Info

The Credit Store, Inc. is a technology- and information-based, financial services company that provides credit card products to consumers who may otherwise fail to qualify for a traditional unsecured bank credit card. Unlike traditional credit card companies, the Company focuses on consumers who have previously defaulted on debt. The Company reaches these consumers by acquiring their defaulted debt. Through the Company's direct mail and telemarketing operations, these consumers are offered an opportunity to settle their debt, typically at a discount; transfer the agreed settlement amount to a newly issued unsecured MasterCard or Visa credit card; and establish a positive credit history on their newly issued card by making timely and consistent payments. In August 2002, the Company filed a voluntary petition for reorganization under Chapter 11 of the United States Bankruptcy Code.(Source: 10-K)