USOBA and Auriemma's Survey Is Just What the FTC Has Been Looking For

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What is not publicly available and would help us enormously is hard data to demonstrate that debt settlement companies are obtaining results for most consumers given the pervasive, unqualified claims of success used in much of the marketing for this industry. We asked for this as part of the workshop and have not received it from any industry member or trade group,

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It is the first time that an industry-wide survey has been available to the debt settlement industry

With the recent alliance of The United States Organizations for Bankruptcy Alternatives (USOBA) and Auriemma Consulting Group (ACG), the debt settlement industry now has an unprecedented way of gathering industry data by way of a survey developed by ACG. Many regulatory agencies have indicated a need for debt settlement industry statistics; USOBA could not agree more and has stepped up to the plate to deliver.

According to a representative from the Federal Trade Commission, a survey like the one ACG will be compiling is invaluable for the industry. “What is not publicly available and would help us enormously is hard data to demonstrate that debt settlement companies are obtaining results for most consumers given the pervasive, unqualified claims of success used in much of the marketing for this industry. We asked for this as part of the workshop and have not received it from any industry member or trade group,” the FTC representative stated.

The statistics gathered will include pertinent information regarding company size, number of clients serviced, graduation rates and much more. The participating companies will receive information on their company’s statistics, industry averages and highs and lows where applicable.

"It is the first time that an industry-wide survey has been available to the debt settlement industry," USOBA Director of Member Relations Krysten Howerton said. "It is important for our member companies to be able to see how they stand in comparison to the other companies in the industry. Our member companies continually seek ways to raise the bar and this will give them the tools to do that effectively."

"Our industry has been misunderstood for far too long, the small number of bad actors dominate the headlines while legitimate debt settlement companies are helping thousands and thousands of debt-ridden consumers every day. It is time to eliminate this misunderstanding, and the benchmarking statistics generated by ACG will provide the information necessary to paint an accurate picture of the industry," USOBA Executive Director Jenna Keehnen said.

All debt settlement companies, regardless of affiliation with USOBA, are invited and encouraged to participate in the industry wide benchmarking survey. Please contact USOBA for more information by email info at http://www.usoba.org or by calling 281-820-0666.

About Auriemma Consulting Group:
ACG has solidified its position as the market leader for best practices and benchmarking services. They complete more than 150 studies each year on topics that span the financial services business, from operational performance to portfolio metrics to accounting/finance practices and more.

ACG excels not just at data validation, but more importantly at study construction and terms definition so that results can be normalized across many different players. ACG clients do not simply receive reports in summation of a benchmarking engagement. They have the opportunity to discuss data with ACG analysts and learn how to implement the best practices uncovered through benchmark studies for a results-oriented, actionable and meaningful product.

About USOBA:
The United States Organization for Bankruptcy Alternatives (USOBA) was founded by leading members in the debt settlement industry seeking representation outside of credit counseling and bankruptcy law. USOBA brings individual representation together as a united front to protect the debt settlement industry and to secure its future. We are committed to working with and informing legislatures, regulators, consumers, creditors, and governmental bodies to better understand the industry.

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Jenna Keehnen
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