Velocity Portfolio Group Inc (VPGIP)

Velocity Portfolio Group, Inc. formerly known as Velocity Asset Management, Inc. was organized in the State of Delaware on December 31, 1986 as Tele-Optics, Inc. Effective April 8, 2004, the Company changed its name from Tele-Optics, Inc. to Velocity Asset Management, Inc. and then on November 14, 2008 to Velocity Portfolio Group, Inc. The Company is a portfolio management company that purchases unsecured consumer receivables in the secondary market and seeks to collect those receivables through an outsourced legal collection network. Its business is to acquire credit-card receivable portfolios at discounts to the total amounts owed by the debtors. The Company generally purchase consumer receivable portfolios that include charged-off credit card receivables, which are accounts that have been written off by the originators, and consumer installment loans. When evaluating a portfolio for purchase, it conducts a quantitative and qualitative analysis of the portfolio to appropriately price the debt and to identify portfolios that are optimal for collection through its legal collection network. The Company purchase consumer receivable portfolios from creditors and others through privately negotiated direct sales and auctions in which sellers of consumer receivables seek bids from pre-qualified debt purchasers. Its business of purchasing consumer receivables is competitive and fragmented. The Company competes with: other purchasers of consumer receivables; and other financial services companies who purchase consumer receivables. Federal, state and municipal statutes, rules, regulations and ordinances establish specific guidelines and procedures which debt purchasers must follow when collecting consumer accounts.