InCharge Institute of America, Inc., the nation’s leading non-profit provider of credit counseling and financial education services, announced that it is divesting itself of Genus Credit Management. American Financial Solutions, a Seattle-based non-profit affiliated with the Seattle Community College Foundation, has assumed the Genus portfolio. This is the next step for InCharge Institute in its role as a consumer credit counseling industry leader.
This action marks the completion of a transition begun by InCharge(R) Institute in January 2000. At that time, InCharge(R) Institute decided to focus even more resources on its mission of championing financial responsibility and enabling personal financial wellness.
“The divestiture of the Genus portfolio is another important milestone for us as InCharge(R) Institute continues its leadership role within the credit counseling industry,” said David C. Jones, Ph.D., President and Chief Executive Officer of InCharge(R) Institute. “This transaction allows us to focus even more clearly on our core mission of providing personalized debt solutions and credit education to consumers in financial distress. It also allows us the opportunity to fully prepare to assist in implementing the new counseling and education requirements that are called for in the pending bankruptcy legislation.” Bankruptcy reform legislation, currently before Congress, mandates credit counseling for all bankruptcy petitioners and also creates a debtor education pilot program. These counseling and education services will be provided through Bankruptcy Credit Counseling & CertificationSM (BCCC), a member of the InCharge(R) Institute family of non-profit financial wellness companies.
“These types of requirements are going to place a large demand on the credit counseling industry,” said Jones. “InCharge(R) Institute is committed to providing consumers and bankruptcy professionals with the financial tools and counseling they need to successfully meet these new requirements if they become law.”
InCharge Sees Little Impact on Genus Clients
According to InCharge(R) Institute, the transaction will have little, if any, impact on Genus clients. Debt Management Program payments will continue to be processed by Amerix, which has been providing back office support for the portfolio for many years and is the only vendor with the capability to handle the large and complex Genus portfolio. To further ensure a smooth transition, InCharge(R) Institute will continue to provide client services until AFS is operating at full capacity. “We agreed to this transaction only after being assured that Genus clients would continue to receive the same high quality service to which they are accustomed,” Jones said. “We are confident that American Financial Solutions shares our values, our commitment to Genus clients and to our education mission.” The InCharge(R) Institute of America and its family of financial wellness providers was established to provide consumers with broader, more customized financial education and counseling. The InCharge Institute family includes Profina(SM) Debt Solutions, Concord(SM) Credit, Bankruptcy Credit Counseling & Certification(SM) (BCCC), and Accredited Bankruptcy Services(SM) (ABS). InCharge(R)Institute of America, Inc. is a non-profit 501(c)(3) corporation with headquarters in Orlando, Florida. Consumers can access InCharge Institute financial wellness services and information by calling 1-800-565-8953 or online at [www.InCharge.org].