Security Credit Services
Security Credit Services is a top-10 privately held U.S. debt buyer that purchases performing and non-performing receivables from banks, healthcare providers, and specialty creditors. Founded in 2003 and based in Oxford, MS, it outsources collections through agencies and law firms and offers consumers payment plans via EvokePay.
- Company typePrivate
- Founded2003
- HeadquartersOxford, United States
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Security Credit Services does
Security Credit Services (SCS), founded in 2003 and headquartered in Oxford, Mississippi, is a privately held receivables purchasing and management company ranked among the top ten U.S. debt buyers. The firm acquires performing and non-performing consumer and commercial receivables portfolios — credit cards, healthcare, bank loans, telecommunications, retail, student loans, and specialty financed accounts — from banks, credit issuers, healthcare providers, and specialty financiers, and manages them primarily through an outsourced network of third-party collection agencies and law firms. Its technology stack centers on a proprietary data analytics platform used for portfolio valuation and acquisition decisions, a compliance management system backed by dual accounting firm audits, and a consumer-facing payment portal called EvokePay. The company operates from offices in Oxford, MS (headquarters), Atlanta, GA, Norfolk, VA (via the November 2021 Jormandy acquisition), and Montrose, CO, and is licensed to collect in multiple states including California, Colorado, Maryland, Minnesota, Nevada, New York, North Carolina, and Tennessee.
SCS generates revenue by purchasing receivables at discounted values and recovering on them through its outsourced agency and legal channels, supplemented by long- and short-term payment plans offered to consumers. It has purchased more than $30 billion in receivables cumulatively since 2003 and was projected to grow annualized revenue by more than 60% through 2023 off a record-breaking Q4 2022 capital deployment. The company maintains PCI DSS, RMAI Certified Receivables Business, BBB A+, and CCPA compliance certifications. Its wholly-owned subsidiary Jormandy, LLC — acquired November 2, 2021 — extends SCS into Virginia under a retained brand, with Diane Manning serving as General Counsel.
Governance is centralized under privately held parent EquiPro Holdings, also based in Oxford, MS; SCS has been a portfolio company since founding, with no public-market or venture funding. Leadership is long-tenured: President Kaye M. Dreifuerst (joined 2005, promoted 2014; 2022 RMAI Lifetime Commitment Award recipient), Chief Compliance Officer Brett A. Soldevila (elected RMAI President February 2024), EVP Thomas K. Kimmel III, VP-Outsource Darren Price, CIO Sam Edens, and VP-Litigation Emily Adkins, supported by Compliance, Litigation, and Agency Management functions.
Security Credit Services firmographics
Firmographics- Name
- Security Credit Services
- Legal name
- Security Credit Services, LLC
- Website
- https://securitycreditservicesllc.com
- Company type
- Private
- Founded year
- 2003
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Security Credit Services is a top-10 privately held U.S. debt buyer that purchases performing and non-performing receivables from banks, healthcare providers, and specialty creditors. Founded in 2003 and based in Oxford, MS, it outsources collections through agencies and law firms and offers consumers payment plans via EvokePay.
- Ownership category
- akta.pro rank
Security Credit Services industry classification
Industry- Product category
- Receivables Management
- NAICS
- Collection Agencies (561440), Other Nondepository Credit Intermediation (52229)
- SIC
- Services-Consumer Credit Reporting, Collection Agencies (7320)
- akta.pro primary industry
- Debt Buying & Portfolio Acquisition (Charged-Off Receivables) (FSAKAJAC)
- akta.pro secondary industry
- Debt Buying / Portfolio Acquisition & Recovery (Debt Purchasers) (BPAAAEAG)
Keywords
Where Security Credit Services is headquartered
LocationHeadquarters
- HQ city
- Oxford
- HQ country
- United States
- HQ region
- North America
Offices4 records
Markets served
Security Credit Services business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Compliance, Technology or R&D, Marketing or Sales, Others
Revenue model
- Receivables Portfolio Purchasing: Security Credit Services generates revenue by purchasing performing, delinquent, and charged-off consumer and commercial receivables portfolios at discounted values from originators, then managing and collecting on those debts to generate returns.
