Credit Store Acquires Additional Credit Card Portfolios.SIOUX FALLS Sioux Falls, city (1990 pop. 100,814), seat of Minnehaha co., SE S.Dak., on the Big Sioux River; settled 1856, inc. as a village 1877, as a city 1883. Settlers abandoned the site in 1862 because of Native American raids, but with the establishment (1865) of Fort , S.D.--(BUSINESS WIRE)--April 28, 1998--Credit Store, Inc. (EBB: PLCR) announced today that it has acquired at substantial discounts two portfolios of non-performing credit card debt Credit card debt is an example of unsecured consumer debt, accessed through ISO 7810 plastic credit cards. Debt results when a client of a credit card company purchases an item or service through the card system. from two U.S. banks. The transactions were completed within the last week. The combined gross principal of these two newly- acquired portfolios is $16.0 million, and brings the total gross principal of portfolios acquired by the Company since its inception in Oct., 1996, to approximately $2.0 billion. Credit Store Inc. is a nationwide 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. company that markets credit cards to consumers who previously had had an interruption INTERRUPTION. The effect of some act or circumstance which stops the course of a prescription or act of limitation's. 2. Interruption of the use of a thing is natural or civil. in the repayment of their debts and may be excluded from the more traditional sources of consumer finance. The Company uses sophisticated methods to analyze, value and purchase portfolios of non-performing consumer debt from major institutional lenders at a substantial discounts. The Company then uses its direct marketing expertise to contact and negotiate settlements with the consumer, most of the time placing settlement on the new unsecured credit cards offered through the Credit Store. The Company offers an innovative and practical way for the consumer to rebuild their creditworthiness Creditworthiness The condition in which the risk of default on a debt obligation by that entity is deemed low. Creditworthiness Eligibility of an individual or firm to borrow money. and gain access to an unsecured credit card. Credit Store Inc.'s stock trades on the Electronic Bulletin Board under the symbol "PLCR". CONTACT: Gary Ginsberg or Kara Kara (kär`ə), river, c.140 mi (230 km) long, NE European and NW Siberian Russia. It flows N from the N Urals into the Kara Sea, forming part of the traditional border between European and Asian Russia. It is navigable in its lower course. Fitzsimmons Clark & Weinstock (212) 953-2550 |
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