Listen to the Interview.

<div id="buzzsprout-player-10734297"></div><script src="https://www.buzzsprout.com/1966250/10734297-368-matthew-wratten-of-everchain.js?container_id=buzzsprout-player-10734297&player=small" type="text/javascript" charset="utf-8"></script>The debt buying process is one that has traditionally been highly manual with Excel spreadsheets flying around and not much automation or sophistication. But that has started to change as fintech has come to debt buying and selling.

My next guest on the Fintech One-on-One podcast is Matthew Wratten, the CEO and founder of EverChain (formerly known as Debt Trader). EverChain has created a platform that allows debt buyers and sellers to manage their non-performing loans with a level of technology and compliance not before seen in the industry. In this podcast you will learn:

The founding story of EverChain.
The state of the debt buying industry today.
What was wrong with how the debt sales process worked historically.
How EverChain has made it easier.
What is involved in the onboarding process for lenders.
The different lending verticals they operate in today.
The thinking behind the rebrand to EverChain.
How they are working with the buy now pay later companies.
The kind of volume you need to participate on EverChain’s platform.
How they work with debt buyers.
How they deal with buyers that receive a lot of complaints.
Matthew’s thoughts about when lenders should be selling their non-performing loans.
How they provide guidance to sellers on portfolio pricing.
His thoughts on the action the CFPB has taken against debt collectors.
How they are keeping on top of the changing rules at the different levels of government.
What is next for EverChain.

Below is the transcript - you can find the full episode on the LendIt website.

ARE YOU TAKING UNNECESSARY RISKS WITH YOUR CUSTOMERS' PII?

As a lender, you are entrusted with large amounts of Personally Identifiable Information (PII) about your consumers and, according to several federal statutes protecting PII,** you are responsible for the security of that data. As the originating creditor, you likely have security and access protocols in place to protect this data while it remains inside your organization. But what happens when you sell or place your nonperforming accounts on the secondary market? Is your consumer’s PII still protected? 

Here’s another opportunity to join in the awesome charitable work that is such a cornerstone to many of our industry’s businesses and professionals! Receivables Roundtable Founder, Adam Parks talks with Nancy Hughes of Connect1, LLC and Brooke Teal of EverChain about their ten-week fundraising campaigns for the Leukemia & Lymphoma Society. Man & Woman of the Year is a philanthropic competition to support blood cancer research in the United States. Our industry boasts not just one, but two candidates this Spring! For you West Coasters, Nancy Hughes is running her campaign in San Diego, CA. For the East Coast crowd, Brooke Teal’s campaign is based in Atlanta, GA.

Learn more and join a team (or both!) at mwoy.org. If your company makes a donation, be sure to let us know! Learn more using the links below.

Brooke Teal - https://www.linkedin.com/in/brooke-teal/

EverChain - https://www.linkedin.com/company/everchaincorp

This was originally posted by Receivables Info with Adam Parks on March 14, 2022. Check out the links below to learn more.

Watch the video HERE.

This article was published in Cornerstone's newsletter on April 19.

Table of Contents
5 TIPS FOR MITIGATING RISK WHEN BUYING DEBT
1. Strategy
2. Segment
3. Security
4. Due Diligence
5. Post-Sale
5 OBSTACLES THAT PREVENT CREDITORS FROM SELLING DEBT
1. Perception of Risk:
2. Lack of Resources:
3. Lack of Due Diligence:
4. Lack of Transparency:
5. Lack of Benchmarking Data:
5 REASONS WHY CREDITORS SHOULD SELL DEBT: THE PROS
1. Why Sell Debt?
2. Why Use a Broker?
3. Why Oversight and Compliance?
4. Why Technology?
5. Why Now?

Join EverChain’s Certified Debt Buyer Network and gain access to the largest selection of portfolios for sale anywhere. Scale your purchasing power and dramatically reduce your cost of acquisition. Becoming a Debt Buyer with EverChain is a game changer for those who want to optimize their recovery efforts and ensure they are doing it compliantly.