DebtXS Leads Drive to Establish Standards and Practices for Consumer Protection in Debt Management Industry

DebtXS™, a recognized leader in the debt settlement/negotiation industry, is also leading the drive towards accepted industry-wide standards and practices for consumer protection in the rapidly growing fields of consumer debt settlement and alternatives to bankruptcy. An 18-month review process with the Texas Attorney General’s Office, to which DebtXS recently issued an assurance of voluntary compliance, established standards intended to reduce potential confusion or complaints among consumers who enter debt settlement programs.

“The Texas standards were developed in a voluntary process with the Attorney General’s Office, formalizing many standards that have been in place at our company since 2004,” said Ken Talbert, President of DebtXS. “The Association of Settlement Companies (TASC™), the industry trade association of which DebtXS is a board member and founder, has also recently adopted many of these standard disclosures, which help consumers to understand debt settlement and negotiation services.”

Consumer protection via disclosure has been at the forefront of the activities of DebtXS since the company’s founding, and its design and recommendations of disclosure statements to industry associations and trade groups have helped consumers facing financial hardship grasp their alternatives to bankruptcy. As the field of debt settlement grows and laws governing bankruptcy evolve, however, leaders in the field come under scrutiny.

“We acknowledge and accept that as an innovator and one of the fastest- growing companies in our business, DebtXS will receive the attention of regulators,” says Paul Boyd, Executive Vice President of DebtXS. “It’s to be expected, and we consider our cooperation with state officials and regulators as further collaboration in the development of standard disclosures that keep consumers informed.”

DebtXS President and Founder Ken Talbert also serves on the board of directors of The Association of Settlement Companies (TASC™), the trade organization that seeks to protect consumers through better consumer education. Moreover, DebtXS has been a pioneer in consumer advocacy as a founder or board member of the first settlement association NACDSC and later TASC.