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How to select a debt broker: Seller’s tips

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Key takeaways:
Selecting a debt broker involves considering their expertise, track record, and reputation in the industry. Research their past performance, client testimonials, and any regulatory credentials to ensure they are a reliable and ethical partner for your debt-related transactions.

The debt market is fragmented and has many participants (the number of debt buyers, including collection agencies that buy debt, is almost 5,000 companies). And things get even worse when companies realize that each participant specializes in a particular type of debt and geography. It will take a lot of time to independently select potential debt buyers of the debt portfolio, conduct their due diligence, collect offers, and close the transaction safely. It will take a lot of time. Therefore, debt brokers play an essential role in the market, helping sellers navigate and make the right decision. This article will tell you how to choose a debt broker or note broker so that your sales, be it auto notes, consumer accounts, judgments, or bankruptcies, sell well, stay in the black, eliminate legal risks and start working with a responsible partner.

Specialization in debt brokers and work experience

As a rule, debt brokers specialize in a particular type of debt, mortgage notes brokers, consumer accounts brokers, bankruptcy brokers, and auto loans and BHPH brokers are distinguished. Each of these types of brokers has a specific set of buyers. A broker offering your debt to a specialized buyer will be able to collect higher price offers, but the number of such buyers and their budgets are limited. Therefore, loan marketplaces have appeared on the market, which combine all types of buyers on one site with different levels of funding on one site.

Compliance of debt buyers

Not all brokers use the same methods of checking debt buyers, and we recommend choosing a debt broker whose due diligence standards match your methods of selecting suppliers. But there is CFPB regulation in debt selling, and debt buyers will have to work with the personal data of suppliers and the laws of each state. Therefore, we recommend focusing on whether the broker is a member of professional bodies and applies their standards. The most common is RMAI membership (Receivables Management Association International). Ask the broker to provide a certificate of membership in this organization.

Information security in the sale of debt portfolios

Information security is vital because debt sales involve sensitive consumer data. You must be careful here because many brokers still use email and phone calls for debt selling. The security of email servers is very often compromised, so we recommend choosing brokers that use end-to-end encryption and digital platforms for placing portfolio data, communication between the buyer and seller of debt, and closing the transaction.

Customer convenience

Buyers of debt portfolios are very often at meetings with sellers and attend specialized conferences, so mobile applications for debt trading have become widespread. We also recommend checking if the debt broker or note broker you selected has such features.

We hope that the debt broker selection methods described above will help you choose the best broker, and you will conduct a safe transaction at a reasonable price.

Good Luck and Happy Bidding!

How to select a debt broker: Seller’s tips | Debexpert
Written by
Henry Arora
Head of Business Development

Experienced Manager with a demonstrated history of working in the Fintech/Customer services/Debt Collections industry. Skilled in Management, Debt Collections Sales, Leadership, Team Management, and Public Speaking. Strong operations professional graduated from Madhurai Kamraj University.

  • Fintech/Customer services Expert
  • Public Speaking
  • Debt collection Expert



What Does a Debt Broker Do?

Debt broker is a professional middle man who helps connect lenders with the network of debt buyers, markets its portfolio and closes the deal.‍

Why Is It Important for Lenders to Work With a Debt Broker?

Debt broker has nationwide base of debt buyers thus it can provide a variety of the most appropriate debt buyes who specialize in particular debt type. This kind of debt buyer can offer the highest possible price.‍

Why Is It Important for Debt Buyers to Work with a Debt Broker?

Debt broker has a network of lenders and financial institutions thus they are able to find a debt portfolio for sale that can be interesting to a debt buyer.‍

Can I Buy a Debt Portfolio Through a Debt Broker?

To buy a debt portfolio using debt broker service, a debt buyer needs to qualify compliance requirements.‍

Where to Find a Debt Broker?

There're a lot of debt brokers on the market. We recommend to use debt broker with the reputation, adhering to the best industry practices and protecting data using end-to-end encryption.‍

What debt are we selling

We specialize in car, real estate, consumer and credit cards loans. We can sell any kind of debt.

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