DebtTrader: CFPB Action a “Wake Up Call” for Industry

LAS VEGAS, April 15, 2015  — Jen­nifer Wil­son, Exec­u­tive Vice Pres­i­dent of, the industry’s lead­ing com­pli­ant and secure online debt mar­ket­place, today issued the fol­low­ing state­ment regard­ing the Con­sumer Finan­cial Pro­tec­tion Bureau’s action against phan­tom debt col­lec­tion scam­mers’ decep­tive and ille­gal robo-call­ing scheme:

Last week the CFPB made it very clear that not only scam­mers, but also their ser­vice providers and orig­i­na­tors will be held account­able for vio­la­tions of fed­er­al law. These actions by the CFPB should serve as a wake up call to the indus­try: we must do more to pro­tect con­sumers, and we will be held account­able for the actions of our busi­ness part­ners and 3rdpar­ty ser­vice providers.

We cre­at­ed the Debt­Trad­er plat­form to stop scam­mers in their tracks. Every sin­gle trans­ac­tion in our debt mar­ket­place pro­tects con­sumers by mask­ing their con­tact infor­ma­tion. Our chain-of-title sys­tem allows orig­i­na­tors to sell debt know­ing that ser­vicers are held account­able to not just FDCPA stan­dards, but also indus­try-lead­ing com­pli­ance stan­dards for debt trad­ing.  Our annu­al audit ensures that Debt­Trad­er mem­ber com­pa­nies oper­ate to the high­est lev­els of indus­try com­pli­ance and data secu­ri­ty best prac­tices.

Debt scam­mers need easy access to data in order to exe­cute their schemes. Take that away and we take away their abil­i­ty to oper­ate. It’s real­ly that sim­ple.”

About Debt­Trad­er:
Found­ed in 2011, is the debt industry’s lead­ing com­pli­ant and secure online mar­ket­place allow­ing orig­i­na­tors, debt buy­ers and ser­vicers to buy and sell debt port­fo­lios in a secure, com­pli­ant, trans­par­ent envi­ron­ment. DebtTrader’s accred­i­ta­tion sys­tem ensures that only com­pli­ant com­pa­nies are allowed to buy or sell debt and access debtor data.  Debt­Trad­er is a proud mem­ber of the CFSA, ACA, and DBA.

Con­tact Debt­Trad­er:
Phone: 1.702.589.3636 ext. 1
Fax: 1.702.446.8083

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