Anticipating public confusion and need for CARD Act help, the National Foundation for Consumer Counseling said today that it has signed up more than 150 credit unions nationwide for its enhanced locator service to put counseling agencies in touch with consumers routed through CUs.
The Silver Spring, Md. trade group said preparations for the Feb. 22 CARD Act implementation have prompted the sign-up of CU subscribers to its National Locator Line to guide consumers to the agencies as a resource "for sorting though their financial challenges."
The NFCC pointed out the CARD Act requires issuers to prominently display a toll-free number where consumers may receive information about accessing credit counseling. "We're pleased that 150 credit unions have signed up, and we're hoping more will do the same," said an NFCC spokesperson, who noted the group has been in touch with CUNA and state leagues about CU posting the locator line on their Web sites for weeks.
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The NFCC said that the locator line "will help make consumers aware that help is available, but it will add a layer of protection by directing them to government-approved nonprofit counseling agencies for assistance."
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