Last updated: July 18, 2019

Companies that Provide Debt Management Services Can Help Analyze Your Financial Situation, and Assist with a Plan to Decrease Your Debt.

These companies are licensed by the OSBC as Credit Service Organizations (CSO) to do any of the following:

  • Receive and distribute funds to creditors
  • Improve your credit record, history or rating
  • Negotiate to defer or reduce obligations

All licensed CSOs who conduct Debt Management Services will provide:

  • Credit Counseling designed to improve financial literacy
  • A Debt Management Plan (DMP) that clearly states the services provided and fees charged

Licensed CSOs are only allowed to charge:

  • A one-time consultation fee not more than $75
  • A monthly fee of $40 or $5 per creditor – whichever is less

Consumer Protections:

  •  Check the OSBC website to verify licensure
    • To complete the online license verification - Agree to the terms in the pink box, scroll down to ‘More Online Services’ and click ‘Lookup a License / Charter’.
  • Unlicensed companies may charge much higher fees or make unrealistic promises
  • Signs of a Scam - A Company Who:
    • Promises to erase your bad credit or create a new identity
    • Requires up-front payment
    • Tells you not to contact creditors or credit reporting companies directly
    • Tells you to dispute information on your credit report that you know is accurate
    • Tells you to provide false information on an application for credit