Security Credit Services Continues to Be a Leader in Receivables Industry

Security Credit Services (SCS), one of the top 10 debt buyers in the nation, continues to raise its profile in the receivables industry, finishing 2022 with an incredibly strong, record-breaking 4th quarter deployment of capital with several high-profile originators.

“We are excited about our results for 2022, which was marked by several key achievements,” said Kaye M. Dreifuerst, president of SCS. “Not only did we see strong revenues, but SCS reached new monthly collection records! Additionally, SCS subsidiary Jormandy, exceeded its core goal for the year in building up judgment inventory.”

“Our growth really comes down to our people,” said Dreifuerst. “We have built a strong team at all levels of the organization, and they are the reason we have been able to create trusted, long-term relationships with our partners and develop a reputation that is respected throughout the industry.”

In 2022, SCS added several key people to that team, including Diane Manning, who was named vice president of SCS’ legal network management.

“As our legal inventory continues to grow and consumer collection laws continue to become more complicated, Diane’s expertise in collection law will help the existing Security Credit Management team,” said Dreifuerst.

Manning will continue to serve as general counsel for Norfolk, Va.-based Jormandy, as well as president of the Virginia Creditors’ Bar.

Industry Involvement Expands

The SCS team also dedicated time last year to deepening the company’s commitment to industry involvement and leadership by increasing its presence at events around the country. T.K. Kimmel, executive vice president, and Jim Matthews, manager of business development, attended multiple trade shows further exposing our industry involvement and brand. SCS successfully entered into different asset classes again in ’22 to further diversify our inventory.

“Being involved in the Industry helps SCS in so many ways. It helps keep us up to date with regulatory changes and keeps us current on best practices,” said Kimmel. “It is also an opportunity for us to network with and learn from other receivables-buying companies, legal professionals, and other industry professionals.”

In addition, SCS Chief Compliance Officer Brett Soldevila, currently serves on the Board of the Receivables Management Association International (RMAI), the industry’s leading trade association.

“Our membership [in RMAI] has a great impact on our industry’s advancement, and I remain committed to representing my peers and this organization as we address key topics that we encounter in our business,” said Soldevila.

In 2023, Soldevila, will serve as president-elect of RMAI, a position he was elected to during the 2023 RMAI Annual Conference held in February.

“I am truly honored to continue serving on the RMAI Board,” Soldevila said. “Our goals for the year include working with sister associations and members to advance the perception of the recievables management industry and our businesses, improving the Receivables Management Certification Program so it exceeds regulatory requirements, and continuing to advocate for the industry on a state and federal level.”

New Website Launched

SCS achievements in 2022 were capped off with the launch of a new website, which includes an updated payment portal.

“Our new site offers a more frictionless user experience and will enable better engagement with consumers and potential partners,” said Dreifuerst. “And the website’s payment portal is an essential tool that will allow consumers to make payments online in an environment they are comfortable communicating in.”

The website will play a key role in the company’s continued success. According to Dreifuerst, annualized revenues are projected to increase by more than 60 percent by the end of the year.

“SCS has always been committed to doing things right,” she said. “That approach, combined with the advancements and achievements of our highly skilled team will continue to position us to reach our objectives and continue to drive growth.”