Convoke Systems announced that 15 of the nation’s top credit card debt buyers are now customers only two years after the company entered the market.
According to the company, much like the mortgage industry, a core issue for credit card debt is a lack of timely and accurate information to enable efficient and effective collection of past due accounts. The need for key account information and proof of ownership is seen as a systemic challenge that exists within the financial services industry.
Convoke Systems reports it is solving those challenges by using a sophisticated technology platform that securely centralizes and standardizes the registration, management and movement of charged-off consumer account information.
Access to this information is provided to Convoke Systems' customers, enabling them to verify and validate the debt and accurately communicate the facts with debtors.
Convoke Systems tracks the complete lifecycle of charged-off consumer accounts from inception to settlement.
"This allows us to show an unbroken chain of title for any account from the original credit issuer to all subsequent owners of the debt in the collections cycle, providing detailed information on the chain of events leading to the current owner," says Gary Portney, founder and president at Convoke Systems.
"We are bringing uniform standards and regulatory compliance to the industry while significantly enhancing debt collectors’ ability to minimize error, protect consumer information and accurately communicate the facts with consumers," he adds
The adoption by debt buyers is a significant benefit to banks and credit card companies in their efforts to automate and simplify the process of selling charged-off debt, according to officials at Convoke Systems.
