Yesterday, Debt Resolve, Inc. announced that U.S. Patent No. 7,831,523 (‘523 Patent) dated November 9, 2010, was issued to Debt Resolve through their non-revocable worldwide license, for the settlement of consumer debt. This patent follows four other historic patents for online dispute resolution including U.S. Patent – No. 6,330,551 dated December 11, 2001, U.S. Patent – No. 6,850,918 dated February 1, 2005, U.S. Patent – No. 6,594,741 dated October 11, 2005 and U.S. Patent – No. 7,249,114 dated July 24, 2007.
Debt Resolve, Inc.’s President and CFO, Mr. David Rainey, stated, “The new ‘523 Patent continues to expand the patent protection enjoyed by our web-based solutions. We are delighted that the U.S. Patent Office has granted us this fifth patent which further strengthens our intellectual property and is a barrier to entry to others in the online settlement of debt. We intend to vigorously protect our rights under the patent cluster.”
The ‘523 Patent grants the Company “a method and system for automated bargaining in a round by round manner. The method and system are capable of multiple rounds. The method and system are used in testing non-equal values in normal rounds for satisfaction of a predetermined criterion. If the criterion is not satisfied in the normal rounds, power round values are tested for satisfaction of a power round criterion. If the power round criterion is satisfied, a binding bargained payment is calculated. Additional options involve an automated facilitator, windfalls to initiators, automatic payment initiation, multiparty aggregation, and automatic agreement document generation.”
Headquartered in Tarrytown, New York, Debt Resolve, Inc. provides lenders, collection agencies, collection law firms, debt buyers and hospitals with a patent-protected online bidding system for the resolution and settlement of consumer debt. The Company also provides a collections and skip tracing solution that is effective at every stage of collection and recovery.
The Company is both a technology services company and a leader and innovator in the asset receivables management industry. They develop and market their patent-based web collection technology under the brand name DebtResolve®.
Their flagship product is their DebtResolve® software system. It is an online collections tool, delivered in an ASP environment and private-labeled for use across multiple segments of the collections industry. It allows any stage of debtor to self-cure online. It features the Company’s patented online bidding system that maximizes the settlement process. It is licensed to banks and other credit originators, credit card issuers and third-party collection agencies, and also assignees and buyers of charged-off consumer debt.
For more information visit: debtresolve.com
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