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Original credit issuers understand the importance of protecting consumers’ personal data and privacy to gain their confidence as well as comply with government regulations. At the same time, business conditions often require that access to selected data be granted to authorized parties for asset recovery during the lifecycle of an account, whether the asset is held internally or sold to a third party.
Convoke addresses several related challenges. We replace the traditional manual and time consuming process of obtaining account level data through a highly secure and reliable repository. Strict qualification and security controls ensure that only authorized parties can gain access. But perhaps more importantly, we ensure over the life of an account that the issuer and any subsequent debt buyers can determine who legally owns (and has owned) it through a sophisticated and robust chain of title mechanism.
This results in much greater chances of recovery and maximizes the amount of recovery, thereby increasing the present and future value of portfolios managed through Convoke. It also ensures compliance with the growing body of government regulations and judicial rulings that require presentation of bona-fide documentation that can be traced back to the original issuer in support of recovery activities and legal proceedings.
- Better protection of consumer information
- Increased revenues from recoveries, portfolio and downstream sales of information
- Reduced management and processing expenses for document/media requests
- Conform to government regulations
- Downstream brand protection: control who can buy post charge off debt
- Consistent treatment across the industry for all issuers and buyers
- Improved management control over the bid/sell process
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