Industry Veterans Launch CreditAssist Financial Services and Add Credibility and Validation to the Debt Settlement Industry

Credit and Collection industry veterans Rick Wittwer and Carmine Dorio, both former senior collection executives at WAMU and other large lending institutions have joined forces to launch CreditAssist Financial Services, a grown-up version of a Debt Settlement Company.

Euless, TX (PRWEB) March 2, 2008 -- Credit and Collection industry veterans Rick Wittwer and Carmine Dorio, both former senior collection executives at WAMU and other large lending institutions have joined forces to launch CreditAssist Financial Services, a grown-up version of a Debt Settlement Company.

CEO Rick Wittwer states, "The debt settlement industry has historically consisted of small "mom and pop" type companies who had very little knowledge of the credit and collection industry. And until recently, for many valid reasons, consumers and major credit card lenders were suspicious about doing business with them."

Our knowledge of how to be successful operating in a heavily regulated business with OCC, OTS, and FDIC oversight is being employed in CreditAssist. Even though the business of debt settlement is not closely regulated yet, we know it will be soon and we're ready.

Wittwer and Dorio spent the last 2 years researching the debt settlement industry as an opportunity to create a new collection channel for the major issuer they were employed by. What they found was extremely alarming. The industry wide debt settlement practice managing consumer's financial information was in disarray, not maintained securely, and unauthorized users were given free access to the information.

It was also found that the fees that the debt settlement companies were charging were exorbitant and in many states illegal. In addition, most debt settlement companies sought to receive payment of the fees before any work for the customer was performed.

CreditAssist's founders felt if a new debt settlement company was formed that provided its service at a fair price with affordable payment terms and operated in a safe and secure environment; troubled customers would have a better option to turn to. After raising sufficient capital to fund the company, CreditAssist Financial Services was launched.

Wittwer states, "Our knowledge of how to be successful operating in a heavily regulated business with OCC, OTS, and FDIC oversight is being employed in CreditAssist. Even though the business of debt settlement is not closely regulated yet, we know it will be soon and we're ready." He continues, "We believe that by operating in this safe manner creditors, debt buyers, and collection agencies will feel more comfortable working with CreditAssist than with other debt settlement companies.

Aside from web-site and "word of mouth" advertizing, CreditAssist is intent on forming strategic alliances with credit card issuers, debt buyers, and collection agencies. By doing so, CreditAssist will be in the unique position of pinpointing troubled borrowers at an earlier delinquency stage, enrolling them into their program, and resolving their debt issues with the account owners directly.

About CreditAssist Financial Services
CreditAssist Financial Services is a start-up financial services company dedicated to providing debt settlement services to customers who are heavily in debt and don't necessarily qualify for bankruptcy protection. For more on CreditAssist visit www.creditassistfs.com or www.debtsettlement4less.com or call 817-545-0030. CreditAssist Financial Services is located at 310 South Industrial Blvd #100 Euless, TX 76040.

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