SquareTwo Financial Successfully Completes SAS 70 Audit

DENVER, Nov. 3, 2010 /PRNewswire/ -- SquareTwo Financial, a leader in the $40 billion asset recovery and management industry, today announced that the company has successfully completed a Statement on Auditing Standards, No. 70 (SAS 70) type 1 audit of its eAGLE collection platform.  SAS 70 is a widely recognized auditing standard, developed by the American Institute of Certified Public Accountants (AICPA), which allows a service organization to provide independent third party verification that the company has adequate internal controls and safeguards for hosting or processing its customers' critical data.

"Because SquareTwo Financial is not a publically traded company at this time, we are not required to be SAS 70 compliant.  In fact, because of the significant resources needed and the intense nature of the audit process, it's uncommon for privately held companies to conduct SAS 70 audits," said Heath Sampson, chief financial officer of SquareTwo Financial.  "However, we decided to complete a SAS 70 audit to assure our customers that we adhere to the highest data security standards.  Successfully passing the SAS 70 audit is aligned with our goal to be the leader in the asset recovery industry."

SAS 70 is widely accepted as a distinction of service quality within the business community.  Successful completion demonstrates that a service organization has passed an extensive audit of their control objectives and processes, including information technology activities.  Passing a SAS 70 audit provides credible proof to current and potential customers that adequate internal controls are in place to ensure that their critical data is secure.  Because of the high value placed on the audit, to pass the SAS 70 is a significant distinguishing factor for a service organization.

"Today's economy and recent regulatory changes require our customers to know that their data is in the most secure environment possible at all times," said Bill Weeks, chief information officer of SquareTwo Financial.  "We became SAS 70 compliant to build trust with our customers.  We want them to be absolutely confident in doing business with SquareTwo Financial."

About SquareTwo Financial:

SquareTwo Financial is a leader in the $40 billion asset recovery and management industry. Through its award-winning technology and unique Partners Network, SquareTwo Financial creates a more effective way for companies and consumers to resolve their debt commitments. Fortune 500 companies in the health care, automotive, banking and credit card industries trust SquareTwo Financial to manage their debt portfolios. The company's national network of legal partners is dedicated to treating consumers fairly and ethically. SquareTwo Financial is based in Denver, Colo. Visit www.squaretwofinancial.com for more information.

SquareTwo Financial Website: www.squaretwofinancial.com

SOURCE SquareTwo Financial