The partnership is very strategic to the collections and recovery markets and will provide Debt Resolve and ScoreNet clients' seamless access to leading collection and recovery products and services. It also enables Debt Resolve to half the time required to integrate ScoreNet clients onto the Debt Resolve platform.
Fair Isaac's Debt Manager, RMS, and Placements®Plus clients, along with all other ScoreNet network partners now have access to Debt Resolve's patented system. The DebtResolve system provides an easy-to-use platform for the online collection of debt, connecting all parties involved in the settlement of debt, including lenders, third party collection agencies and debt buyers. This partnership gives ScoreNet users a further channel to access delinquent and charged-off accounts, and combined with Fair Isaac's analytic models, clients can optimize placement and channel distribution strategies, enabling improved collections at lower costs.
Reciprocally, by connecting to the ScoreNet platform, Debt Resolve's clients will have easy access to ScoreNet's array of collection and recovery services. For instance, Debt Resolve clients now have the ability to store, view and forward images of documents through ScoreNet's Document Storage and Presentment service. Additionally, ScoreNet's Event-based Trigger service can be utilized to identify and quickly react to changing account characteristics from a variety of data sources.
James D. Burchetta, Chairman and CEO of Debt Resolve stated: "This partnership is a great advantage for collection and recovery organizations wanting better quality bundled services. In addition, Debt Resolve is excited about the partnership and the opportunity to work with Fair Isaac's long-standing customers. We know that prospective clients will respond eagerly to the news that they can significantly reduce the time needed for implementation, while at the same time reducing their set-up costs. We look forward to working with organizations not currently customers of either company that desire greater efficiencies in their debt collection and recovery processes."
Eric Herson, Vice President - ICN Leader of Fair Isaac Corporation said: "This is a great opportunity for both sets of clients to leverage both companies' technologies and services. Having efficient access to this additional channel through their existing network investment will make our clients more effective and efficient in their Collections and Recovery efforts. This partnership will dramatically reduce the current cost to clients of having to negotiate each type of service individually."
About Debt Resolve, Inc.
Debt Resolve provides lenders, collection agencies, debt buyers and utilities with a patented online bidding system for the resolution and settlement of consumer debt and a collections and skip tracing solution that is effective at every stage of collection and recovery. Debt Resolve clients are able to collect more money from more of their customers at a significantly lower cost than other online or offline tools. The DebtResolve system was developed by experts in the consumer credit, Internet technology and collection industries, and its model makes the system simple to set up and use. Through its subsidiary, DRV Capital, LLC, the company is actively engaged in the purchase and collections of distressed accounts receivable using its own collections solutions. Through its subsidiary, First Performance Corp., the company is actively engaged in operating a collection agency for the benefit of its clients which include banks, finance companies, and purchasers of distressed accounts receivable. The agency also operates as a R&D platform that intends to support the sale and usage of the company's software. The stock of Debt Resolve is traded on the American Stock Exchange. Debt Resolve is headquartered in White Plains, New York. www.debtresolve.com.
About Fair Isaac Corporation
Fair Isaac (NYSE: FIC) makes decisions smarter. The company's solutions and technologies for Enterprise Decision Management give businesses the power to automate more processes, and apply more intelligence to every customer interaction. Through increasing the precision, consistency and agility of their decisions, Fair Isaac clients worldwide increase sales, build customer value, cut fraud losses, manage credit risk, reduce operational costs, meet changing compliance demands and enter new markets more profitably. Founded in 1956, Fair Isaac powers hundreds of billions of decisions per year in financial services, insurance, telecommunications, retail, consumer-branded goods, healthcare and the public sector. Fair Isaac also helps millions of individuals manage their credit health through the www.myfico.com website.
About ScoreNet Network
ScoreNet network is Fair Isaac's data and service provider platform solution and provides unparalleled access between partners and clients in the consumer credit collections and recovery industries. The network provides the ability to effectively manage and optimize the distribution of information across the transaction life cycle, and applies analytics and decisioning capabilities to make it easier for companies to automate and improve the most challenging decisions.
This news release and other public documents and public statements of representatives of Debt Resolve, Inc. contain forward-looking statements that are subject to risks and uncertainties, including, but not limited to, Debt Resolve's limited operating history, history of significant and continued operating losses and substantial accumulated earnings deficit, difficulties with its financial accounting controls, the failure of the market for Debt Resolve's products to continue to develop, the inability to obtain additional capital, the inability to protect Debt Resolve's intellectual property, the loss of any executive officers or key personnel or consultants, competition, changes in the regulatory landscape or the imposition of regulations that affect Debt Resolve's products and other risks detailed from time to time in Debt Resolve's filings with the U.S. Securities and Exchange Commission, including Debt Resolve's recent registration statement on Form SB-2. These risks could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, Debt Resolve. Debt Resolve assumes no obligation to update the information contained in this news release.
Fair Isaac Statement Concerning Forward-Looking Information
Except for historical information contained herein, the statements contained in this press release that relate to Fair Isaac, including statements regarding its ScoreNet network offering, and the benefits to be derived from this offering, are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including any unforeseen technical difficulties related to the implementation, use and functionality of the offering, the risks that customers will not perceive material benefits from the offering, failure of the product to deliver the expected results, the possibility of errors or defects in the offering, regulatory changes applicable to the use of consumer credit and other data, and other risks described from time to time in Fair Isaac's SEC reports, including its Annual Report on Form 10-K for the year ended September 30, 2006. Forward-looking statements should be considered with caution. If any of these risks or uncertainties materializes or any of these assumptions proves incorrect, Fair Isaac's results could differ materially from Fair Isaac's expectations in these statements. Fair Isaac disclaims any intent or obligation to update these forward-looking statements.
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