DebtTrader.com Sets Record Straight on Misleading “Last Week Tonight” Segment

LAS VEGAS, June 8, 2016  — Matthew Wrat­ten, CEO of DebtTrader.com, today issued the fol­low­ing state­ment in response to John Oliver’s seg­ment on the debt ser­vices indus­try:

Mr. Oliver’s dis­ap­point­ing report con­tained numer­ous inac­cu­ra­cies, omis­sions, and mis­char­ac­ter­i­za­tions about the debt indus­try. How­ev­er, he also exposed a num­ber of trou­bling – or even ille­gal – busi­ness prac­tices from which Amer­i­can con­sumers must be pro­tect­ed.  But make no mis­take: These are the actions of a few unscrupu­lous and uneth­i­cal scam­mers, not the busi­ness prac­tices that define the debt indus­try.

The show’s pro­duc­ers, regret­tably, chose rat­ings over real­i­ty, unfair­ly paint­ing the debt indus­try with a broad brush by inti­mat­ing that the prac­tices they high­light rep­re­sent the indus­try as a whole.  On the con­trary, the major­i­ty of debt ser­vices busi­ness and col­lec­tion agen­cies com­ply with the dozens of applic­a­ble state and fed­er­al reg­u­la­tions gov­ern­ing debt buy­ing and col­lec­tions.

To help pro­mote a com­pli­ant mar­ket­place, Debt­Trad­er has cre­at­ed a trad­ing plat­form that lever­ages both pro­pri­etary tech­nol­o­gy and in-per­son audit­ing.  For exam­ple, every data trans­ac­tion is han­dled using advanced encryp­tion tech­nol­o­gy, nev­er an ‘Excel spread­sheet,’ so cus­tomer data is secure and accu­rate.  In addi­tion, our buy­er and col­lec­tion agency appli­ca­tion and on-site com­pli­ance audit­ing ensure ‘fly by night’ orga­ni­za­tions such as Mr. Oliver’s fic­ti­tious ‘CARP’ are weed­ed out before they ever enter our mar­ket­place.

Final­ly, we take the most pride in how we help bring vis­i­bil­i­ty to con­sumer com­plaints when they do hap­pen.  Debt­Trad­er pro­vides mon­i­tor­ing ser­vices that inves­ti­gate each com­plaint and pro­vides a com­pre­hen­sive report to sell­ers so they can quick­ly address con­sumer con­cerns and reme­di­ate when appro­pri­ate.  The end result is a more effi­cient, secure and trans­par­ent mar­ket for debt sell­ing and pur­chas­ing, which ben­e­fits both our clients and end con­sumers.  At Debt­Trad­er, we are con­stant­ly inno­vat­ing to make that mar­ket a wide­spread real­i­ty.”

For more infor­ma­tion about Debt­Trad­er, please con­tact Jenn Wil­son, Exec­u­tive Vice Pres­i­dent of Com­pli­ance, at 1 (855) 658 8439, or vis­it www.debttrader.com.

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