Genesis Financial Solutions Converts Credit Card Portfolio in Record Time

BEAVERTON, Ore.--(BUSINESS WIRE)--Genesis Financial Solutions, an originator and manager of credit-sensitive unsecured consumer receivables, has successfully converted and assumed management of more than 70,000 performing and nonperforming credit card accounts. The on-time conversion, which involved a change of issuing banks, product and branding, processing system, and account servicing, took less than 45 days from inception to completion.

Due to the time of the year and the extenuating circumstances facing the owner of the receivables (a well-known financial investor), it was paramount to execute and complete the transaction quickly so the cardholders experienced minimal disruption to their accounts and purchasing capabilities. “Executing a successful conversion like this demonstrates our flexibility to tailor solutions to the unique needs of lenders holding assets with deteriorating credit performance,” said Patrick Moore, Chief Operating Officer.

Genesis Financial Solutions is known throughout the industry for managing distressed unsecured consumer receivables, and structuring and executing complicated transactions. Over the past several years, Genesis has completed several similar transactions, including acquisition of a $250MM pool of distressed credit card accounts from a top five issuer. Partners are attracted to Genesis because of its flexibility, speed of execution, focus on compliance, and operational excellence.

“As delinquency rates worsen, prime issuers find themselves managing growing pools of non-core assets that require specialized servicing. Leveraging Genesis’ internal systems and strategies has proven to be an attractive alternative to building those capabilities internally,” stated Brian Enneking, SVP of Business Development.

About Genesis Financial Solutions

Genesis Financial Solutions, of Beaverton, OR, is a privately held diversified consumer financial services company with expertise in the management and servicing of credit-sensitive unsecured consumer loans. Genesis originates and services credit card accounts and consumer loans across the credit spectrum. Genesis also acquires, manages and services performing and nonperforming consumer portfolios. Genesis’ growth is realized through partnerships with creditors, debt owners and service providers. Senior management has extensive consumer lending and banking experience, and bases decisions on sophisticated analytical systems and models.

Learn more about the company by visiting the web site at www.genesis-fs.com.