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Debt Settlement Leader Credit Solutions Settles $24.2 Million Of Consumer Debt At 43.6% In October
Dallas, TX – Nov. 5, 2009 – Credit Solutions settled $24,261,434.71 in consumer debt during October 2009, saving $13,682,870.46 on 4,237 client accounts at a 43.6 average settlement offer percentage rate.
This means, consumers for whom Credit Solutions negotiated $24,261,434.71 in settlement offers with creditors last month paid off their credit cards at 43.6% – less than half of the total amount of debt they owed. For instance, if a consumer owed $10,000, he would have the opportunity to settle the account for $4,360, a $5,640 savings.
“We’re dedicated to helping our clients achieve the best possible settlement offers on their accounts,” said Credit Solutions Vice President of Call Center Operations Joey Clapier. “This is a fantastic achievement to average a 43.6% settlement rate for our clients. This is why we’re the nation’s debt settlement industry leader. We have the results to celebrate.”
Settlement companies like Credit Solutions act on consumers’ behalf, negotiating directly with creditors to facilitate repayment of consumer debts at a reduced percentage of the total owed. Upon completing a debt settlement program, all of the consumers’ debts included in the program are “settled,” or resolved with zero balances.
Two recently published academic studies found that debt settlement provides the greatest consumer welfare of any debt-relief approach, calling it part of the healing process to get distressed U.S. households back on sound financial footing.
Since its 2003 inception, Credit Solutions has assisted more than 250,000 U.S. clients in becoming debt-free, settling more than $1 billion total of consumer debt. Debt settlement increasingly offers benefits to consumers as the most immediate form of debt relief available in today’s tenuous economy.
About Credit Solutions
The nation’s debt settlement industry leader, Credit Solutions is recognized by the American Business Awards for the "Best Customer Services Department in Financial Services" and won a 2009 Red Herring 100 North America Award for its custom online technology. A charter policy partner of the United States Organization for Bankruptcy Alternatives (USOBA), Credit Solutions is certified by BSI Management Systems for USOBA best-practice compliance. For more information, visit www.creditsolutions.com. En español: espanol.creditsolutions.com. Follow us on Twitter at www.Twitter.com/smartsavingtips.
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Industry-Leading Credit Solutions Represents Financially Besieged Consumers at Federal Trade Commission
Dallas, TX – Nov. 3, 2009 – Credit Solutions will speak at a Federal Trade Commission (FTC) public forum tomorrow in Washington, D.C. on behalf of the hundreds of thousands of U.S. consumers who’ve achieved debt freedom through debt settlement – and in support of effective state regulation of the U.S. settlement industry.
The FTC forum is exploring proposed amendments to the federal Telemarketing Sales Rule, which aims to address nationwide consumer protection regarding debt-relief services. A recent survey conducted by the United States Organizations for Bankruptcy Alternatives (“USOBA”), a debt settlement trade Association found that a straight out ban on pay as you go fees as proposed by the FTC will likely force 84% of respondents to shut down their debt settlement services, by forcing debt settlement companies to shoulder substantial out-of-pocket costs, potentially for years, possibly without reimbursement.
“Credit Solutions is grateful for the opportunity to provide an active voice for over 100,000 of our clients and hundreds of thousands of Americans currently overwhelmed with debt,” said Credit Solutions CEO Doug Van Arsdale. “Credit Solutions strongly supports the respected, 118-year-old Uniform Law Commission and the Uniform Debt Management Services Act. We believe that the FTC should follow the path of several states and, rather than banning all fees before settlement of debt, apply some restrictions.”
Crafted after an extensive, multi-year study, the UDMSA provides expansive, comprehensive regulation of all existing debt counseling and management services options via Registration, Agreements and Enforcement Provisions which has met the approval of industry state regulators, associations and consumer groups; has been adopted in more than a half dozen states; and is pending introduction or enactment in more than a dozen additional states.
“State legislatures and the ULC have determined that debt settlement providers can serve consumers effectively when properly regulated, and, in a legitimate exercise of their police power, have determined to regulate them in a certain way to protect their own citizens,” Van Arsdale said.
Over the past two years, Credit Solutions has played a leading role as an advocate for regulation by supporting strong, uniform state laws that protect consumers and hold companies accountable, and by testifying in favor of state legislation that requires:
- licensing & bonding of all U.S. settlement companies to protect consumers’ fiscal safety
- adequate disclosure of debt settlement programs’ risks to consumers’ credit scores
- operational transparency, including independently audited financials
“We support the UDMSA and concur that for-profit and not-for-profit debt resolution activities must be regulated equally in order to create regulated consumer options,” said Heather Carmichael, Credit Solutions’ VP of Legislative Affairs.
Credit Solutions submitted more than 40 pages of data and written testimony for FTC consideration. Heather Carmichael, Credit Solutions’ VP of Legislative Affairs commented on the submission, “Hopefully this will foster a greater understanding about the contribution debt settlement plays in the lives of financially strapped consumers.”
Some examples of submitted testimony included:
"“Without [CSA’s] help in negotiating with companies and paying off my debt at a reduced percentage of overall debt owed, I don't know where I would have ended up. . . . "
“Our financial situation was wreaking havoc on our young family and it was completely out of our control. . . . Credit Solutions gave us a life line and has been helping us settle our debt by allowing us to save our money in our bank and paying our creditors directly from our bank. We have control of our money and finally feel like we are making progress to be financially stable once again. . . ."
