The regulator’s review of the debt management and credit repair industry is a critical and long-awaited step toward protecting consumers and restoring industry trust, says Victoria Coster, CEO of credit repair company Credit Fix Solutions.
This week, the Australian Securities and Investments Commission (ASIC) launched a comprehensive review into the debt management and credit repair sector, amid concerns that some firms may have engaged in misleading conduct or failed to deliver on promised services.
ASIC’s announcement that it will further scrutinise debt management and credit repair services, including “fringe” or unlicensed operators, is a welcome and overdue step.
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