Latest Software Update Builds on Widely Used Debt Validation Capability
ARLINGTON, Va.–(BUSINESS WIRE)–Convoke, a leader in SaaS solutions for the debt collection market, today announced its latest enhancement to its debt validation technology. Since Convoke first brought debt validation technology to the market in 2010, its software has been used to support debt validation for over 10 million consumer loans.
“This software update targets a crucial problem in the collections industry: credit issuer oversight of third party debt collector efforts to validate consumer debt,” said David Pauken, CEO of Convoke. “Convoke now provides a tool that allows our customers near real-time visibility into the debt validation process with the consumer, something that has never been seen in the collections industry.” When consumers request debt validation by a third party debt collector, Convoke software enables the credit issuer to track the interaction with the consumer, from beginning to end. This unparalleled transparency promotes credit issuer compliance in an evolving regulatory environment.
Since its inception, credit issuers and third party debt collectors have used Convoke to validate debt by housing the supporting documents in a way that is easy to access and verify, but now they can also monitor the third party’s interaction with the consumer during the validation process. Convoke added this important oversight capability to its debt validation technology because credit issuers and debt collectors expressed a serious commitment to ensuring that consumer debt is properly supported.
Convoke is a leader in SaaS solutions for the debt collection market. Its mission is to securely organize collection information across credit issuers and third party debt collectors (collection agencies, law firms, and debt buyers), making it accessible and useful. This enables them to solve complex business, vendor oversight, and regulatory compliance requirements. Convoke’s online platform includes workflow tools to easily validate debt, obtain and track collection information from third parties, and promote responsible treatment of consumers. Convoke is headquartered in Arlington, VA. For more information on Convoke, please visit www.convokesystems.com.
Prosek Partners/Convoke Media Relations
Laura Bernstein, 212-279-3115 x267