Tools commonly used in the Credit & Debt Counseling Services industry for day-to-day tasks and operations.

• Debt management software
• Credit report analysis tools
• Budgeting software
• Financial calculators
• Debt consolidation tools
• Negotiation scripts
• Credit counseling worksheets
• Credit score simulators
• Financial education materials
• Payment plan calculators

Common products and services typical of NAICS Code 812199-01, illustrating the main business activities and contributions to the market.

• Debt consolidation services
• Credit counseling agencies
• Financial coaching services
• Debt management companies
• Credit repair services
• Bankruptcy counseling services
• Student loan counseling services
• Foreclosure prevention services
• Financial wellness programs
• Debt settlement companies

The specific certifications, permits, licenses, and regulatory compliance requirements within the United States for this industry.

• Certified Credit Counselor: A certification provided by the National Foundation for Credit Counseling (NFCC) that requires passing an exam and completing a training program. It ensures that the counselor has the necessary knowledge and skills to provide credit counseling services.
• Certified Financial Counselor: A certification provided by the Association for Financial Counseling and Planning Education (AFCPE) that requires passing an exam and completing a training program. It ensures that the counselor has the necessary knowledge and skills to provide financial counseling services.
• Certified Debt Specialist: A certification provided by the International Association of Professional Debt Arbitrators (IAPDA) that requires passing an exam and completing a training program. It ensures that the counselor has the necessary knowledge and skills to provide debt counseling services.
• Certified Student Loan Professional: A certification provided by the National Institute of Student Loan Advisors (NISLA) that requires passing an exam and completing a training program. It ensures that the counselor has the necessary knowledge and skills to provide student loan counseling services.
• Certified Financial Planner: A certification provided by the Certified Financial Planner Board of Standards that requires passing an exam and completing a training program. It ensures that the counselor has the necessary knowledge and skills to provide financial planning services.

A concise historical narrative of NAICS Code 812199-01 covering global milestones and recent developments within the United States.

• The Credit & Debt Counseling Services industry has a long history dating back to the early 1900s when the first credit bureaus were established in the United States. These bureaus were created to help lenders assess the creditworthiness of potential borrowers. In the 1950s, the first credit counseling agencies were established to help consumers manage their debt. The industry continued to grow in the 1960s and 1970s as more consumers began to rely on credit to finance their purchases. In the 1990s, the industry experienced significant growth due to the increasing popularity of credit cards and the resulting rise in consumer debt. In recent years, the industry has faced new challenges due to the COVID-19 pandemic and the resulting economic downturn. Many consumers have struggled to keep up with their debt payments, leading to an increased demand for credit counseling services.

The anticipated future trajectory of the NAICS 812199-01 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.

• Growth Prediction: Stable

  The Credit & Debt Counseling Services industry in the USA is expected to grow in the coming years due to the increasing demand for financial advice and debt management services. The industry is expected to benefit from the growing number of individuals and households with high levels of debt and the need for financial education. The industry is also expected to benefit from the increasing number of baby boomers who are approaching retirement age and need help managing their finances. However, the industry may face challenges due to the increasing competition from online financial advice and debt management services. Overall, the industry is expected to grow steadily in the coming years due to the increasing demand for financial advice and debt management services.

Recent groundbreaking advancements and milestones in the Credit & Debt Counseling Services industry, reflecting notable innovations that have reshaped its landscape.

• Debt Management Apps: Several companies have developed apps that help consumers manage their debt and improve their credit scores. These apps provide personalized advice and recommendations based on the user's financial situation.
• Online Counseling Services: Many credit and debt counseling services have started offering online counseling services to reach a wider audience. These services provide personalized advice and recommendations to help consumers manage their debt and improve their financial situation.
• Debt Consolidation Loans: Some credit and debt counseling services have started offering debt consolidation loans to help consumers pay off their debt more quickly and efficiently. These loans typically have lower interest rates and can help consumers save money on interest payments.
• Financial Education Programs: Many credit and debt counseling services have started offering financial education programs to help consumers improve their financial literacy and make better financial decisions. These programs cover topics such as budgeting, saving, and investing.
• Debt Settlement Services: Some credit and debt counseling services have started offering debt settlement services to help consumers negotiate with their creditors and reduce their debt. These services can help consumers avoid bankruptcy and improve their credit scores.