Preferred Financial Services

Preferred Financial Services, Inc prepares to enact its own Red Flag Rules in regards to consumer Identity Theft…..

Andover, Massachusetts May 12th 2010—Preferred Financial Services has reviewed the new Red Flag Rules being enacted by the FTC and is preparing to roll out its own by the deadline of June 1^st, 2010. Over the past few years consumer ID theft has become a hot button topic that has caused millions of Americans stress and huge financial problems. With the spread of online finances and the ease with which personal information can now be found on the internet, ID theft continues to increase and consumers need to do everything possible to protect themselves from this relatively silent threat to their finances. As a result, the FTC has created new legislation that requires financial firms dealing with consumers personal data to create and implement a set of procedures to protect their private information.

The new rules encompass four main ideas that in theory should protect all sensitive information from ID thieves. The first step that a Ref Flag program needs to take is to identify possible red flags in a company. This means identifying when and how personal information could be compromised. The second step is detecting red flags that have been identified as possible problems. The third step is to prepare appropriate responses to red flag occurrences. The fourth and final step is to continuously update the red flag procedures to stay ahead of the changes in technology that causes information to become vulnerable. When these four steps are implemented by a firm, consumer information should be protected from the unwanted eyes of potential thieves.

Preferred Financial Services realizes the risks that are out there and has taken the threat of Identity Theft very seriously. As such, it will not take much too fully comply with the new rules coming out of Washington. We already have a robust system in place to identify and prevent external threats to consumer information. We are currently in the process of identifying any possible internal threats and will then create a program to ensure any red flags are addressed as quickly and efficiently as possible.

Preferred Financial Services is a debt reduction firm certified by the CFC (Center for Financial Certifications) and accredited by U.S.O.B.A. (United States Organizations for Bankruptcy Alternatives). Headquartered in Andover, Massachusetts, Preferred Financial Services has been a leader in the debt reduction industry since 2003. Preferred Financial Services has acquired some of the best experience in the industry over the past 7 years. In 2009 alone Preferred Financial Services reduced over $16.5 million worth of consumer debt for just $6.4 million, for a savings of about 60%- and over 2,900 accounts were settled on behalf of their clients.

For more information, please visit: www.pfsdebtrelief.com

Contact:

Stephan Tavernini

stavernini@pfs1.net

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ANDOVER, Massachusetts, U.S.A. – Preferred Financial Services of Andover, Massachusetts has been accredited by the U.S. Organization for Bankruptcy Alternatives. Lingering economic problems across the U.S. have forced many of our citizens into dire economic straits, and many who have defaulted on their credit card payments are beginning to look towards bankruptcy protection as their only alternative. However, bankruptcy and its lingering effects can affect an individual’s credit record adversely for many years to come. The good news is there are less drastic alternatives including debt consolidation and debt reduction assistance, but choosing an accredited firm to help in these matters is critical.

Debt consolidation is a process where an individual works with a credit counseling firm to reorganize their various unsecured debts (most often credit cards) into a single, lump sum debt with a more favorable interest rate than the high interest rates charged by the card issuers. Note, however, that while this tactic is helpful in reducing the total monthly payments due to a lower interest rate, the total amount of debt is not reduced. This often means that it can take upwards of 20 years to pay off the total debt.

Debt reduction firms such as Preferred Financial Services, on the other hand, reduce the total amount of debt owed to the credit card companies by negotiating settlements with those firms on the client’s behalf. Consumers that have defaulted on their credit card payments who enroll in a program with a reputable and accredited debt reduction firm benefit from negotiated settlements that often result in a reduction of 50% or more of what was originally owed. This effectively cuts the total balance by half or more, significantly reduces monthly debt payments, and helps reduce the time to reconcile the debt by many years.

However, consumers need to be aware that many ‘fly-by-night’ debt reduction firms have popped up on the scene. To avoid getting tied-up with one of these unscrupulous firms, consumers should work only with firms that are accredited by the United States Organizations for Bankruptcy Alternatives (U.S.O.B.A.). Preferred Financial Services (www.PFShelp.com) is one of a small handful of firms that have received this accreditation. To become accredited by this body, each organization is required to pass an annual, on-premises audit conducted by the U.S.O.B.A. Having a U.S.O.B.A. accreditation provides assurance that the firm adheres to the highest industry standards and has compliance with each state’s rules and regulations.

Anyone who has defaulted on their unsecured credit card debt and believes that bankruptcy is the only solution should seriously consider contacting a U.S.O.B. A. accredited firm.

About Preferred Financial Services:

Preferred Financial Services is a debt reduction firm certified by the CFC (Center for Financial Certifications) and accredited by U.S.O.B.A. (United States Organizations for Bankruptcy Alternatives). Headquartered in Andover, Massachusetts, Preferred Financial Services has been a leader in the debt reduction industry since 2003. Preferred Financial Services has some of the most experience in the industry over the past 7 years. In 2009 alone Preferred Financial Services reduced over $16.5 million worth of consumer debt in 2009 for just over $6.4 million, for a savings of about 60% – and over 2,900 accounts were settled on behalf of their clients.

For more information, visit: www.PFShelp.com

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