Persolvo Data Systems Adds Three Top 15 Collection Agencies in Second Quarter

Irvine, CA – Persolvo Data Systems, a leading provider of web-based settlement software and analytics tools, announced today it has deployed its patent-pending system with three of the top 15 debt buyers/collection agencies during the second quarter of 2010. Additionally, the company has been working with a number of the top 10 credit card issuers and anticipates deploying its system with several issuers in the second half of 2010.

“We’ve seen a growing interest from primary issuers and third-party collectors alike in the first half of the year,” commented Persolvo COO Teresa Dodson. “The accounts receivable management industry is now beginning to realize that consumers enrolled in debt settlement programs represent a significant portion of their collection portfolios, and with the better visibility and data provided by Persolvo’s web-based solution, agencies are more effectively leveraging this channel and increasing recoveries.”

Persolvo introduced its settlement portal in 2006, built around a database of approximately $5 billion of delinquent or defaulted account data  from consumers enrolled in more than 400 of the largest debt settlement companies. The Persolvo system aggregates the consumer’s current account information on a daily basis, and provides the “pre-approved” trust account savings balance the consumer has saved for the purpose of settling their accounts. The Persolvo system delivers unsurpassed visibility into a consumer’s ability to settle an account, and offers an integrated payment processing solution to facilitate the payment of the debt through a lump sum settlement or term payments.

Jeff Dickey, EVP of Marketing, noted, “With more and more credit card issuers exploring strategies to leverage this channel, we see a strong outlook for growth in our business.  Further, with the recent changes by the Federal Trade Commission to the Telemarketing Sales Rule, the FTC has removed many of the risks to the consumer of enrolling in a debt settlement program and, through significant legislation, has validated and legitimized the practice of debt settlement. The convergence of these events is driving an increased demand for our products and services in the coming months and years ahead.”

About Persolvo Data Systems
Persolvo Data Systems is the first patent-pending system to aggregate account information on debtors enrolled in voluntary workout programs with leading debt settlement companies and law firms. Persolvo’s web-based settlement application allows creditors and collectors to locate debtors enrolled in debt settlement programs, analyze their account information to uncover highly-liquid settlement opportunities, and settle large numbers of accounts online with hundreds of debt settlement companies using Persolvo’s hosted settlement application. The Persolvo system is the largest database of aggregated debt settlement accounts available today and provides the most accurate and up-to-date information, including settlement savings balances, on debtors enrolled in debt settlement programs. For more information, visit our website at http://www.persolvodatasystems.com.

Persolvo: Latin Verb – to unloose, explain, expound/pay off a debt, pay.