Convoke Systems Validates Legitimate Consumer Debt Outlined by FTC in FDCPA

SAN FRANCISCO, CA – 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) in the Annual Report 2009 Fair Debt Collection Practices Act (FDCPA) 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 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 (FCRA), Fair Debt Collections Practices Act (FDCPA), Fair and Accurate Credit Transactions Act (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 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 our website at www.convokesystems.com.