Debt Resolve Raises $20M
Debt Resolve, a firm that invests in and collects consumer debt, has secured a $20 million financing line through its wholly owned subsidiary, DRV Capital.
The company said it will use the credit line to purchase distressed debt. The credit line was provided by Sheridan Asset Management, also of White Plains.
Debt Resolve specializes in Internet-based collection technology as well as skip-tracing technology to track down debtors.
The company says that it will introduce an opportunity for debtors to settle and pay their accounts online, a process that Debt Resolve CEO James Burchetta says may allow the company to collect as much as 15% to 20% more on those accounts compared with recoveries using traditional methods.
"Achieving these results could be a powerful competitive advantage and allow DRV to aggressively purchase portfolios that fit the projected criteria," Mr. Burchetta said in a news release. (c) 2007 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com