Convoke Systems Validates Legitimate Consumer Debt Outlined by FTC in FDCPA Annual Report 2009.Convoke con·voke tr.v. con·voked, con·vok·ing, con·vokes To cause to assemble in a meeting; convene. See Synonyms at call. [French convoquer, from Old French, from Latin Brings Real-time Media Delivery and Accurate Chain of Title Tracking to Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. and Accounts Receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying Management Industries and Protects Consumers Against Fraudulent Debt Claims SAN FRANCISCO -- Convoke Systems, Inc., the leading provider of a software platform for delivering real-time accurate and secure business data and documents that are required to validate and recover legitimate consumer debt, announced it has a commercially available solution that meets the recommendations from the Federal Trade Commission (FTC FTC See Federal Trade Commission (FTC). ) in the Annual Report 2009 Fair Debt Collection Practices Act The Fair Debt Collection Practices Act (or FDCPA), et seq., is a United States statute added in 1978 as Title VIII of the Consumer Credit Protection Act. Its purposes are to eliminate abusive practices in the collection of consumer debts, to promote fair debt collection and (FDCPA FDCPA Fair Debt Collection Practices Act FDCPA Food, Drug, and Consumer Product Agency ) for verifying legitimate consumer debt. The Convoke Platform gives debt collectors immediate access to documents that include the amount of the debt, the name of the original creditor to whom the debt is owed, and the last statement (8% of all FDCPA complaints in 2008 were related to collectors who failed to verify disputed debts). By providing real-time information access to debt collectors, the Convoke Systems Platform alleviates any issues in delivering debt verification to consumers within the required 30-day window (15.7% of all FDCPA complaints in 2008 reported that collectors did not provide the required notice). The Convoke Platform provides a central repository of original account information from original credit issuers to enable real-time delivery of media and accurate chain of title tracking for debt buyers, third-party agencies and law firms. Convoke serves the financial services and accounts receivable management markets. "We enable the flow of accurate and secure information for the financial services and accounts receivable management industry and ultimately the consumer, so that they are only paying back the debt that they have actually incurred," said Gary Portney, Co-Founder and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Convoke Systems. "The Convoke Platform is the next step in technology innovation for replacing the current and obsolete information-flow processes. Also, by meeting the requirements of the FDCPA, our industry can reduce the need for more regulation," said Portney. The credit issuers gain the peace of mind of knowing that the consumer's information is protected and that the appropriate people have the necessary data and documents to collect on legitimate consumer debt throughout the life cycle of an account. Convoke replaces the traditional manual and lengthy process for requesting and receiving this required information. Convoke also eliminates the waste of printing and shipping costs that are inherent within the industry. Users can access and review accounts online and print only the media they require. Convoke provides access to the evidentiary proof needed to meet the regulatory requirements of many federal regulatory statutes including: Fair Credit Reporting Act The Fair Credit Reporting Act (FCRA) is legislation embodied in title VI of the Consumer Credit Protection Act (15 U.S.C.A. § 1681 et seq. [1968]), which was enacted by Congress in 1970 to ensure that reporting activities relating to various consumer transactions are conducted in a (FCRA FCRA Fair Credit Reporting Act (US) FCRA Foreign Contribution Regulation Act FCRA Federal Credit Reform Act FCRA Florida Civil Rights Act FCRA Florida Court Reporters Association FCRA Fabric Care Research Association ), Fair Debt Collections Practices Act (FDCPA), Fair and Accurate Credit Transactions Act Under the Fair and Accurate Credit Transactions Act of 2003 (FACT Act or FACTA, Pub.L. 108-159) which was passed by the United States Congress on December 4 2003 as an amendment to the Fair Credit Reporting Act, consumers can request and obtain a free credit report (FACT ACT). Convoke also complies with State and Local laws for validation, verification and documented proof of consumer debt ownership. By meeting the regulatory requirements, the Convoke Systems is paving the way for less regulation within the industry. The Convoke Platform can also be applied to additional asset classes such as mortgages, automotive, telecommunications and utilities. About Convoke Systems Convoke Systems, Inc., securely automates and accelerates accurate business information for the recovery of debt. The Company is a PCI (1) (Payment Card Industry) See PCI DSS. (2) (Peripheral Component Interconnect) The most widely used I/O bus (peripheral bus). Compliant Software-as-a-Service (SaaS) provider, delivering an on-demand platform and applications that manage access and delivery of data and documents for the financial services and accounts receivable management industries (ARM), necessary to recover debt. The Company has established relationships with leading financial institutions in the U.S. The Company is privately held. For additional information about Convoke Systems, visit www.convokesystems.com. |
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