- Receivables Management Services: Managing acquired receivables through their network of collection agencies and law firms, earning revenue from successful debt recovery on purchased portfolios.
Go-to-market motion2 records
Distribution channels4 records
Marketing channels4 records
Security Credit Services product offering
Product offeringCore offering
Security Credit Services purchases performing and non-performing consumer and commercial receivables portfolios (including credit cards, healthcare, bank loans, and specialty financed accounts) at discounted values from financial institutions, creditors, and healthcare providers, then manages and recovers on those debts through an outsourced network of collection agencies and law firms. Consumers holding purchased accounts can resolve balances via flexible short-term or long-term payment plans accessed through the company's EvokePay online payment portal.
Product overview
Security Credit Services operates as a single unified receivables management platform offering debt purchasing and portfolio management services. The core offering is receivables purchasing and management, where the company acquires performing and non-performing consumer/commercial receivables portfolios. Through its acquired subsidiary Jormandy, the company extends its reach into Virginia-specific receivables collection. The company also provides a consumer-facing payment portal powered by EvokePay, enabling consumers to resolve outstanding balances online. Together, these services form an integrated receivables lifecycle from portfolio acquisition through collection and payment resolution.
Differentiator
Problem solved
Functional benefit
Products and services
- Receivables Purchasing & Management SCS purchases performing and non-performing consumer and commercial receivables portfolios from banks, credit issuers, healthcare providers, and specialty financiers at discounted values, then manages and recovers on those debts through outsourced collection agencies and law firms.
- Jormandy Virginia Receivables Services Wholly-owned subsidiary of SCS that purchases and collects delinquent receivables throughout Virginia, specializing in Virginia-specific regulatory compliance and operational efficiencies, with RMAI Certified Receivables Business credentials.
- EvokePay Consumer Payment Portal
Quantifiable outcome
- Purchased and managed over $30 billion in receivables since 2003
- +2 more outcomes
Companies that use Security Credit Services
Customer profileNamed customers4 records
Segments3 records
Ideal customer profiles3 records
Security Credit Services technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Security Credit Services partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core and minor.
- Jormandy, LLCcoreJormandy, based in Norfolk, VA, was acquired by SCS in November 2021. The company specializes in purchasing and collecting receivables throughout Virginia and brings technological expertise in software and compliance systems. Led by former CEO Susan P. Becker transitioning to Diane Manning.
- Receivables Management Association International (RMAI)coreRMAI is the leading trade association for the receivables industry. SCS is a certified member and executives Kaye Dreifuerst and Brett Soldevila serve on the board. RMAI provides certification, best practices standards, and legislative advocacy.
- Commercial Law League of America (CLLA)minorCLLA is a professional association that seeks fair, equitable and efficient collection efforts. SCS is a member, gaining access to education, networking, and industry best practices.
- Central PortfoliocoreCentral Portfolio received the Gold Level Award from SCS for outstanding collection agency performance in 2023. They are part of SCS's outsourced agency network.
- Glass Mountain CapitalcoreGlass Mountain Capital received the Silver Level Award from SCS for outstanding collection agency performance in 2023. They are part of SCS's outsourced agency network.
- Superlative RMcoreSuperlative RM received the Bronze Level Award from SCS for outstanding collection agency performance in 2023. They are part of SCS's outsourced agency network.
Scale indicators7 records
Recent moves7 records
Expansion highlights5 records
Security Credit Services competitors and assessment
Company assessmentDirect peers
- Cavalry Portfolio Services: Cavalry Portfolio Services is a debt buyer specializing in charged-off credit card and consumer portfolios. It is a direct competitor to SCS with a similar business model of purchasing portfolios at a discount and recovering through third-party networks.
- PRA Group: PRA Group is a leading global debt buyer purchasing and collecting charged-off portfolios of nonperforming loans across consumer, small business, and auto. It is a publicly traded direct competitor with overlapping business model, target originators, and recovery approach to Security Credit Services.
