AADMO Expands Membership to Include Taxable Non-Profit and For-Profit Credit Counseling Agencies

The American Association of Debt Management Organizations (AADMO) has expanded its membership to include Taxable Non-Profit and For-Profit credit counseling agencies in addition to 501(c)(3) tax exempt organizations.

(PRWEB) February 2, 2006 -- The American Association of Debt Management Organizations (AADMO) has expanded its membership to include Taxable Non-Profit and For-Profit agencies in addition to 501(c)(3) tax exempt organizations. AADMO is the credit counseling and debt management industry’s largest trade association.

According to Mark Guimond, Executive Director of AADMO, “the industry is changing every day. It is only a matter of time before the industry is composed of both non-profit and for-profit agencies.”

“The future of the industry is about a level playing field for all agencies and the important services for consumers. Credit counseling has an obligation to educate consumers about the responsible use of credit, making sound money decisions and helping those in financial distress to get out of debt. It’s not a function of whether or not the agencies pay taxes”, said Guimond.

AADMO has supported legislation and regulation on the federal and state level that would fairly regulate the credit counseling industry and protect consumers. “Our work is to ensure that every credit counseling agency operates fairly, honestly and in the best interests of consumers. AADMO members are at the forefront of legal compliance and that’s all that should matter. We welcome all agencies that share that goal”, added Guimond.

A recent study of all credit counseling agencies licensed and authorized to operate under the various state laws shows that the majority of companies legally in service are members of the AADMO.

The AADMO web page (www.AADMO.org) identifies all licensed or authorized credit counseling agencies (without regard to affiliation or membership in AADMO) that are approved by the applicable state. Web sites for some organizations guide consumers to selected agencies but not all legally approved agencies.

Consumers can get help from legitimate and approved credit counselors. To find a list of authorized agencies published by a state visit www.AADMO.org and click on the "Find a Credit Counselor" button.

The AADMO web page links consumers directly with states that publish lists of authorized agencies. Those states that regulate credit counseling agencies but do not have a list of authorized agencies on the web have the appropriate contact information listed. Those states that do not require, or do not publish a list, are indicated with “List of authorized credit counseling agencies not available.”

ABOUT AADMO
It is an industry education and advocacy organization whose mission is to promote and ensure the continued operation and viability of credit counseling and debt management organizations. AADMO provides its members and the consumer public with information about the credit and debt counseling industry. AADMO members are consumer credit counseling agencies, debt management organizations, credit counselors, personal finance educators, credit and debt information educators, consumer lawyers and many others.

AADMO is the only trade association to have held state law compliance workshops with the New York State Banking Department and the California Department of Corporations upon enactment of their respective laws governing credit counseling and AADMO is the only trade association for the industry to publish a formal summary of state laws that has been reviewed by state regulators.

For more information visit www.AADMO.org or call 540-548-1965.

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