A ‘Consumer Credit Counseling Service’ (CCCS) is an organization that offers assistance to consumers in managing and reducing their debt. These services often include financial education, budgeting advice, and negotiation with creditors to establish debt repayment plans.
In the context of real estate, CCCS can assist individuals in improving their creditworthiness, which is crucial when applying for mortgages.
- National headquarters: 8701 Georgia Avenue., Suite 507, Silver Springs, MD 20910.
- Phone: 1 (800) 431-8157
- Website: https://credit.org/cccs/
Related Real Estate Terminology
- Credit Score: A numerical expression based on an individual’s credit history, indicating their creditworthiness.
- Mortgage: A loan secured by a property, where the borrower must repay the loan with interest over a set period.
- Credit Report: A record of an individual’s credit history, including past borrowing and repayment behavior.
- Debt-to-Income Ratio (DTI): A measure used by lenders to assess a person’s ability to manage monthly payment and repay debts.
- Loan-to-Value Ratio (LTV): A financial term used by lenders to express the ratio of a loan to the value of the asset purchased.
- Default: The failure to pay back a loan according to the agreed terms.
- Foreclosure: The legal process by which a lender takes control of a property, evicts the homeowner, and sells the home when the homeowner defaults on their mortgage.
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