Agencies like Cambridge speak to thousands of people every month, and one of the most common questions we hear is, “Will credit counseling hurt my credit score?” The short answer is no, but that comes with an explanation. “Credit counseling” is the process by which a certified credit counselor will help you create a workable financial plan that reflects your income, expenses, and goals. Your counselor will review your finances with you, give you personalized advice to help you develop a budget, provide valuable resources you can use in that process, and recommend alternative strategies to manage your situation. This type of free consultation has no impact whatsoever on your credit standing. Now, one of the options a counselor may offer is enrollment in a debt management program, or DMP. A debt management program will impact your credit, but probably not in the way you may be thinking.
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