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Ten debt collectors in Singapore form association
TEN debt collection companies here have formed the industry's first professional organisation, the Credit Collection Association of Singapore (CCAS), a media statement said on Wednesday.
Individuals can seek mediation and file complaints with CCAS over encounters with member companies. The association will also develop a code of conduct for its members.
"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," CCAS president Chen Yew Nah, who also runs debt collection agency Datapool (S), said in the statement.
"With low barriers to entry it is easy for new players to enter the market. Without proper training in negotiation and dispute resolution, these companies may resort to tactics of intimidation."
CCAS plans to create training programmes, accreditation, certification and international collaborations. It will also work with regulators and other industry and consumer bodies to represent the views of its members.