subject: Debt Relief Companies – How To Separate The Good Debt Relief Services From The Bad [print this page] Just as credit cards and debt relief companies have so dramatically transformed the very notion of borrowing without collateral in the post millennial United States, the changing face of consumer support has left many Americans baffled and anxious about the dangers of debt relief scams. When looking into professional debt help, you'll still want to talk to agents of the Better Business Bureau, and there's no harm in checking in with the local chamber of commerce to see if they have any information about the company you're considering. At the same time, though, you should keep in mind that the resources past generations depended upon to alert consumers for signs of misbehavior no longer carry the same weight in the twenty first century.
The Better Business Bureau and similar endeavors only maintained their powers because so many Americans faithfully corresponded with BBB representatives and outlined all of their complaints with a given company. Now, with all of the internet sites available for unverified accusations from anonymous sources, there's no longer a single hub handling all of the consumer data objectively to warn people away from scams and less than legitimate practices. The closest entity still relevant for debt relief companies would probably be the Federal Trade Commission. For decades, the officials within the FTC have tirelessly reported each and every customer grumble and moan about every type of company doing business within the United States. Even if the debt elimination firm advertises itself as a not for profit enterprise, the FTC will still keep a vigilant eye on just what goes on. The national legislature has even enacted laws under the Federal Trade Commission banner seeking to formally prevent companies from promoting themselves through intentionally misleading advertisements.
Alas, with debt relief, that's about the only governmental oversight to be seen. Unlike lawyers or realtors, say, or mortgage loan officers everywhere but Utah, the grand majority of states do not ask debt relief specialists to undergo a formal licensing procedure. Indeed, there's barely any official certification required whatsoever as far as the government is concerned. Of course, as with any industry, the debt relief community boasts organizations dedicated to maintaining professional standards of behavior and preventing scams that put the reputation of every debt relief business in jeopardy. In fact, when it comes to debt relief, the problem comes in that there are just too many of these organizations trying to claim that they're the sole voice of debt relief.
For instance, a debt settlement company that belongs to the International Association of Professional Debt Arbitrators will have had to demonstrate a willingness to abide by the not so stringent ethical regulations of the larger body. Still, this isn't to say that a membership within one of the competing organizations will be any less meaningful. The field of debt reduction is still in its infancy, compared to other facets of consumer finance. Some of these boards truly have the best interests of the debt relief community at heart while others are only out to make a quick buck by forcing businesses to pay out useless fees.
It simply takes a bit of time for any industrial association to organically rise to a position of dominance. Indeed, many respected debt management firms have thus far avoided professional entanglements for fear of picking the wrong horse. Borrowers sifting through the various debt relief alternatives will want to ask the representative of a prospective firm about such credentials as a matter of careful shopping. All the same, they should not put too much stock in the framed certificate of membership for one firm nor stop working with an otherwise highly regarded company that hasn't bothered to waste time or money jumping through hoops for what amounts to a toothless governing body.
Debt Relief Companies How To Separate The Good Debt Relief Services From The Bad
