DebtTrader: CFPB Action a “Wake Up Call” for Industry

LAS VEGAS, April 15, 2015  — Jennifer Wilson, Executive Vice President of DebtTrader.com, the industry’s leading compliant and secure online debt marketplace, today issued the following statement regarding the Consumer Financial Protection Bureau’s action against phantom debt collection scammers’ deceptive and illegal robo-calling scheme:

Last week the CFPB made it very clear that not only scammers, but also their service providers and originators will be held accountable for violations of federal law. These actions by the CFPB should serve as a wake up call to the industry: we must do more to protect consumers, and we will be held accountable for the actions of our business partners and 3rdparty service providers.

We created the DebtTrader platform to stop scammers in their tracks. Every single transaction in our debt marketplace protects consumers by masking their contact information. Our chain-of-title system allows originators to sell debt knowing that servicers are held accountable to not just FDCPA standards, but also industry-leading compliance standards for debt trading.  Our annual audit ensures that DebtTrader member companies operate to the highest levels of industry compliance and data security best practices.

Debt scammers need easy access to data in order to execute their schemes. Take that away and we take away their ability to operate. It’s really that simple.”

About DebtTrader:
Founded in 2011, DebtTrader.com is the debt industry’s leading compliant and secure online marketplace allowing originators, debt buyers and servicers to buy and sell debt portfolios in a secure, compliant, transparent environment. DebtTrader’s accreditation system ensures that only compliant companies are allowed to buy or sell debt and access debtor data.  DebtTrader is a proud member of the CFSA, ACA, and DBA.

Contact DebtTrader:
Phone: 1.702.589.3636 ext. 1
Fax: 1.702.446.8083
Email: sales@debttrader.com

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