SINGAPORE - Singapore's leading debt collection companies have joined forces to form the industry's first professional organisation, called the Credit Collection Association of Singapore (CCAS).
They want to fight back against unethical tactics that have given the industry a bad name.
The new association aims to raise industry integrity levels, promote best practices and restore the reputation of ethical operators.
CCAS will be developing a code of conduct for its members that will ensure the behaviour of member firms is based on the highest professional and ethical standards.
Ms Chen Yew Nah, CCAS president and managing director of DP Information Group, said bad seeds were dragging down the reputation of the people in the industry.
"For too long, the image of our industry has been tarnished by illegal operators and bullyboy tactics.
"CCAS's first objective is to restore the reputation of the debt collection industry by establishing an association with industry practitioners who act with integrity."
She said there are many reputable firms in Singapore that provide professional service in debt collection to be showcased, and the aim is to change the industry's public image.