CreditMax Set To Break New Ground in Collection Industry

If you want to purchase charged-off credit card receivables from homeowners in Boca Raton, Florida, why would you buy the accounts of renters in Jacksonville? If you want an account with a $12,000 balance, why would you purchase one with a $300 balance? The answer is simple: you had no choice. Until now.

CreditMax LLC, is preparing to launch an innovative online service that will revolutionize the process by which all debt collectors can acquire debt. ?Beginning in February, buyers can acquire debt by loan size, account characteristics or even by zip code, on a loan by loan basis,? Stephen Kass, JD, MBA and CEO of the dynamic new company, announced. ?This could be particularly attractive to collection law firms that litigate in specific geographic areas.?

Through its website, the firm plans to offer a wide range of accounts originated by leading credit card issuers representing all levels of debt, including freshly charged off, secondary and tertiary. The CreditMax search engine represents a new development in the application of technology for the credit card debt collection industry. ?We allow purchasers to select and review accounts on a customized basis,? Kass explained. ?There will be no bidding process when we launch. The price will simply be listed on each account. Buyers may select a view of files on as broad of a basis as a national mix or as specific as a local zip code.?

Kass, an alumnus of the Harvard Business School, enjoyed a successful career in the financial services industry before participating in the formation of CreditMax. Michael Bernstein, who began his financial services career in mortgage banking before moving into the field of asset recovery, serves as the firm?s President and COO.

Proprietary technology provides an edge that experts predict CreditMax will use to carve out a new niche in the $1.7 trillion credit card debt industry. ?No one has ever combined the technology with the desire to sell to the small purchaser,? Kass said. Although CreditMax is positioned as a leading debt purchaser, ?We started out as a small buyer,? Kass recalled. ?We know there is a need.?

Advancements introduced by CreditMax will effectively cut out the middleman, making smaller, targeted purchases more practical and cost effective. The secure website allows users to search available accounts on a national, regional, state, county, city or zip code basis. The user-friendly service also guides buyers through the due diligence, contract and sales process.

?Our new sales system will provide debt buyers with consistent volume,? Edward S. Forbes, CreditMax?s Vice President of Sales and Acquisitions, added. Forbes brings a wealth of experience to his role with CreditMax. He served with Fleet Bank and more recently with JP Morgan Chase, where he negotiated approximately $3 billion in sales in his role as Asset Sales Manager.

?You can actually buy a single loan in a specific zip code,? said Kevin Davis, Vice President of Agency Operations, who contributes extensive experience in the development and application of industry-specific technology to the CreditMax team. ?The site design incorporates extensive data fields that provide buyers with access to a wide variety of information, which allows for a well-informed investment decision.?

?We?re so confident of the value of our service,? Bernstein said, ?that, under certain circumstances, we would be willing to provide financing.? Among other factors, financing may be subject to volume, the location of the debtor, duration of the agreement and buyer?s credit worthiness.

Anticipating heavy traffic with the scheduled launch in February, CreditMax is offering an incentive for buyers that pre-register before February 15, 2005 to use the site. ?We will give a 10% discount on the purchase price up to a maximum credit of $2,000,? said Heather Murphy, Vice President of Business Development and Administrative Services, adding, ?This one time offer will apply to an organization?s initial purchase made prior to April 30, 2005.? Murphy rounds out CreditMax?s impressive executive roster with 20-plus years of experience in the financial services industry.

CreditMax LLC is based in West Palm Beach, Florida. To pre-register for access to the site and qualify for the 10% discount, visit the secure pre-registration area online at http://www.CreditMaxSales.net/PreRegister/User.aspx.