More Collectors Working with Debt Settlement Companies, Part II

Yesterday, we looked at several reasons why collection agencies did not currently work with debt settlement companies. Today, we want to look at what might compel an agency to change its mind.

In order to confirm the reasons stated above for NOT embracing debt settlement companies to recover debt, insideARM.com asked the following question, proposing the use of a secure, compliant, intermediary data repository as a proposed option to working directly with debt settlement companies.

If Provided a PCI Certified, Centralized Data Repository to Locate Collection Accounts Enrolled with Debt Settlement Companies, Would You Reconsider Your Strategy?

That 49% of respondents said they would recon­sider their decision to work with debt settlement companies through a secure, compliant, third-party data repository seems significant.

Clearly, the idea that debt settlement companies are not repu­table is no longer an opinion shared by the majority. To the contrary, the desire to efficiently settle debts through a centralized portal that provides industry-standard data security and compliance was the main reason over half of all companies currently NOT working with the industry today would reconsider their deci­sion to settle debts enrolled with debt settlement companies through this type of secure data repository.

The whitepaper Persolvo published on insideARM.com, Debt Settlement Survey: How Creditors and Collectors Increase Collections, gives a thorough overview of the debt settlement landscape and how it intersects with the collection industry. It’s a free download, and definitely worth your time to review. Feel free to contact us with any questions.

About Persolvo Data Systems

Persolvo Data Systems is the only certified, PCI compliant settlement system that aggregates over $5 billion of account information from hundreds of debt settlement companies on a daily basis.  CONCERTO 3.0, from Persolvo Data Systems allows creditors and collectors to locate collection accounts enrolled in debt settlement programs, view the consumer’s saved funds available to settle accounts and view and print the corresponding Power of Attorney or Letter of Authorization from the consumer authorizing communication with their debt settlement company.  CONCERTO 3.0 is the only system of its kind used by top 10 credit card issuers, debt buyers, collection agencies and legal recovery firms to increase collections and effectively navigate many security and compliance issues when dealing with debt settlement companies.  For more information, visit their website at www.Persolvo.com.

Contact:

Ed Fontaine
Vice President, Sales
efontaine@persolvo.com
(401) 569-9531Direct