I started writing this article a number of months ago and it has sat collecting digital dust until some recent events at the FTC caused me to pick it back up. My intent is to provide a perspective on a Debt Settlement industry organization known as The Association of Settlement Companies (TASC).
I will tell you right up front that my perspective will be very different than the one you will get from a salesman of a TASC member company.
With the aim of providing specific and detailed information, it quickly became apparent that this would turn into an unruly monster of an Internet post, if I attempted to provide all of the information that consumers should know. However, rather than stripping it down to bones, I instead elected to break it up into a series of 4 individual posts. This way I can provide the information in nice bite size pieces. The series currently consists of the following posts:
In this series of posts I will answer specific questions including:
1. Who is TASC?
2. What do they do?
3. What do they claim to do?
4. Does TASC protect debt settlement companies, consumers or both?
5. Are there any requirements to become a member of TASC? If so what are they?
6. Can a consumer trust a company just because it is a member of TASC?
7. What do the real regulators think of TASC?
and a few others you should know before doing business with a member of TASC.
Over the next week or so I will be putting the finishing touches on these posts and linking to them here. In parting for now, I will leave you with a question dear reader.
Imagine many of the large Debt Settlement companies getting together vowing to clean up the industry. Then they announced the formation of a new oversight organization. The stated goals of this new organization are to promote good practice in the Debt Settlement industry, protect the interests of consumers and lobby on behalf of Debt Settlement companies on the federal and state level.
The executive board will consist of 9 members. 5 of them are either founders or CEO’s of Settlement companies. 3 of them are industry Attorneys. And the last member is a collection agency and debt settlement consultant.
What would you think? A champion and protector of the little guy? Perhaps. Perhaps not.
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