Cambridge Credit Counseling Corp
Public records show a registered, tax-exempt organization in good standing.
What it says it does
The organization specializes in providing education and counseling services to individuals and groups who are concerned about their financial situation. If appropriate, the organization also helps individuals establish affordable and convenient debt management plans to help them repay their debts in a timely manner. As a HUD-approved housing counseling agency, the organization also provides pre- and post-purchase counseling, rental and reverse mortgage counseling, and foreclosure intervention and default counseling. The organization has also been approved by the Executive Office for U.S. Trustees to provide pre-filing credit counseling and pre-discharge debtor education to consumers filing for bankruptcy protection.
- Income
- $9.0 million
- Spending
- $9.9 million
- Spent on programs
- 70%
- Reserves
- 9 months of spending
- Largest source of income
- fees for its services, 86%
- Employees
- 90
- Highest pay
- $313,107, president & ceo
Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Financial health
Good: 72 out of 100. Higher than 49% of charities in its peer group (human services, $1m to $10m).
Reserves
28 of 35Spendable reserves would cover 9.0 months of spending.
Debt
10 of 20It owes 36% of what it owns.
Living within its means
4 of 15Spending exceeded income by 10% of income.
Income trend
15 of 15Income rose 2% on the year before.
Spending floor
15 of 1570% of spending went to programs and raising each dollar of donations cost 0 cents.
Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Governance
Strong: 100 out of 100. Higher than 65% of charities in its peer group (human services, $1m to $10m).
Independent board
25 of 2510 of 12 voting board members are independent.
Conflict of interest policy
15 of 15Has a written conflict of interest policy.
Whistleblower policy
8 of 8Has a written whistleblower policy.
Record keeping policy
7 of 7Has a written policy on keeping and destroying records.
Board minutes
5 of 5Keeps minutes of board meetings.
Board sees the tax return
10 of 10Gave the board a copy of this return before filing it.
Pay set independently
5 of 5Sets its chief executive's pay through independent review and comparison.
Independent check of accounts
15 of 15Its accounts were audited by an independent accountant.
No reported misuse
10 of 10Reports no diversion of assets, excess benefits or loans to insiders.
Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Impact evidence
Describes programs. Its tax return describes what it does but we have found no measurable results in it.
Programs described in its return (3)
- $6.9 million spent. Individualized Educational Financial Counseling Cambridges tax-exempt status is based on the provision of financial education to the public. The organizations primary method of fulfilling this exempt purpose was accomplished through the provision of 43,996 individual educational financial counseling sessions. Cambridge provides financial counseling, education, and debt management programs to individuals in 50 states. Every individual who requests assistance from the organization is given the opportunity to participate in a comprehensive evaluation of his or her financial circumstances, conducted by one of the organizations forty-one independently certified credit counselors. Cambridges counselors are certified by the National Foundation for Credit Counseling, whose certification programs have been reviewed and approved by those states that require approval of counselor certification programs. Cambridges financial analysis is aimed at identifying the best course of action for each individual, allowing the Cambridge counselor to provide education and budgeting information appropriate to each persons circumstances. This assessment, which is performed at no cost and without obligation, is based on statutory requirements for identifying an individuals current financial condition, and, when necessary, appropriate techniques are used to discover the factors and behaviors that may be contributing to the individuals circumstances. To help ensure that all debts are discussed and to verify the accuracy of the account information provided, Cambridge has established an arrangement with Trans Union that allows Cambridge counselors to review each individuals credit report at no cost to the individual. On the basis of the information developed during the counseling session and through documentation of income and expenses, an appropriate Action Plan will be created and provided to the individual. If a financial assessment indicates that the consumer would not reasonably be able to alleviate his or her debt without significant creditor concessions, Cambridge will offer the option of enrolling in its educational debt management plan (DMP) to help the individual establish an affordable and convenient plan to repay his or her current debts in a timely manner. If, on the other hand, creditor concessions are unlikely or unnecessary under the individuals circumstances, the counselor will advise the individual of any other appropriate steps that he or she may take to address his or her financial condition. Regardless of the individuals enrollment, however, all consumers are encouraged to participate in post-counseling sessions with Cambridge counselors, and they are also provided with the most current editions of Cambridges free financial management guides, which the public may also access for free on Cambridges website, www.cambridgecredit.org.Between 7/1/2024 and 6/30/2025, Cambridge provided 43,996 individual counseling sessions. Of the roughly 31,203 individuals who contacted the agency for the first time, 6,346 (20.34%) enrolled in Cambridges debt management program. For these individuals, DMP enrollment is only one aspect of Cambridges educational counseling program.As the Consumer Federation of America, American Express, and the GeorgetownUniversity Credit Research Center noted in a joint 2006 report entitled Evaluating the Effects of Credit Counseling (the CFA Report), effective debt management plans contain a meaningful educational component. The effect of this education was evidenced by significantly improved credit profiles and a reduced risk of bankruptcy filing, which the report attributed to the DMP experience itself, e.g., budgeting to make regular DMP payments, continued interaction with and reinforcement from the counseling agency. Cambridges policy of establishing post-counseling follow-up contact with all consumers who receive a financial assessment and budget review is consistent with the conclusions of the CFA report: participation in a debt management plan provides an educational benefit for the individual, particularly when contact with the counselor is extended throughout the period of enrollment. The data collected through client surveys supports this approach. Although a DMP can be instrumental in helping people become debt-free in five years or less, enrollment alone does not prevent them from reverting to previous behaviors, attitudes and spending patterns that resulted in the need to contact a counseling agency. For this reason, Cambridge periodically contacts clients and