Wilmington, Delaware (PRWEB) June 11, 2015
Global Debt Registry (“GDR”), the first independent debt repository for storing and tracking consumer debt, today announced that it is making its Account Extinguishment Report℠ available for free to consumers on its consumer website Debt Lookup℠. The new Account Extinguishment Report is a permanent solution protecting consumers from any attempts to collect on a settled, cancelled or otherwise closed account, sometimes known as “Phantom Debt,” and helps consumers deal with credit bureau disputes. Global Debt Registry’s Account Extinguishment Report fulfills the need for transparency and provides a permanent record of closure for consumers, creditors and debt collectors that are part of the $3.4 trillion non-mortgage consumer debt market in the United States.
Federal regulators report that one of the most common complaints from consumers is that debt collectors are harassing them for debts that have already been paid. Debt Lookup, (http://www.DebtLookup.com) provides consumers greater transparency regarding the status and resolution of their debt and empowers them to identify and combat scam collection efforts. The Account Extinguishment Report provides definitive proof for a consumer that an account has been closed and can no longer be subject to collection. Creditors and debt collectors can leverage Debt Lookup as a permanent central location to send consumers to access proof that a prior debt was settled. The Account Extinguishment Report reduces risk by bringing closure to an account and reducing future consumer disputes, saving time and resources to focus on accurate, active collection. Creditors can refer past customers to Debt Lookup as an ongoing resource, extending customer service after accounts have been charged off and helping to reduce customer service requests.
“The Account Extinguishment Report, or AER, addresses a current gap in the industry to effectively track the entire lifecycle of an account,” says Mark Parsells, Executive Chairman and CEO of GDR. “A debt can be collected for years after it has been charged-off or sold, including long after the statute of limitation has expired, and after the account is no longer available on a credit report. Our process permanently removes an account from future collection risk or inadvertent re-sale. This process will protect the reputations of original creditors add integrity to industry data and protect consumers with a permanent record that is accessible in a central, easy to find location.”
As a recent example of the impact of this innovative new service, a GDR Account Extinguishment Report was used to bring closure to a Debt Lookup customer recently who had settled a credit card dispute years earlier. Even though the debt had been resolved, it still showed on her credit report, impacting her ability to apply for a mortgage. The consumer contacted the credit card company to determine the name of the debt buyer with whom she settled the account. Unfortunately, she discovered that the original debt buyer was out of business and the credit card company could not provide any information regarding her settlement agreement. The consumer used Debt Lookup to verify that the account balance was now at $0, and provided the Account Extinguishment Report to the credit bureau. As a result, she was able to successfully obtain a mortgage.
To learn more about Debt Lookup and the Extinguishment Report, visit https://www.debtlookup.com/ and to hear about how Global Debt Registry is working with financial institutions, creditors and debt collectors to organize and track debt information, visit http://www.globaldebtregistry.com.
About Global Debt Registry
Global Debt Registry enables large enterprises to securely store data and documents on non-performing accounts to facilitate better collection outcomes, whether placed with collection agencies or sold. GDR enables authorized vendors and third parties to securely access critical information to support proof of ownership and substantiate the debt. The Company enables transparency to consumers via the free application Debt Lookup. Global Debt Registry was identified by American Banker as one of the strongest new ideas at Finovate last fall. Clients include large creditors as well as debt buyers and their collection agencies. (http://www.globaldebtregistry.com)