The Launch of EverChain
EverChain launched in the US in 2012, with the main aim of reforming the debt sale industry, which at the time was flawed and inefficient. After a debt portfolio had been sold, lenders effectively had no knowledge or control over how these consumers were treated. And due to new regulations, selling debt became such a complex undertaking that many lenders felt it was easier to see defaulted accounts as a cost of business, simply cutting their losses.
It was in this climate that EverChain was born, bringing a cutting edge technology platform onto the market. This platform was built for the secure management and execution of compliant debt sales transactions. The EverChain Certified Debt Buyer and Collection Agency Network were also established at this time, in order to improve the integrity of the debt sale process.
One of the key things EverChain identified as being an issue in the debt sale process was post-sale management. The business therefore built a management system into the existing platform, which would overcome such issues. As an organisation, EverChain is constantly evolving processes and technologies to meet the needs of their clients.