TransUnion and Wilmington-based Global Debt Registry announced a collaboration to market debt registry services for debt buyers, collectors and financial institutions. TransUnion is best known for providing credit scores.
GDR’s enables debt owners to accelerate collections through streamlined access to account information. It also gives them the ability to securely validate account ownership information with supporting documentation and consumer access.
GDR uses Debt Lookup, an online consumer access service providing secure and easy access to account-level data and documents supporting claims by legitimate debt collectors.
“TransUnion’s information solutions offer valuable tools for the growing accounts receivable market,” said Peter Ghiselli, vice president in TransUnion’s specialized risk business unit. “The ability to team up with GDR to offer our clients GDR’s tools to manage account information post charge-off and to support validation of a given debt is a natural extension to our core services offered to financial institutions, debt collectors and consumers. We are excited about our strategic marketing arrangement with an innovative pioneer like Global Debt Registry.”
Global Debt Registry noted that the $3.3 trillion market for unsecured consumer debt has no clearinghouse to securely manage supporting account information and minimize risk from financial institutions transferring debt.
“For debt buyers, collectors or original creditors, the lack of a transparent digital marketplace has led to a steady increase in industry issues, which is increasingly the focus of multiple regulators,” said Mark Pasells, CEO of Global Debt Registry. “TransUnion is the leading provider of information for collections industry. GDR and TransUnion’s mutual customers will benefit from our collaboration, which offers a broader market of debt buyers, collectors and financial institutions to reduce costs and risks, improve transparency and efficiencies to the debt ownership industry.”
Prior to joining Global Debt Registry ran divisions for Citigroup, American Express and Bank One and its predecessor, First USA.
Global Debt Registry was founded in 2005. For more information, visit: www.globaldebtregistry.com
