The Credit Store, Inc. said Friday that it had purchased at a substantial discount a new portfolio of charged-off consumer credit card debt. The $522 million gross principal portfolio was acquired from a major U.S financial institution within the last week, the Company said.
The transaction increases The Credit Store’s total inventory of non-performing consumer debt by more than 25 percent. The Company now has acquired approximately $2.5 billion total gross principal of non-performing consumer debt, the Company’s ‘raw material’, since its inception in October, 1996.
The Credit Store is a nationwide financial services company that markets credit cards to consumers who previously had an interruption in the repayment of their debts. The Company uses sophisticated methods to analyze, value and purchase portfolios of non-performing debt at substantial discounts. The Company then uses its direct marketing expertise to contact and negotiate settlements with consumers, most of the time placing the settlements on new unsecured credit cards offered through The Credit Store.Details