Money Management International - History

History

Not long after the credit card was first introduced, a need for consumer financial education and counseling was identified. In the early 1950s and ‘60s, groups of volunteers in various parts of the country joined together to provide free financial services to the general public.

Around the same time,credit counseling in the US was developed by a trade group known at that time as the National Foundation for Consumer Credit. (The NFCC changed its name to the National Foundation for Credit Counseling in 2000.) It initially monitored legislative and regulatory activity for its members. Expansion in the use of consumer credit and in the problems related to it prompted the NFCC to create the first Consumer Credit Counseling Service (CCCS) in 1951. Over time, CCCS would grow to comprise more than 1,440 offices in the US, Canada, and Puerto Rico, operated by a number of independent agencies (e.g., CCCS of Central New Jersey, CCCS of the Gulf Coast Area, etc.).

As the industry expanded over the years, it became clear that consumers wanted the convenience of telephone and Internet counseling, and creditors wanted a high-tech solution to disbursing funds and administering Debt Management Plans, but the expense and effort required to establish a national telephone center and develop the necessary technology was judged too great for any one agency to undertake. In 1997, six successful CCCS organizations with more than 100 years of combined service to consumers and their communities, aligned to form Money Management by Mail. Money Management by Mail was formed as a tax-exempt organization under section 501(c)(3) of the Internal Revenue Code in response to changing needs of both consumers and creditors. These founding members decided to undertake the task of building the technology necessary to efficiently serve those in need of credit counseling.

In 2000, Money Management by Mail reorganized with the merger of CCCS of the Gulf Coast, one of the original alliance partners. In 2003, Money Management by Mail was renamed Money Management International (MMI) to better represent its capabilities. Over the years, MMI strengthened its in-person counseling capacity and community educational initiatives by merging or joining forces with additional CCCS agencies. These mergers elevated MMI to the position of the nation’s largest full-service credit counseling organization. The mergers have benefited not only the MMI organization and the local CCCS agencies, but also consumers in general, its clients and the local communities. With a larger geographic area, MMI has been able to expand its reach and provide consumers with enhanced customer service and expanded financial education resources. By providing the local CCCS agencies with centralized technological, administrative, and corporate support, the local agencies have been able to focus on expanding local community education and delivering in-person credit counseling.

Today, MMI is an industry leader in financial education, counseling, technology, industry association, growth, creditor relations, and program development. The MMI team has nearly 1,500 full-time employees throughout the United States. MMI is headquartered in Houston and has major contact centers in Houston, Ft. Worth, Denver, Phoenix, Baton Rouge, LA, and Warwick, RI. In addition to providing services nationwide by phone and Internet, MMI currently provides counseling and financial education to clients from 119 branch offices throughout the country. MMI is a member of and has a leadership role in the National Foundation for Credit Counseling (NFCC) and the Association of Independent Consumer Credit Counseling Agencies (AICCCA). MMI is accredited by the Council on Accreditation (COA).

MMI has also previously done business as Money Management by Mail.

MMI has completed 18 mergers since its inception, which have allowed MMI to become the nation’s largest full-service credit and debt counseling and education agency.

The following consumer credit counseling organizations have merged with MMI since its inception, in chronological order:

• CCCS of the Gulf Coast, August 31, 2000
• CCCS of the Southwest, June 30, 2001
• CCCS of Chicago, December 31, 2001
• CCCS of Virginia, June 30, 2002
• CCCS of Lehigh Valley, September 30, 2002
• CCCS of Baton Rouge, October 31, 2002
• CCCS of Denver, April 25, 2003
• CCCS of San Diego, July 1, 2003
• CCCS of the East Bay, September 17, 2003
• CCCS of Maine, October 31, 2003
• CCCS of Central New Jersey, November 30, 2003
• CCCS of South Jersey, March 1, 2004
• CCCS of Mid-Oregon, August 10, 2004
• CCCS of Southern New England, January 31, 2005
• CCCS of Fort Worth, June 30, 2005
• CCCS of Washington, D.C., June 30, 2005
• CCCS of Spokane, June 30, 2005
• CCCS of Racine, WI, May 1, 2008
• CCCS of Linn-Benton, Oregon, June 30, 2008
• CCCS Of Greater Alaska, January 1, 2012

In 2005, MMI was selected by a federal bankruptcy court to assume control of approximately 50,000 debt management plans previously managed by AmeriDebt.