If you received a credit card bill in the mail this month, you already have what you need to take the first step toward financial freedom. Every month tens of millions of credit card statements are mailed to consumers. As a result of the Credit Card Accountability Responsibility and Disclosure Act, commonly known as the CARD Act, every statement is required to display a toll-free number directing consumers to nonprofit credit counseling agencies for help managing their finances.
The NFCC was quick to provide a solution to issuers of credit cards, helping them comply with the mandate by providing a user-friendly National Locator Line (NLL) that automatically connects their customers to a network of nearly 800 community-based NFCC Member Agencies. As a result, the NFCC estimates that its toll-free line has been listed on 500 million statements since the implementation date of February 22, 2010.
One of the key features of the NFCC line is that callers are given the opportunity to connect to the closest local NFCC Member Agency, thus allowing consumers the choice of an in-person counseling session if preferred. Since launching the NFCC CARD Act NLL 15 months ago, consumers have strongly demonstrated their preference for counseling through local NFCC Member Agencies by selecting the local option more than 75% of the time. The NFCC line is the best solution for issuers and consumers, fully meeting compliance requirements, while providing consumers with multiple choices for high-quality financial counseling services.
For more information about the NFCC CARD Act NLL visit www.nfcc.org/cardact/index.cfm.