AADMO Helps Consumers Find and Use Reputable and Legally Authorized Credit Counseling Agencies During National Consumer Protection Week
The American Association of Debt Management Organizations (AADMO) has joined a group of federal, state, and local government agencies and national consumer advocacy organizations to launch the eighth annual National Consumer Protection Week (NCPW), February 5-11, 2006. AADMO is using this opportunity to help consumers find and use reputable and legally authorized credit counseling agencies.
Washington, DC (PRWEB) February 7, 2006
The American Association of Debt Management Organizations (AADMO) has joined a group of federal, state, and local government agencies and national consumer advocacy organizations to launch the eighth annual National Consumer Protection Week (NCPW), February 5-11, 2006.
NCPW empowers consumers by highlighting current consumer protection and education efforts in the fight against fraud in communities across the nation. AADMO is using this opportunity to help consumers find and use reputable and legally authorized credit counseling agencies.
“Most states have laws regulating credit counseling agencies. Through AADMO consumers can learn which states issue licenses, those agencies that are licensed and where to find those agencies”, said Mark Guimond, Executive Director of AADMO, the trade association for the credit counseling industry.
Guimond has given numerous speeches including those at the Congressional Black Caucus Foundation and the Illinois Department of Financial Institutions encouraging consumers to look for licensed and legally authorized credit counseling agencies.
The AADMO web page (http://www. AADMO. org) identifies all licensed or authorized credit counseling agencies (without regard to affiliation or membership in AADMO) that are approved by the respective 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 http://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 Those states that do not require, or do not publish a list, are indicated with “List of authorized credit counseling agencies not available.”
Consumers should note that several states, such as Iowa and Indiana, only require in-state agencies to be licensed. Some states, such as Alaska, Massachusetts and Arkansas do not currently have any license requirements for credit counselors and therefore do not have any list of authorized agencies. Other states, such as Florida, Georgia and Ohio, have laws regulating credit counseling but do not have a license requirement.
California requires that credit counseling agencies file for an exemption to licensing rather than obtain a license. Washington, D. C. and Colorado repealed their laws and Washington State abolished its license requirement.
ABOUT AADMO
AADMO is the credit counseling and debt management industry’s largest trade association. 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 http://www. AADMO. org or call 540-548-1965.
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