Despite this long track record, credit counseling is not without controversy. In recent years, concerns about conflicts of interest and the emergence of a new type of credit counseling agency have triggered significant legislative and regulatory activity. In this article, Bob Hunt outlines the history and development of credit counseling in the United States, highlights the concerns raised about consumer protection, and describes industry, regulatory, and legislative responses.

This article appeared in the Fourth Quarter 2005 edition of Business Review.

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