New association to improve image of debt collectors

Ten leading debt collectors have formed the industry's first professional organisation in a move to raise standards in the often controversial industry.

The Credit Collection Association of Singapore (CCAS) aims to improve integrity levels, promote best practices and repair the reputation of ethical players who have been hurt by the fallout from scandals in the past.

There are plans to roll out training programmes and accreditation for firms.

The founding members include Amequity, Credit Management Consultancy (Asia) and Datapool.

The CCAS, which was launched yesterday, said its code of conduct, which is still being formulated, aims to ensure that members meet "the highest professional and ethical standards".

Ms Chen Yew Nah, founding president and managing director of Datapool, said in a statement that "bad seeds were dragging down the reputation of the good people in the industry", with illegal operators and bullyboy tactics the main problems.

Setting up the CCAS with industry practitioners who act with integrity is seen as a way to restore the sector's reputation.

Ms Chen noted that low barriers to entry have made it easy for new players to enter the market, but without proper training in negotiation and dispute resolution, "these companies may resort to tactics of intimidation".

People can seek mediation and file complaints with the CCAS regarding encounters with member companies.

More information is available at www.creditcollection.org.sg

Ms Chen said: "Our message for companies that use collection firms is simple: You can either choose a cowboy or you can choose a member of our association. The choice you make will help differentiate the professionals of credit collection and weed out the cowboys."

rachaelb@sph.com.sg

Credit Collection Association of Singapore members directory of November 2014

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