Money Management International (MMI) is a Houston-based credit counseling agency offering services in 23 US states and the District of Columbia, as well as nationally via a toll-free hotline. It does business under a variety of names, including: Consumer Credit Counseling Services; Centers for Financial Education;; Credit Counseling Network; and Money Management International Financial Education Foundation. A nonprofit agency, MMI is funded in part by public agencies and corporate sponsors. It also receives income from fees charged to consumers for certain services, as well as contributions from creditors when it helps them recover receivable debt. Services include personal credit counseling, debt management (through debt management plans, or DMPs), foreclosure prevention, financial education, and bankruptcy counseling. MMI bills itself as "the largest nonprofit, full-service credit counseling agency in the United States."
History
MMI has been in operation since 1958 according to its website, which provides little additional detail on the agency's history.
Credit counseling in the US was developed in the early 1950s by a trade group of retail lenders (i.e., a group representing the creditors themselves). The trade group was known at that time as the National Foundation for Consumer Credit. (The NFCC changed its name to the National Foundation for Credit Counseling in 2000.) It initially monitored legislative and regulatory activity for its members. Expansion in the use of consumer credit and in the problems related to it prompted the NFCC to create the first Consumer Credit Counseling Service (CCCS) in 1951. Over time, CCCS would grow to comprise more than 1,440 offices in the US, Canada, and Puerto Rico, operated by a number of independent agencies (e.g., CCCS of Central New Jersey, CCCS of the Gulf Coast Area, etc.).
Various independent CCCS agencies have been merging with MMI since 2000. On its website, MMI credits its former President and CEO, Terry M. Blaney, for spearheading a merger with CCCS of the Gulf Coast Area in September of that year. Blaney had previously worked as President and CEO of CCCS of the Gulf Coast Area.
MMI has also previously done business as Money Management by Mail.
MMI has completed 17 mergers since its inception, which have allowed MMI to become the nation’s largest full-service credit and debt counseling and education agency.
The following consumer credit counseling organizations have merged with MMI since its inception, in chronological order:
- CCCS of the Gulf Coast, August 31, 2000
- CCCS of the Southwest, June 30, 2001
- CCCS of Chicago, December 31, 2001
- CCCS of Virginia, June30, 2002
- CCCS of Lehigh Valley, September 30, 2002
- CCCS of Baton Rouge, October 31, 2002
- CCCS of Denver, April 25, 2003
- CCCS of San Diego, July 1, 2003
- CCCS of the East Bay, September 17, 2003
- CCCS of Maine, October 31, 2003
- CCCS of Central New Jersey, November 30, 2003
- CCCS of South Jersey, March 1, 2004
- CCCS of Mid-Oregon, August 10, 2004
- CCCS of Southern New England, January 31, 2005
- CCCS of Fort Worth, June 30, 2005
- CCCS of Washington, D.C., June 30, 2005
- CCCS of Spokane, June 30, 2005
- CCCS of Racine, WI, May 1, 2008
- CCCS of Linn-Benton, Oregon, June 30, 2008
In 2005, MMI was selected by a federal bankruptcy court to assume control of approximately 50,000 debt management plans previously managed by AmeriDebt.
Market position
According to the federal Government Accountability Office in 2006 MMI was one of the three largest credit counseling providers in the United States. From January to October of that year, MMI and the two other largest agencies - Consumer Credit Counseling Service of Greater Atlanta and GreenPath Debt Solutions - delivered more than half of all the certified BAPCPA bankruptcy prefiling credit counseling in the nation.
Education
A former CCCS CEO was quoted saying “This merger represents our commitment to providing our clients and community with the highest quality non-profit counseling services and educational resources."
MMI’s free education workshops are available to schools, where financial responsibility is taught in a classroom environment from kindergarten through college, as well as community organizations, such as churches, businesses and senior centers. . In 2007, MMI provided more than 480,000 free financial educational programs, helping consumers get out of the red and into the black. In 2007, MMI counselors assisted more than 180,000 people by providing free credit and debt counseling. MMI’s free education workshops are available to schools, where financial responsibility is taught in a classroom environment from kindergarten through college, as well as community organizations, such as churches, businesses and senior centers. In 2007, MMI provided more than 480,000 free financial educational programs, helping consumers get out of the red and into the black.
