David Morrison’s article in the July 6th issue offered a good discussion of credit card portfolio sales. I’d like to answer a couple of questions that were raised. In many cases, a firm assisting buyers with the process is paid even when a credit union goes directly to a buyer. Because of this, it is incorrect to necessarily assume that by going “direct” you will either reduce transaction costs or obtain a higher offer. In any case, what ultimately matters is getting the best transaction possible for the members and credit union. Credit unions should consider multiple buyers and compare the quality of the buyer’s teams, services, products, contract terms, financial offers, and intangibles – such as whether the buyer offers financial products that might compete with those of the credit union. Brokers can help with this comparison. As for the value of brokers, it is like selling your house: Some do “for sale by owner” but many find that professional help is worthwhile in a high-stakes and unfamiliar transaction. As highlighted in the article, our clients seem to be very happy with the value we offer. However, if any credit union would prefer to go direct to buyers, we would be happy to provide them with buyer contact information to do so. Frank Selker President AssetExchange Portland, Ore.

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