Debt buyers play a big role in restoring economic stability so America can get back to business. Companies, especially small businesses that are Americas job creators, dont have the wherewithal to focus on those few who cannot presently meet their financial obligations. Rather than put the company and the jobs at risk, businesses sell the debt and move forward with optimism.
For the members of DBA International, we embraced the opportunity to set in place professional standards that guide how we work with consumers, identifying how the best firms have always done business and requiring that all in our association follow high standards of conduct, said DBA International President Rich Munroe of Capital Financial Group LLC. DBA is currently running its annual conference in Las Vegas.
Along with creating a certification program that sets a high standard and requires audits to assure compliance, DBA works closely with state regulators to weed out companies and individuals that are causing problems for the industry. In recent weeks, DBA has focused on the Consumer Protection Financial Bureau as it considers ways to ensure that consumers are treated fairly in their dealings with creditors, while revising outdated rules governing communication that were established before the invention of cell phones.
Debt buyers, large and small, have committed to complying with the highest industry standards, said Munroe. Over the course of [the] conference, we will share best practices and renew our pledge to ethical conduct, demanding excellence of one another as we forge ahead toward a bright future.
As people have returned to work, they start to address outstanding financial commitments. Helping people to make good on their promises to pay is an essential part of an economy that relies on the availability of credit for consumers and businesses alike, he added. As an industry, we gather at conference to affirm our commitment to treating consumers with respect, holding ourselves accountable while we support the economic recovery.
About DBA International
DBA International is the nonprofit trade association that represents the interests of companies that acquire accounts receivable portfolios, both performing and distressed assets, on the secondary market.