WILMINGTON, Del.--(BUSINESS WIRE)--Paragraph inserted after fifth paragraph.
The corrected release reads:
NEW GLOBAL DEBT REGISTRY SERVICE DEMYSTIFIES DEBT COLLECTION LANDSCAPE FOR CONSUMERS
Debt Lookup Enables Consumers to Validate Information from Debt Collectors
Global Debt Registry (GDR), the pioneer and leader in bringing ownership transparency to original creditors and legitimate debt collection firms, today unveiled a powerful new tool for consumers, Debt Lookup. This free online service enables consumers to independently and securely validate account ownership information and view supporting documentation.
“Consumers need to know the facts before they pay a debt collector,” said Mark Parsells, Chairman and CEO of GDR, “Debt Lookup is a service for the estimated 77 million people being contacted by third party debt collectors. The consumer does not often recognize the collector, and frequently the information available to support the collector’s claims is limited. Debt Lookup provides access to critical account-level information and documents to help consumers make an informed decision before paying a debt. If the account is not in the Debt Lookup database, a series of free digital letters are available to help consumers request verification from the collector or dispute the debt.”
Raising the bar on transparency is not only good for consumers, but it helps legitimate debt collectors. By removing consumer confusion about account information, account ownership and concerns over fraudulent collection practices, Debt Lookup is an important independent resource to facilitate a fair debt collection marketplace.
“Knowledge is power. No one would buy a car today without first checking its ownership, accident and repair history, which until only a few years ago, was unavailable to consumers leaving them vulnerable to unscrupulous used car dealers. Consumers need that same validation information before they pay a debt collector, Debt Lookup is the answer,” said Parsells.
Debt Lookup addresses several of the most significant concerns raised by Federal and state regulators, as well as a myriad of state attorney generals and courts about debt collection practices. Consumer harm resulting from inadequate documentation from debt collectors and criminal practices such as “zombie debt collection,” where fraudulent firms try to collect on debts already paid, should be reduced dramatically for consumers that use Debt Lookup.
Creditors and debt owners that have accounts registered with GDR will now enjoy a significant new benefit, a cost effective method to provide consumer access to account information of charged off and closed accounts. Legitimate purchasers of debt, that are unrecognizable to consumers, will now have a trusted place to point debtors to prove they are the true owner of the account so that the consumer can resolve the debt with confidence that they are paying to right firm.
Debt Lookup Consumer Benefits:
- Look up debts for accounts closed due to non-payment that are otherwise inaccessible to you
- Validate that the collector contacting you is authorized to do so
- Ensure that the collector has valid information about what you owe before you pay
- Use one of Debt Lookup’s digital forms to request ownership information and documentation from the collector if it is not in the Registry
Global Debt Registry was among the top FinTech presenters at Finovate Fall 2014, where it showcased its data integrity services for the nation’s top banks and debt owners to track and communicate information about debt. The information found on Debt Lookup is provided by responsible creditors and legitimate debt owners and is designed to encourage informed decisions when responding to a collection notice.
To start using Debt Lookup, visit https://debtlookup.com/.
About Global Debt Registry:
Global Debt Registry, founded in 2005, is the independent registry for the consumer debt industry to manage non-performing accounts when sold or placed with collection agencies. Global Debt Registry’s patent pending account-level digital tracking, data integrity tools and consumer access services reduce risk, enhance the value of debt, improve regulatory compliance, enable customer service post charge off and allow legitimate debt collectors to prove who they are to consumers. Global Debt Registry tracks consumer debt including credit card, student, medical, auto and personal loans. Global Debt Registry is an independent organization led by senior executives from the banking industry with deep experience in compliance and data privacy. Global Debt Registry is funded by a US based, $5 Billion private equity firm. For more information, visit: www.globaldebtregistry.com.