The Deliverability Crisis: Why Your Portfolio is Dying on the 'Spam Likely' Vine
Executive Summary
In 2026, debt portfolio value is no longer just a function of credit scores and DSO; it is a function of Telephony Deliverability. STIR/SHAKEN and carrier-level blocking have created an invisible wall between buyers and consumers. Lenders who ignore this are accepting 'Spam Discounts' of up to 60% on their asset sales. Fitzgerald Advisors introduces the DAV Protocol to break the deliverability deadlock.
In the current debt capital markets, the question isn't just how to sell debt—it's how to ensure the buyer can actually reach the consumer to collect it. While software platforms focus on the "marketplace" model, Fitzgerald Advisors audits the Telephony Integrity required to restore asset pricing to pre-crisis levels.
1. The Invisible Wall: STIR/SHAKEN and the Death of the Dial
For decades, debt collection was a volume game. Then came the TRACED Act and the full implementation of STIR/SHAKEN. Today, carriers (Verizon, AT&T, T-Mobile) act as the ultimate gatekeepers. If a buyer’s telephony stack isn't properly authenticated, their calls are silenced before the consumer’s phone even rings.
The Marketplace Failure: Junior marketplace platforms don't audit buyer deliverability. They allow 'Spam Likely' buyers to bid on your paper, which naturally leads to suppressed bids because the buyer knows they can only reach 20% of the file. You are subsidizing the buyer's technical incompetence.
2. Introducing DAV: Deliverability-Adjusted Valuation
At Fitzgerald Advisors, we’ve moved past legacy valuation models. We use Deliverability-Adjusted Valuation (DAV). We don't just vet a buyer on their balance sheet; we audit their Telephony Reputation. If a buyer can't prove they have a 'Clean' carrier status, they don't get a seat at the table.
We verify that our institutional buyers utilize SHAKEN/STIR Level A attestation and 'Trusted Provider' status to ensure 90%+ deliverability rates.
By matching your paper with 'Clean' buyers, we eliminate the 'Spam Discount,' capturing the value spread that the competition leaves on the table.
3. The 2026 Reality: Connection is the New Compliance
With the March 20, 2025 OCC update (Bulletin 2025-4) removing 'Reputation Risk' as a supervisory hurdle, the only metric that matters is Operational Success. In 2026, operational success is defined by telephony deliverability. If you can't connect, you can't collect—and you certainly shouldn't be buying paper.
Eliminate the 'Spam Tax'
Is your portfolio getting low-balled because of carrier blocking? Let Fitzgerald Advisors engineer a DAV-focused mandate to recover your true asset value.
Initiate Deliverability Audit
