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Friday, September 26, 2014

CFPB Announces Project Catalyst Credit Counseling

The CFPB is announcing a research pilot titled Project Catalyst aimed at assessing the impact of early intervention credit counseling.

Barclaycard (Barclays Bank of Delaware) and Clarifi (Consumer Credit Counseling Service of Delaware Valley) have partnered on a pilot program in which Barclaycard will offer cardholders who may need help with managing their credit card debt the opportunity to get help from Clarifi. Cardholders can then choose to enroll in Clarifi’s credit counseling services at no cost to them.

Barclaycard and Clarifi will share results from the trial with the CFPB, who aims to use the information to determine better strategies for helping consumers manage their existing debt and improve their credit scores.

Read more.

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