Your finances are a very private matter. This is why before you contact a debt settlement company to pay off your debt, you need to make sure that the company is a reputable organization that you can trust. There are different elements that can help you determine if a company is trustworthy or not, such as how long it has been in the industry and if it has a trained staff of Debt Consultants willing to help you.
Another relevant fact to take into account when choosing a debt settlement company is if it is a member of TASC and USOBA. These two acronyms represent two organizations that, although you probably don’t know, you should know. Why? Because they help guarantee a quality service in the field of debt negotiation.
What is TASC?
The Association of Settlement Companies (TASC) is a nonprofit association whose goal is to promote fair practices in the debt settlement industry and protect consumer interests.
TASC is considered the leader in the field of debt settlement by many different organizations, including:
or the American Bar Association
or the Wall Street Journal
or MSNBC
or the National Association of State Legislators
Two other key facts to keep in mind:
o More than 80% of the TASCs owed are dedicated to ensuring fair and effective regulation in the area of debt trading.
or if a debt settlement firm is a member of TASC, as a client, you are assured that the firm will comply with TASC statutes.
What are the TASC bylaws?
Thanks to extensive analysis by state legislators, lenders, and debt settlement companies, the TASC statutes were established. These statutes encourage debt settlement companies to provide high-quality services to ensure the well-being of consumers and creditors. Additionally, through an exclusive agreement with industry-leading law firm Greenspoon Marder, TASC members have access to specialized resources, such as guidance and compliance seminars.
What is USOBA?
The United States Organization for Bankruptcy Alternatives (USOBA) aims to advocate for fair regulation in the field of debt settlement and protect consumers. When each state discusses or introduces a new debt settlement law, the USOBA cooperates by informing and educating state legislators and officials on the fine details of this field.
On August 13, for example, the USOBA published a study that analyzes the debt settlement industry. This study is intended to promote discussion on how to ensure consumers are assisted by reliable debt settlement companies when trying to settle their debt. The study will be made available to Congress and the Federal Trade Commission (FTC) to continue working together, as a team, to improve fair practices in the field of debt settlement.
Why is it important to be a member of TASC and USOBA?
By contacting a company that is a member of TASC and USOBA, you will ensure that you entrust your finances to a company that knows how to get the job done effectively and is backed by two organizations that have your best interests at heart.
Double check accreditation of The Debt Settlement Company
Before contacting a debt settlement company, visit their website and check to see if they are members in good standing of TASC and USOBA. I also advise you to check the TASC website (http://www.tascsite.org/findamember.php) and the USOBA website (http://www.usoba.com/verify) to make sure you remain a member.
Your finances are a very important and delicate matter, so make sure you entrust them to a reliable company that can help you get out of debt effectively.
