There’s a lot to consider when researching debt settlement solutions. One of the most common items to review is to narrow your selection to only BBB debt settlement companies, so you know you are working with a trusted provider. Most consumers are surprised to learn that until relatively recently, debt settlement companies could not even be granted accreditation from the Better Business Bureau. The reason was a complete lack of regulation over the industry; anybody, regardless of credentials and qualifications (or lack thereof!) could set themselves up in business as a “debt resolution” firm. Of course, this opened the door for an appalling number of scam operations. Complaints peaked early in 2010 as Attorneys General from across the nation were investigating several major “debt settlement companies.” This sad state of affairs was the primary reason that at that time the BBB would not even grant debt settlement firms BBB accreditation.
Even now, the BBB warns consumers to beware of debt settlement companies, particularly those making promises to quickly and easily reduce – or even eliminate – credit card debt.
Today, in order to become a BBB debt settlement company, a firm offering these services must go through a rigorous process and meet much higher standards than those of other types of companies. The process includes going before the state Attorney General and submitting to an exhaustive review of the company’s fee structures as well as any claims made on websites and in advertising. The principals of the company must also undergo a thorough investigation.
The fact is that while there are hundreds of debt settlement companies across the U.S., only a small handful have met the standards of honesty and ethical practices that have enabled them to receive BBB accreditation. Trident Debt Solutions is pleased and proud to be among their number. The fact remains that BBB debt settlement companies are those most likely to have their clients’ best interests in mind and make the best choice for trust.