Security Clearance Debt Concerns & Solutions (Part 3) by Jeff Burch
Posted on Mon, Dec 26, 2011
Previous Article - Part 2
Part 3. Solutions and assistance that can mitigate financial concerns:
Conscientious participation in credit counseling or a debt consolidation program can significantly mitigate financial concerns. Consistent, systematic, documented good faith efforts to repay or otherwise resolve debts without formal counseling will have the same effect. If it is obvious that the subject is only taking such actions to get or retain a security clearance, it will do little to convince Central Adjudication Facilities (CAF) that the problem is unlikely to recur once the clearance is granted. Therefore, efforts to resolve financial problems should begin as soon as possible. Obviously, the earlier corrective action is taken, the more likely the problem can be fully mitigated.
For further assistance, contact a reputable nonprofit 501(c)(3) Credit Counseling Agency (CCA) that has extensive experience assisting soldiers in protecting or saving their security clearance. In most cases, they can negotiate a debt repayment plan with your collectors and put these accounts on a Debt Management Plan (DMP) to be paid off as quickly as your budget allows. A CCA can provide you with a detailed report that lists all your consolidated accounts, contact information, payment amounts, and projected pay off dates. This minimizes financial risk associated with your career and aids in the acceptance of your security clearance.
Security Clearance Debt Concerns & Solutions was written by Jeff Burch. Be sure to check out the other articles on the Trans World Assurance blog written by Jeff Burch.