Unique relationships among credit issuers and debt buyers built on integrity, transparency and the provision of knowledge
Convoke Systems understands the growing regulatory, economic, and security constraints facing credit issuers and the accounts receivable management (ARM) industries. Changes in regulations at the federal, state and local level, plus changes in judicial rulings and the economy have made it necessary for these challenges to be effectively addressed.
Accurate information is required to effectively recover on consumer debt and better provide for consumer protections. The ability to provide this information to the appropriate parties at the appropriate time in the recovery process has become a major issue at the center of the industry. Original issuers and debt buyers will benefit from better management and control of the information needed to recover whether placing for collections to a third party or selling.
This information is everywhere in your organization and Convoke Systems helps you to automate, secure, and streamline the way you distribute this information to your third parties or debt purchasers and subsequent buyers. We provide real-time access to this information and get original issuers out of the sales support processes- which reduces your costs, improves your customer service and allows your servicers and buyers to better recover. At the same time we reduce your risk of information and privacy exposure, better protect consumer information and ensure you are either ahead of regulations or complying with them.
Convoke serves as a secure and reliable conduit between credit issuers and all third parties involved in the handing of charged off debt.
The Convoke Business Advantage
Convoke Systems standardizes and automates the handling and movement of consumer debt information delivering a new level of consistency, security and transparency to the process. To achieve this, we take custodial responsibility for warehousing all information supporting charge-offs and asset sales from Credit Issuers, and provide a secure system that automates the sales support function. This includes complete and continuous chain of title tracking and delivery of supporting information, documents, and affidavits. We further provide a comprehensive suite of tools to manage the debt sales process of buying and selling debt.
Over and above the unparalleled access to information, we take center stage in monitoring legal compliance issues on a Federal, State and Local level. We provide our customers knowledge and insight to ensure they stay within governing laws and protect the security and integrity of consumer information as it passes through the recovery and debt buy-sell supply chain.
Our knowledge of the consumer debt purchasing industry allows us to create more advanced methods of managing and standardizing the debt flow process and the critical information to support it. The Convoke Systems platforms fuel economic efficiencies and drives real value to all stakeholders.
Key Convoke Technology Advantages
Centralized and Standardized Debt Purchase Information Online Access for Retrieval and Management
Increased Debt Ownership Transparency
Comprehensive Compliance with Regulations Governing Privacy and Debt Validation
Improved Workflow Management
100% Secure – PCI Complaint Repository
Real-time Access to Documents (Media) and Chain-of-Title Information
Significant Reduction in IT Support, Overhead and Resources
FTC Eyes Stronger Enforcement of Debt Collection Laws
“Record-setting enforcement activity is on the horizon. In addition to holding companies responsible for their actions, the FTC will also seek to hold individuals responsible,”
Peggy Twohig, Associate Director, FTC Division of Financial Practices
