CompuCredit Corp. has sold its marketing unit to the Las Vegas technology and data company Selling Source LLC.
The transaction closed this week, Selling Source said Wednesday. The price was not disclosed.
The sale was announced a month after CompuCredit settled a lawsuit with the Federal Deposit Insurance Corp. by agreeing to pay $116 million and reform its marketing practices. The Atlanta lender and credit card marketer, had been accused of misleading subprime cardholders.
Selling Source, which generates leads on consumer products for financial companies, said it has turned the unit into a consumer financial products group that will be headquartered in Atlanta and will generate card leads for American and British financial companies.
In addition, Selling Source said CompuCredit has "entered into a long-term agreement with the financial products group to perform certain marketing services."
Two CompuCredit executives, John V. Hashman and Jon Colston, have joined Selling Source. Mr. Hashman, who had been a marketing director at CompuCredit, has been named executive vice president of the new group. Mr. Colston, who had been the director of risk management at CompuCredit, has been named the group's director of operations.
