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CFR was founded in 2005 for the purpose of purchasing, managing and collecting portfolios of defaulted consumer credit card receivables. These receivables are unpaid obligations that individual consumers owe to credit originators such as banks, credit card companies and retail merchants.
CFR specializes in collecting receivables that have been “charged-off” by either the credit originator or another debt servicing organization that purchased or serviced the receivable for the credit originator. CFR is currently licensed in five states. To date, CFR has funded its portfolio purchases through internally generated cash flow and a line of credit. CFR is seeking to raise additional capital in order to expand its operations and extend its geographic reach.
CFR’s primary objective is to utilize our management’s experience and expertise to effectively grow our business by identifying, evaluating, pricing and acquiring consumer receivable portfolios and maximizing collections of such receivables in a cost efficient manner.
CFR has a highly detailed approach that it applies to all aspects of its business from portfolio purchasing decisions to execution of collections on purchased portfolios. This approach has led to the generation of solid returns throughout CFR’s history.
CFR believes that there is a vast and growing market for the types of collection activities that it performs due to the steep economic deterioration that U.S. economy has experienced in the last year. “Charged off” debt presents a tremendous opportunity to drive highly attractive investment returns for the knowledgeable purchaser. Credit card charge off levels at the nation’s biggest banks are forecasted to reach $141.5 billion by 2010 and may top $186 billion for the entire industry. [Source: Oliver Wyman, management consulting firm survey, as cited in New York Times, “Banks Brace for Credit Card Write-Offs”, May 10, 2009.]
CFR is a New Jersey limited liability company and our principal offices are located at 175 South Washington Avenue in Dumont, New Jersey. CFR is registered to do business in the State of New Jersey and New York.
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