“I'm very thankful for Credit Solutions. They offered me a viable solution that has changed my financial outlook forever. . . . I thank Credit Solutions for helping me out. They lived up to their end of the bargain and I lived up to my end.”
About Credit Solutions
The nation’s debt settlement industry leader, Credit Solutions is recognized by the American Business Awards for the "Best Customer Services Department in Financial Services". A charter policy partner of the United States Organization for Bankruptcy Alternatives (USOBA), Credit Solutions is certified by BSI Management Systems for USOBA best-practice compliance. For more information, visit www.creditsolutions.com.
En español: espanol.creditsolutions.com. Follow us on Twitter at www.twitter.com/SmartSavingTips.
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Clients Confirm Credit Solutions’ Dedication To Customer Satisfaction In Q3 Independent Survey Results
DALLAS, TX – (Oct. 28, 2009) – Credit Solutions continues to maintain high marks for customer service compared to other financial services, government agencies, utilities, insurance companies, manufacturers and health care providers surveyed in an independent, Q3 client satisfaction analysis.
“Between August and September, we saw an increase in clients’ overall satisfaction with Credit Solutions and in their likelihood to recommend our company,” said Credit Solutions CEO Doug Van Arsdale, adding, “We have some knowledgeable and compassionate reps.”
The Customer Relations Metrics Q3/09 Benchmark Report shows Credit Solutions consistently scored above average in the following categories surveyed by phone July through September:
| Benchmark Report Topic |
% of Credit Solutions customers who said they were “delighted” |
% of all other industries’ customers who said they were “delighted” |
| Call resolution on all calls |
97.08% |
91.8% |
| Clients felt they were treated as a valued customer |
94.5% |
89.7% |
| Agents quickly understood reason for client’s call |
92.1% |
89.5% |
| Agent’s knowledge of products/services |
92.0% |
87.7% |
| Overall satisfaction with service agent |
91.3% |
90.0% |
| Agent’s ability to present options |
90.8% |
86.6% |
“We’re dedicated to helping our clients achieve debt freedom,” Van Arsdale said. “We provide a new level of financial education to better prepare consumers for economic challenges. Plus, our volume of business with creditors enables us to negotiate the very best settlement offers possible on consumers’ accounts. We crossed the $1 billion mark this past summer for total dollars settled, which demonstrates our agents’ effectiveness as well as an acute market need for debt settlement.”
About Customer Relations Metrics
Customer Relationship Metrics is a research consulting and managed services firm that uses fully-hosted, automated data collection solutions and research best-practices to implement scientifically valid Voice of the Customer programs. Its Completely Automated Telephone® system has collected over 8 million real-time, post-call surveys since 1993. For details, see www.metrics.net.
About Credit Solutions
The nation’s debt settlement industry leader, Credit Solutions is recognized by the American Business Awards for the "Best Customer Services Department in Financial Services" and won a 2009 Red Herring 100 North America Award for its custom online technology. A charter policy partner of the United States Organization for Bankruptcy Alternatives (USOBA), Credit Solutions is certified by BSI Management Systems for USOBA best-practice compliance. For more information, visit www.creditsolutions.com.
En español: espanol.creditsolutions.com. Follow us on Twitter at www.twitter.com/SmartSavingTips.
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Credit Solutions Is One Of The Best Places To Work In Texas 2nd Consecutive Year
DALLAS, TX – (Oct. 27, 2009) – Credit Solutions has been named among 2010’s Best Companies to Work for in Texas – the 5th annual awards co-sponsored by the Texas Association of Business, the Texas State Council Society for Human Resource Management and Texas Monthly Magazine.
Compiled using an employee survey process, Best Companies’ rankings will be announced in January 2010, and a complete list of the 100 Best Companies to Work for in Texas will be published in the February issue of Texas Monthly.
“It is extremely gratifying to be named to the Texas Best Companies list for a second year in a row,” said Credit Solutions CEO Doug Van Arsdale. “I am proud that our employees stand behind the work we do and the progress we’ve made for consumers who need debt relief.”
Companies are ranked in three company size categories – small (15 to 75 employees), medium (76 to 249 employees) and large (250 or more employees) – and employees from each nominated firm are randomly surveyed by Best Companies Group about company policies, practices and demographics.
Results are analyzed in eight core focus areas: Leadership and Planning, Corporate Culture and Communications, Role Satisfaction, Work Environment, Relationship with Supervisor, Training and Development, Pay and Benefits, and Overall Satisfaction.
Participating companies receive the results of their employee survey, identifying the strengths and weaknesses of their workplace according to what their employees had to say. The report is used to identify opportunities to build a better workplace.
About Best Companies Group
Best Companies Group is dedicated to establishing "Best Places to Work," "Best Companies" or "Best Employers" programs to single out companies for superior workplace excellence. We research the dynamics and characteristics of great workplaces; analyze the data; and produce a "Best Places to Work" distinction to make the participating company, region (or industry) and local partners proud. Our mission is to "identify and recognize" organizations leading the way in defining the employee experience of the 21st century.
About Credit Solutions
The nation’s debt settlement industry leader, Credit Solutions is recognized by the American Business Awards for the "Best Customer Services Department in Financial Services" and won a 2009 Red Herring 100 North America Award for its custom online technology. A charter policy partner of the United States Organization for Bankruptcy Alternatives (USOBA), Credit Solutions is certified by BSI Management Systems for USOBA best-practice compliance. For more information, visit www.creditsolutions.com.
En español: espanol.creditsolutions.com. Follow us on Twitter at www.twitter.com/SmartSavingTips.
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View all 2009 press releases...
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