Oregon grants Debt Settlement license to Preferred Financial Services Corporation

Oct. 27, 2011 - PRLog -- Preferred Financial Services Corporation continues to follow through on its strategic mission of becoming the leading debt settlement company in the industry, “gaining nationwide licensing is a key strategic initiative for us, we believe in regulation and legitimacy, sensible state regulation plays a big part in that” stated Gabriel Tavarez when asked about the importance of the Oregon license to the company.  The company had to undergo rigorous examination in order to meet the licensing requirements, an abbreviated list of requirements:

•   Accreditation of Counselors
•   Bonding
•   Certificate of Good Standing
•   Criminal Background Checks
•   Financials (business)
•   Insurance
•   Training
•   Education Material

Licensing requirements are designed to screen and evaluate everything about the company.  The State of Oregon wants to see that there are trained counselors dealing with their consumers.  Ample bonding and strict insurance requirements are also expected of licensees.  “The State wanted to know that our owners were trustworthy people, and they wanted to see that the company was on firm financial footing”, said Tavarez.  Preferred Financial Services Corporation sees licensing as the simplest path to assuring consumers that they do good business.  

The debt settlement industry has been plagued by bad actors, the latest wave coming in the wake of the Federal Trade Commission’s ban on advanced fees.  Consumers seeking debt relief are bombarded with offers from attorney networks using their legal status as a loophole for the advanced fee ban.  The FTC’s ban on advanced fees work in concert with state licensing requirements; consumers should be wary of any company that offers debt relief while charging fees prior to executing a settlement.  

The company’s commitment to licensing and transparent business is distinguishing it from its competitors, “we anticipate that we will be the only debt settlement provider with licensing throughout the Pacific States”, says Tavarez who oversees the company’s operations on a day to day basis.  The company says that its licensing initiative is at the core of continuing to develop their firm.  

Details on Oregon licensing: Secretary of State, Corporations Division 255 Capitol Street NE, Suite 151, Salem, OR 97311.   License number: 793902-91.

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Preferred Financial Services is the leading voice in the debt settlement industry. PFS has worked with hundreds of creditors to help negotiate realistic goals for those drowning credit card debt.