Trade Associations
Due to the rise of debt settlement as a debt relief alternative to bankruptcy, groups working in the industry established trade associations to help secure industry standards that would protect consumers against unethical business practices among other things. These trade associations were also established to lobby state and federal governments because many state legislatures were passing laws that restrict out-of-state companies from providing debt negotiation services to in-state residents and the (federal) FTC was introducing regulations (effective October 27, 2010) which significantly affected the debt settlement industry. The two major trade associations formed were the United States Organization for Bankruptcy Alternatives (USOBA) and The Association of Settlement Companies (TASC).
Both of these organizations no longer exist as they originally did, effective February 1, 2012 the United States Organization for Bankruptcy Alternatives(USOBA) significantly reduced services to its members and ceased all government lobbying efforts. Effective April 1, 2011 TASC has changed its name to the American Fair Credit Council (AFCC) and remains active in the industry. Both of these trade associations have membership made up of companies operating in the debt settlement industry.
Individual debt settlement consultants receive certification training (accreditation) from the International Association of Professional Debt Arbitrators (IAPDA).
Read more about this topic: Debt Settlement
Famous quotes containing the words trade and/or associations:
“The glory of the farmer is that, in the division of labors, it is his part to create. All trade rests at last on his primitive activity.”
—Ralph Waldo Emerson (1803–1882)
“There are many ways of discarding [books]. You can give them to friends,—or enemies,—or to associations or to poor Southern libraries. But the surest way is to lend them. Then they never come back to bother you.”
—Carolyn Wells (1862?–1942)