Ascend One and Freedom Financial Network Announce Joint Venture to Develop and Deploy Automated Debt Settlement Platform

Ascend One Corporation, the leading provider of innovative technology solutions to the debt relief industry, and parent of CareOne Services, Inc. and DebtConnect, LLC, announces that Ascend One and Freedom Financial Network have entered into a letter of intent to form a joint venture for the purpose of building out the DebtConnect online debt resolution system (DebtConnectOnline.com) and transforming the debt settlement industry. The DebtConnect portal will allow the automated matching of consumer debt settlement opportunities, in the process significantly reducing costs and improving efficiencies.  As part of this release, Freedom Financial Network is announcing that Freedom’s subsidiary, Freedom Debt Relief, the nation’s largest debt settlement services provider, has signed on to become a user of the DebtConnect portal.

DebtConnect, LLC will provide groundbreaking functionality to debt settlement companies and other users, acting on behalf of distressed debtors, as well as a broad spectrum of creditor representatives. This fast, simple, and secure technology expands the relationships between settlement companies and creditors by automating the information sharing process, which in turn reduces the debt tracing work required to do more settlements. It can clean up users’ database files, allows users to efficiently process acceptances and declines, systematically generate offers using creditor specific rules and push those offers to creditors, and dramatically reduces the cost of file handling.

Bernie Dancel, President and CEO of Ascend One said, “Most settlement companies have developed working relationships with only a limited number of creditors.  DebtConnect will allow users to expand not only the number but the quality of those relationships. DebtConnect accomplishes this by providing users with the ability to process data exchanges with a wide range of creditors utilizing DebtConnect. The process is very efficient for everyone involved. Very soon, additional users will have the opportunity to take advantage of this technological breakthrough and engage with the DebtConnect technology.”

“We are very excited about participating in the development and deployment of the DebtConnect technology,” said Andrew Housser, Co-founder and Co-CEO of Freedom.  “We believe the possibilities to change the settlement industry are endless and the opportunity to work with Ascend One will enable us to quickly cement DebtConnect as the industry norm. One of the main reasons we want to be a part of opening DebtConnect to the settlement industry is the overwhelming demand by creditors to expand the offering to as many settlement companies as possible.”

By the end of October, with the addition of FDR as a user, DebtConnect will have three of the largest debt relief providers on the platform and will make up 25% of the marketplace based on households served. The debt relief providers currently using the platform are now conducting nearly 40% of their settlement transactions through DebtConnect, up from 34% in September, and have experienced exceptional results in terms of measurable savings, efficiencies, and deal activations.   The ability to push offers to creditors, receive acceptances and declines alone has led to as much as a 70% cost savings for current users.

DebtConnect Online evolved from the debt settlement industry’s growing need for a more secure and efficient platform to connect settlement companies and creditors. DebtConnect allows settlement companies and creditors to leverage the technology and scale of its portal to increase settlements and lower the cost of negotiation interactions. DebtConnect functionality is available 24 hours a day, seven days a week.

To learn more about DebtConnect, or to request a demo, contact Dennis Jordahl at 847-477-8535 (djordahl@debtconnectonline.com) or go to debtconnectonline.com.