September 14, 2023 - Settlements module
Securely automate negotiations with debt settlement firms.
Network Members can now build rules engines that turbo-drive how they field, negotiate and document settlement agreements with traditional debt settlement firms.
Centralize fragmented negotiation channels, automate decisions with negotiation rulesets while reviewing proposals in bulk which rulesets can't auto-approve. eSign generated settlement agreements in-platform.
Dictate how consumer consents are gathered, ensure organizations follow consent guidelines and support counterparties with embedded tools to satisfy consent requirements.
Work with a broad ecosystem of debt settlement firms and accept or decline to work with existing firms. Invite new counterparties to quickly onboard to the Kredit network.
Recognize, understand and react to trends, analyze negotiation data to drive wholistic strategy and compare liquidation across portfolios and counterparties. Focus resources on investing in high value activities.
HIGHLIGHTED IN TODAY'S RELEASE:
Consumers
How to manage consumer profiles
Proposals
How to manage proposals from counterparties
Rules
How to define rules that programmatically approve and reject proposals
Network
How to manage authorized parties you elect to engage
HOW TO NAVIGATE THE CONSUMER DASHBOARD
As Advisors (debt settlement firms, credit counseling agencies and law firms) upload enrolled consumers to Kredit's application and initiate the negotiation process, consumer profiles will become available for Network Members to view and respond.
Navigate to the Consumers tab under the Settlements module.
HOW TO SEARCH FOR CONSUMERS
Network Members can quickly locate specific consumer profiles without the need to navigate manually through an extensive list. Type consumer names or account number into the Search consumers field to find a specific consumer.
HOW TO NAVIGATE CONSUMER PROFILES
Consumer profiles provide a comprehensive overview of consumer's information and account(s), highlighting key information relevant to the relationship.
VIEW CONSUMER PROFILES
CONSUMER PROFILE COMPONENTS
Network Members can use consumer profiles to find consumer details, negotiate, review settlement details, and see required consumer payments.
Displayed at the top of the page is the consumer's personal details.
HOW TO NAVIGATE THE SETTLEMENT PROGRESS TRACKER
The Settlement progress tracker illustrates the status of each account negotiation through the pipeline to a completed settlement agreement.
VIEW SETTLEMENT PROGRESS TRACKER
Every account negotiation goes through a structured flow which allows Network Members to track consumer consents and have a document trail for compliance tracking purposes.
PROPOSAL STATUSES
| Status | Description |
|---|---|
Open | Negotiations are ongoing |
Active | A settlement has been agreed to but payments are not yet completed |
Completed | The settlement agreement has been satisfied |
Declined | The settlement has been declined |
COMPLETE TASKS WITHIN THE SETTLEMENT PROGRESS TRACKER
Click the aligned button (see below) to complete a task. Once a task is completed, a download button will become available to save associated documentation.
HOW TO NAVIGATE ACCOUNT VIEW
The account view provides a comprehensive overview of a consumer account, highlighting key information relevant to the relationship. Network Members can use the account view to find account details, negotiate, review settlement agreement details, and see required consumer payments for this account.
ACCOUNT VIEW COMPONENTS
Within a consumer's profile, click Details to pull up an account profile.
Displayed at the top of the account view is the settlement progress tracker for that specific account. Network members can download files for their records when tasks are completed.
HOW TO NAVIGATE THE PROPOSALS DASHBOARD
Network Members can manage the settlement plans submitted by Advisors in the Proposals section.
Navigate to the Proposals tab under the Settlements module.
HOW TO REVIEW THE PROPOSALS DASHBOARD
The Proposals dashboard provides an at-a-glance view of proposal details in one central location. This transparency allows Network Members to easily track the progress of each proposal and understand its current status.
DASHBOARD COMPONENTS
| Proposals header | Description |
|---|---|
Advisor | Shows the associated Advisor |
Status | Provides the status of the negotiation in the settlement progress tracker |
Starting balance | Displays the original balance |
Payments | Displays the count of total payments in the agreement
|
Amount | Displays the recurring payment amount |
Total | Displays the total balance to be paid by the consumer |
Discount | Provides the discount rate (i.e the percent difference between the Starting balance and Total columns) |
Auto-approved | Indicates that the rules engine approved the proposal that came in |
HOW TO FILTER PROPOSALS BY STATUS
Filtering proposals by status help Network Members prioritize actions based on which proposals are in need of immediate attention and manage workflow effectively, ensuring that proposals move smoothly through each stage.
TOGGLE PROPOSAL STATUS
HOW TO REVIEW INDIVIDUAL PROPOSALS
Network Members can see a proposal view for more details on a proposal.
PROPOSALS WITH ACTIVE, COMPLETED OR DECLINED STATUS
PROPOSALS WITH OPEN STATUS
HOW TO MANAGE RULESETS
Network Members can define rules to programmatically approve and reject proposals.
Navigate to the Rules tab under the Settlements module.
HOW TO CREATE RULESETS
Network Members can apply rules to portfolios that automate decision making, allowing team members to address proposals that rulesets cannot approve.
HOW TO CREATE RULES
Network Members can tailor settlement strategies by creating multiple rules within a ruleset. Rules provide flexible control over settlement rates, initial balances, and plan types (including one-time, regular installments, or custom series).
HOW TO MANAGE RULES
Network Members can update, pause or delete rules at anytime.
HOW TO MANAGE NETWORKS
Network Members can manage counterparties to engage with, and see the state where both parties have mutually accepted the connection request and are currently connected.
Navigate to the Settings tab under the Settlements module.
HOW TO SUGGEST AN ADVISOR
Network Members can invite counterparties to join the Kredit network and manage settlement negotiations.
HOW TO MANAGE RELATIONSHIPS WITH ADVISORS
Network Members can choose Advisors to interact with. Interacting with an Advisor allows the organization to search account data in the Network Member's system of record.
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