“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.