Debt Companies - What The Credentials Mean

The ads appear on television, in print and on the internet

, and the number of debt companies, who specialize in consolidation, settlement and management, is an industry that is growing rapidly. The need by consumers for debt relief has created a burgeoning sector to meet the demand.

While it seems there are debt companies everywhere, there are also warnings, and the smart consumer won't sign up with one before doing a little homework. One of the most basic things to do is to check a company's credentials. The names and symbols of various trade organizations mean a great deal in the case of debt companies. One of the most important is The Association of Settlement Companies (TASC). They constantly audit their members to ensure compliance and quality control of best practice standards. All aspects of a company from customer service to arbitration are scrutinized on a regular basis. This association is one of the industry's best watchdogs. They monitor through third party 'secret shopper' type methods.

The International Association of Professional Debt Arbitrators or IAPDA, is also a important certification to look for when assessing debt companies. IAPDA trains and certifies debt specialists. Not only are arbitration skills taught, so are state and federal laws when it comes to addressing consumer debt issues. The association has a very strict code of ethics and compliance is mandatory to remain a member.

The United States Organizations for Bankruptcy Alternatives or USOBA, is an association for debt settlement and negotiation practitioners. It helps to regulate this sector of the industry by being a neutral body, who protects both consumers and debt relief companies by maintaining strict guidelines and compliance efforts. While their goal is to promote debt settlement as a bankruptcy alternative, they are also lobbyists for protective consumer legislation which would regulate the debt settlement industry.

Being a member of and rated by the Online Business Bureau is also another place to check credentials. It is possible to see a debt company's ratings and whether or not there are complaints against them.

These types of credentials for debt companies are important to consider. It means that a bona fide third party has independently looked at the company and evaluated its performance and capabilities, which can work toward giving the consumer confidence in their choice of companies.

Every consumer who is trying to get out of debt with a sensible debt relief program should know that the company they choose is well versed in laws, is certified, and maintains a self-auditing system.

by: Vicki Hall

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