NewswireToday - /newswire/ -
Frisco, TX, United States, 2006/12/19 - In a first step towards establishing fair and consistent standards and procedures in the Debt Settlement Industry, TASC (The Association of Settlement Companies) has launched today a new accreditation program for its members.
These standards will raise awareness, education and service levels for consumers and set a benchmark for debt settlement practitioners beyond most current regulatory requirements allowing TASC members to differentiate themselves in the marketplace.
Defining Specific Standards for Debt Settlement.
These standards specify the ethical behaviour, disclosures and competences required of a debt settlement company and will be audited by BSI Management Systems, an approved third party accreditation company. The proposed accreditation guidelines, comprising nearly 20 pages of detailed analysis and standards, will be published on tascsite.org/.
"We are pleased to have the opportunity to work with the Industry, Regulators, Legislators and BSI to create a stable, reliable, but competitive market for debt settlement practionners," commented Tami Brown, President and Board Member of TASC. "One of the paramount reasons for the creation of TASC was to gain recognition for the industry, protect the consumer and foster fair and open ground rules in the debt settlement industry, and we are now approaching a major milestone in achieving that goal”.
The Debt Settlement Industry arose in response to the increase in revolving consumer credit debt in the United States. According to the Federal Reserve Statistical Release dated February 7, 2006, American consumers dramatically increased their consumer debt obligation to over $800 billion. The result is that consumer debt levels are significantly outpacing disposable income levels while at the same time personal savings are at an all time low. Debt settlement companies act on behalf of consumer debtors who are in hardship situations and help them clear their debts by entering into direct negotiations with creditors.
The Association of Settlement Companies (TASC) was established in September 2005 as a response to the ever growing consumer debt problem. Its goals are to promote good practice in the debt settlement industry, protect the interests of consumer debtors, and lobby on behalf of debt settlement companies on the federal and state level. Debt settlement companies act on behalf of consumer debtors to help them clear their debts by entering into direct negotiations with creditors.
BSI Management Systems operates worldwide to provide organizations with independent third-party certification of their management systems, including ISO 9001:2000 (Quality), ISO/IEC 27001 (previously BS 7799 for Information Security), Food Safety management systems, including ISO 22000 among others. They work with government, businesses and consumers to represent their interest and facilitate the production of British, European and international standards.