Company Description (as filed with the SEC)
We have been purchasing and collecting charged-off accounts receivable portfolios (“paper”) from consumer credit originators since the formation of our predecessor company in 1962. Charged-off receivables are the unpaid obligations of individuals to credit originators, such as credit card issuers including private label card issuers, consumer finance companies, telecommunications providers and other utility providers. Since these receivables are delinquent or past due, we purchase them at a substantial discount. We purchase and pursue collections on charged-off consumer receivable portfolios for our own account as we believe this affords us the best opportunity to use long-term strategies to maximize collections. We forecast our collections over a seven year timeframe, although we may continue to pursue and receive collections for more than seven years from the date of purchase. ... More ...