse yet, it may just be a company that sells referrals to other for-profit companies. You could end up getting bombarded by up to three debt management or debt settlement companies simply by filling out an online request.

It does make a difference to work with a nonprofit charity that is in good standing. There you can get the information you need. They may not have all of the answers. They may even recommend that you contact an attorney or other professional if they feel it could be beneficial. However, they will let you make the decisions and you will get objective feedback.

Vision Credit Education is proud to be a nonprofit charity that meets newer IRS guidelines. We hope that if you do not contact us, that you find another reputable nonprofit organization that can give you the help you are looking for.

It really does make a difference if an organization is nonprofit and is operating within the guidelines established for nonprofit charities. This is why some states still prohibit for-profit debt management companies from offering their version of credit counseling. Legislators know that consumers need more choices than what a single company sells. They need the support from community organizations that will provide objective information and competent levels of service. Insist on using a nonprofit credit counseling organization.