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Ten local debt collection companies have come together to form the first professional organisation for debt collection company in Singapore. The colloation of debt collection companies is called the "Credit Collection Association of Singapore" (CCAS).
The 10 founding member companies of the organisation are:
- Amequity
- Credit Management Consultancy (Asia)
- Datapool
- I-Credit
- Khoo & Associates
- KSC Debt Management
- Milliken & Craig
- Pinnacle Credit Services
- Recoveries Management
- Thomas Carlington & Associates
The principal objectives and aims of the Association are :
- To enhance the organization of the credit collection business community in Singapore
- To represent, advance, promote and protect, in Singapore and abroad, the major credit collection concerns (such as professional credit collection conduct, behaviour, training etc) of professional credit collection agencies carrying on commerce and industry in Singapore.
The formation of CCAS comes after the viral video of what seems to be legal debt collectors creating a commotion outside an alleged debtor's home in Buangkok.
The debt collection company featured in the video is understood to be DZ Global.
CCAS President Chen Yew Nah noted that "bad seeds" were dragging down the reputation of the industry's "good people".
She said: "For too long, the image of our industry has been tarnished by illegal operators and bullyboy tactics. CCAS’ first objective is to restore the reputation of the debt collection industry by establishing an association with practitioners who act with integrity."
Ms Chen, from debt collection agency Datapool, said the industry's low barriers to entry meant 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.
"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,” she said.
Apart from developing the Code of Conduct, CCAS also plans to organise training programmes, accreditation, certification and international collaborations. It would also work with policy-makers and other industry and consumer bodies to represent the views of its members.
Individuals can seek mediation and file complaints with the association should there be complaints about encounters with any CCAS member companies, it added.