MMI also engages the community through education by recruiting and training Certified Money Management Volunteers (CMMV) from local businesses and community service organizations to teach the importance of financial responsibility. With the help of certified volunteers, MMI increases the number of classes offered and the number of people that receive financial and credit education through its programs.
Housing Counseling
MMI is a HUD-approved housing counseling and education service provider. Its counselors educate consumers about buying, financing, maintaining, and protecting their largest asset – their home. Counseling sessions and workshops on foreclosure prevention, reverse mortgage counseling, pre/post purchase counseling, home search and selection and first-time home buying are available for free to all consumers.
MMI also partners with the Homeownership Preservation Foundation and eight other nonprofit credit counseling agencies to provide free, 24/7 housing counseling via the HopeLine program (1-888-495-HOPE). The HopeLine helps people avoid foreclosure through education, counseling and free resources. In 2008 alone, MMI recommended approximately 40,000 proposals for loan modifications in lieu of foreclosure filings.
With a $16 million grant from NeighborWorks America - the largest grant amount awarded to a housing counseling agency working to support the Housing and Economic Recovery Act of 2008 - MMI offers free counseling to families at risk of losing their homes through the National Foreclosure Mitigation Counseling Program. This program is designed to help consumers understand the complex foreclosure process, review their options and identify a possible course of action, and make informed decisions. and
MMI’s Preserving Homeownership and Savings Education Strategy (PHASES) program is made possible through grant funds totaling $2 million from HSBC-North America ($1 million given in 2007 and a second $1 million grant given in 2009). This program is available to homeowners in select states and provides qualified applicants with grants to pay past due mortgage payments and other outstanding debts. The program also provides one-on-one financial counseling sessions to help ensure future financial success to keep families in their homes. In 2008, MMI awarded grants of more than $950,000 and helped over 1,700 families remain in their homes. and
Market Position
MMI is a leading provider of credit and debt counseling and education resources in the country and has been given numerous prestigious awards for its educational programs and tools, including:
- Regiftable.com won and Ad-Tech Limelight award in 2007, and LACP award in 2007 and an Interactive Media award in 2007
- In 2008, FinancialLiteracyMonth.com was recognized by the Web Marketing Association’s Web Award Financial Services Standard of Excellence and Non-Profit Standard of Excellence.
- In 2008, MMI won NeighborWorks America’s Innovations in Homeownership Contest for its innovative post-purchase strategy for consumers. MMI was recognized for its unique and effective Preserving Homeownership and Savings Education Strategy (PHASES) program.
- In 2009, FinancialLiteracyMonth.com won a Summit Creative award
As further evidence of its best practices approach to financial education and credit counseling, in 2005, MMI was selected by a federal bankruptcy court to assume control of approximately 50,000 debt management plans previously managed by AmeriDebt.
MMI continues to take a strong leadership role in the credit counseling industry by providing consumers with a quality full-service organization that is dedicated to helping them find a personalized solution to their individual financial situation,. In addition to credit counseling and Debt Management Plans, MMI offers consumers and clients a vast library of free online resources, educational articles and local community programs. AND
MMI has continued to experience an increase in inquiries, counseling sessions and active clients in recent years. In early 2000, MMI had approximately 15,000 active Debt Management Plan clients. As a result of agency mergers and increased community outreach initiatives, MMI’s portfolio today stands at over 91,000 active Debt Management Plans.
Industry Accreditations
As a member of all three of the credit counseling industry’s trade associations, the Association of Independent Consumer Credit Counseling Agencies (AICCCA), th
Consumer Credit Counseling Service
©2007 Consumer Credit Counseling Service of Greater Atlanta Inc. A member of the CredAbility TM Network 100 Edgewood Avenue Suite 1800 Atlanta, GA 30303
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© 2008 Consumer Credit Counseling Service of Greater Atlanta Inc. | A member of the CredAbility™ Network 100 Edgewood Avenue Suite 1800 Atlanta, GA 30303
Consumer Credit Counseling Service
© 2008 Consumer Credit Counseling Service of Greater Atlanta Inc. | A member of the CredAbility™ Network 100 Edgewood Avenue Suite 1800 Atlanta, GA 30303
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