- Encore Capital Group: Encore Capital Group is the largest publicly traded U.S. debt buyer, purchasing and collecting charged-off consumer receivables portfolios. It owns subsidiaries including Midland Funding and Atlantic Credit & Finance, making it the most direct comparable to Security Credit Services in scale, business model, and asset class focus.
- Atlantic Credit & Finance: Atlantic Credit & Finance is a debt buyer and collections company acquired by Encore Capital Group, purchasing and collecting on defaulted consumer receivables. It directly competes with SCS for portfolio purchases from banks, credit issuers, and healthcare providers.
- Midland Funding: Midland Funding is a wholly owned subsidiary of Encore Capital Group and one of the largest U.S. debt buyers, specializing in charged-off consumer credit portfolios. It is a direct peer in asset class, business model, and regulatory positioning.
- LVNV Funding: LVNV Funding is a debt buyer specializing in charged-off consumer receivables, now part of Resurgent Capital Services. It directly competes with SCS in purchasing nonperforming consumer portfolios across similar originator relationships.
- Radius Global Solutions: Radius Global Solutions is a privately held debt buyer and recovery firm purchasing charged-off consumer and commercial portfolios. It is a direct competitor to Security Credit Services in the same market segment with similar outsourced agency and law firm recovery infrastructure.
- Asta Funding: Asta Funding is a U.S. debt buyer focused on purchasing and managing charged-off consumer receivables portfolios, including bankrupt accounts. It competes directly with SCS in the same buyer pool for credit card and consumer debt portfolios.
- Resurgent Capital Services: Resurgent Capital Services is a major U.S. debt buyer and servicer managing charged-off receivables portfolios, formerly part of HSBC's North American receivables operations. It directly competes with SCS for portfolio acquisitions and uses a similar outsourced servicing model.
Others
- Equifax: Equifax is one of the three major U.S. credit bureaus providing consumer credit data and reporting. While not a direct competitor in debt buying, it serves as critical infrastructure to SCS's collections operations through credit reporting on purchased accounts.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Security Credit Services social profiles
Digital presenceSecurity Credit Services compliance and trust
Trust signalCompliance5 records
Security Credit Services financial estimates
Financial estimateRevenue estimate
Valuation estimate
Security Credit Services leadership team
Management profileNumber of profiles
Profiles11 records
Security Credit Services subsidiaries and ownership
Company hierarchySubsidiaries1 record
Security Credit Services funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Security Credit Services M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Security Credit Services
What does Security Credit Services do?
Security Credit Services purchases performing and non-performing consumer and commercial receivables portfolios (including credit cards, healthcare, bank loans, and specialty financed accounts) at discounted values from financial institutions, creditors, and healthcare providers, then manages and recovers on those debts through an outsourced network of collection agencies and law firms. Consumers holding purchased accounts can resolve balances via flexible short-term or long-term payment plans accessed through the company's EvokePay online payment portal.
Is Security Credit Services a public or private company?
Security Credit Services is a private company. It is classified as corporate owned and is currently operating.
When was Security Credit Services founded?
Security Credit Services was founded in 2003. It employs 1 to 10 people.
Where is Security Credit Services based?
Security Credit Services is headquartered in Oxford, United States, in the North America region.
How does Security Credit Services make money?
Two revenue lines are on record. Receivables Portfolio Purchasing is the primary driver. The others are receivables Management Services.
Who are Security Credit Services's main competitors?
Direct peers on record are Cavalry Portfolio Services, PRA Group, Encore Capital Group, Atlantic Credit & Finance, Midland Funding, LVNV Funding, Radius Global Solutions, Asta Funding and Resurgent Capital Services. Equifax is listed as an others.
Does Security Credit Services have an API?
No public API is recorded for Security Credit Services.
What industry is Security Credit Services in?
Security Credit Services's product category is Receivables Management. Its primary akta.pro industry code is FSAKAJAC, Debt Buying & Portfolio Acquisition (Charged-Off Receivables), with a secondary code of BPAAAEAG, Debt Buying / Portfolio Acquisition & Recovery (Debt Purchasers). Its NAICS code is 561440 and its SIC code is 7320.