As you may have heard recently, on July 1st, the National Foundation for Credit Counseling (NFCC) began implementing creditor pricing for the usage of its National Locater Line (NLL) service. The NLL service provides credit unions with a toll free number for members to call to inquire about credit counseling and debt management services as required by the CARD Act of 2009. This toll free number must be disclosed and displayed on credit card periodic statements.
The NLL service had previously been offered for free by the NFCC. However, the new cost for the service will be $80 per month if you prepay for an entire year or $100 per month if you do not prepay.
If your credit union decides to choose a different provider for the NLL service, you will still want to ensure that you perform your due diligence in making sure that any third party used for these services are compliant with the requirements of Regulation Z and the CARD Act. Additionally, your credit card processor may have additional options for you to meet the CARD Act requirements.