Debt Resolve Partners with American Arbitration Group

Online debt technology provider Debt Resolve reported yesterday that it entered into a strategic alliance on Dec. 13 with the American Arbitration Association to launch an online consumer portal to provide a lower cost, easy-to-use website for the voluntary resolution of disputes using Debt Resolve’s online dispute resolution system. The announcement was in a filing with the U.S. Securtities and Exchange Commission.

The announcement drove Debt Resolve’s stock up 42 percent yesterday to close at $1.25.

The American Arbitration Association operates alternative dispute resolution systems for corporations, government agencies, law firms and the courts. Its proprietary online system AAAWebFile allows parties to file cases and disputes via the Internet, and it is designated as the dispute resolution provider for hundreds of thousands of consumer agreements.

Financial terms of the alliance were not disclosed.