PORTLAND (Ore.) – Oct. 23, 2017 – Genesis Financial Solutions, Inc., the nation’s leading provider of private label credit programs for consumers with non-prime credit, and Signet Jewelers (NYSE: SIG), the world’s largest retailer of diamond jewelry, have closed a previously announced servicing agreement related to Signet’s secondary consumer credit program.
Under the terms of the agreement, Genesis will provide credit servicing functions, including operational interface and customer servicing, for Signet’s existing portfolio of approximately 600,000 non-prime consumer accounts as well as for newly originated non-prime accounts with an initial term of five years. The agreement also includes the transition of 640 Signet employees from Signet to Genesis, who will continue to work from their current Akron, Ohio, location.
“Since this relationship was announced earlier this year, Genesis and Signet have been working tirelessly to ensure a smooth and successful transition for Signet’s employees and their customers,” said Bruce Weinstein, president and CEO of Genesis Financial Solutions. “As a result of our recent transition work together, we are more excited than ever to be partnering with Signet to provide secondary credit programs to their customers and to welcome their employees to Genesis.”
Genesis operates the largest second-look credit program in the country, serving more than 650,000 consumers. In addition to servicing consumer receivables, the company originates private label credit cards through point-of-sale partnerships with retailers and health care providers and non-prime MasterCard™ accounts.
About Genesis Financial Solutions
Genesis Financial Solutions, Inc. is the leader in providing access to second-look financing for credit-challenged customers. Genesis offers customers a variety of credit financing solutions with simple terms, competitive rates and excellent customer service, designed to provide non-prime credit customers with the same financing opportunities as prime credit programs. For more information, visit Genesis’ website at www.genesis-fs.com.