consumers after their initial sessions to offer additional counseling.The goal of the post-counseling program is to determine whether or not the individual has begun to follow his or her Action Plan, to offer encouragement and advice to help them take the steps that have been recommended, and to offer additional counseling for any issues that may not have been introduced previously. Each participant will receive a Financial Checkup from his or her counselor every six months for the duration of their enrollment in the program. In addition to addressing the participants particular issues, these follow-up calls continue building the participants financial skills by emphasizing the need to create and follow working budgets, to record all expenses, to implement appropriate savings plans, and to develop realistic short- and long-term financial goals.Within 45 days of the initial request for assistance, Cambridge counselors also contact each individual whose financial assessment indicated that DMP enrollment would either not be necessary or for whom creditors would be unlikely to grant meaningful concessions. This is done to verify that the individual has received all of the free educational materials provided by Cambridge and, more important, that the individual has begun to utilize the tools and advice that his or her counselor provided in the individuals Action Plan. The consumer is encouraged to access the companys edu
- Cambridge offers no-cost financial management education to individuals in a number of different ways. Cambridge provides outreach programs to members of its local community, including a significant number of non-profit social service agencies. Cambridge also offers financial management seminars and lesson plans to colleges and high schools, both locally and nationally. In addition, Cambridge provides a number of free online resources, including financial calculators, videos, guidebooks, informational articles, and budgeting tools. Finally, and perhaps most important, Cambridge provides comprehensive one-on-one financial assessments and counseling to any individual interested in improving his or her understanding of sound credit and debt management principles.The results of Cambridges financial assessments indicate that 15-20% of participants would be incapable of alleviating their own debt in less than five years without significant creditor concessions. Cambridge believes that, of the remaining 80-85% of individuals who have problems with money management and debt, the majority lack a basic understanding of the fundamentals of personal finance. To address this issue, 29 states have passed legislation requiring high school students to pass a course in personal finance before graduating, but the effects wont be seen for years. In the meantime, educational nonprofits are doing what we can to help consumers understand the basics of credit, debt, and personal money management.In its local community, Cambridge provides free financial literacy education and counseling to veterans receiving services through local shelters and through HUDs VASH program. The agencys staff also presents financial literacy seminar series to inmates and former prisoners through programs delivered through the Connecticut Federal Re-Entry Courts and through the Hampden County Sheriffs Department, and to volunteers working with senior citizens through programs provided by Greater Springfield Senior Services. Cambridges Education Department staff also provides financial literacy and/or student loan education to several colleges, and we co-produce 6-7 major Credit for Life Fairs for area high school students every spring. The staff has been able to move some classes online, conducting free financial literacy and student loan counseling webinars to members of the Massachusetts, Connecticut, and New York teachers unions, and to the Public Employees Federation of New York, the states largest public employee union. From 7/1/2024 to 6/30/2025, Cambridges Education Department presented 314 free financial seminars and webinars to 6,726 participants throughout Massachusetts, Connecticut, and New York. Cambridge also provided a wide variety of free educational video content on the Internet. During that same period, Cambridges 246 videos were viewed a total of 6,677 times, and our social media content was viewed by an additional 57,954 individuals.
- Housing Counseling - In 2010, after a comprehensive application and on-site examination process, Cambridge became a HUD-approved housing counseling agency. Nearly half of Cambridge's counselors now hold one or more NeighborWorks certifications in foreclosure prevention counseling, pre- and post-purchase counseling, rental, and reverse mortgage counseling. The vast majority of these services are provided for free to the public. (Cambridge's reverse mortgage counseling fee of $125 is in keeping with HUD guidelines but can be waived, and participants in Cambridge's eight-hour pre-purchase class pay a nominal fee of $50 for materials.) Cambridge's reverse mortgage counseling program has also been approved by the Massachusetts Executive Office of Elder Affairs. From 7/1/2024 to 6/30/2025, Cambridge provided 45 free one-on-one foreclosure prevention counseling sessions. 430 prospective homebuyers attended Cambridges pre-purchase classes, and 223 participants subsequently received free follow-up housing counseling sessions from the agency. During the time period, Cambridge also conducted 4,012 reverse mortgage counseling sessions, 306 of which were provided free of charge.Bankruptcy Counseling - In the fall of 2011, following an exhaustive round of applications and examinations, Cambridge received approval from the Executive Office for United States Trustees to provide credit counseling and debtor education services to financially troubled consumers who are considering bankruptcy or who are awaiting the discharge of their debt. From 7/1/2024 to 6/30/2025, Cambridge conducted pre-filing credit counseling sessions for 466 individuals and provided pre-discharge debtor education courses to 224 individuals.
Source: Form 990 for the year ending June 30, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Legitimacy checks
Is it registered with the IRS? Passed.
Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
Has the IRS revoked its tax-exempt status? Passed.
Not on the IRS automatic revocation list.
Source: Automatic revocation of exemption list, Internal Revenue Service, file dated September 30, 2026.
Are donations tax-deductible? Passed.
On the IRS list of organizations eligible to receive tax-deductible contributions.
Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated September 10, 2026.
Is it keeping up with its IRS filings? Passed.
Most recent return on file covers the year ending June 2025.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
How long has it been tax-exempt? Passed.
Recognized by the IRS since December 2012.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
Is it in good standing with state regulators? Passed.
Not on California's list of charities barred from soliciting. Other states are not yet checked.
Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 7, 2026.
Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.