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:
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 theConsumers 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 consumersfield 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
Step 1: Click Details next to the respective consumer. Profiles that require action display a red dot.
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.
Displayed under consumer's personal details are their settlement account(s). Account(s) that require action will display a red dot.
Click on the arrowto expand or collapse the account card. The expanded view shows the settlement progress tracker for each individual account.
The Payments section shows a ledger of required consumer payments specific to that consumer.
The Documents ledger lists collateral relevant to consumer's account(s). Click Add to upload a document or download documents generated during the negotiation process.
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 downloadbutton will become available to save associated documentation.
Step 1: Authorization to communicate documents consumer consent for Advisors to communicate on behalf of the consumer.
Step 2: Account validation notice requests verification of the account balance.
Step 3: Settlement terms are the pre-approved offers a Network Member sets or which are proposed by an Advisor.
Step 4: Settlement documentation refers to the documents that outline and formalize the terms of the settlement agreement for records.
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.
Displayed at the top of the account view is the Account details.Click Refresh to update account details.
Review the conditions of the agreement in the Settlement detailssection.
The Paymentssection show a ledger of required consumer payments specific to this account.
The Documents ledger lists collateral relevant to the account.
HOW TO NAVIGATE THE PROPOSALS DASHBOARD
Network Members can manage the settlement plans submitted by Advisors in the Proposals section.
Navigate to theProposals 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
Active proposalswill show the count of completed payments over the count of total payments
Open proposalswill show the proposed total count of payments
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
Step 1: Toggle between various statuses to filter the list of proposals accordingly.
All - All proposals regardless of the status.
Open -Negotiations are ongoing.
Active -The consumer is actively paying on the settlement.
Completed - The consumer resolved the account.
Declined - Network member did not accept the proposal.
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
Step 1: Click Details to see proposal information.
Step 2: Click View accountto see details about the account. Click here to learn how to navigate account view. OrClick Close to return to the proposals dashboard.
PROPOSALS WITH OPEN STATUS
Step 1: Click Review on the proposal dashboard to take action on proposals with an open status.
Network Members can review the proposal details and chose to accept, reject or counter a proposal.
Step 2: Accept a proposal.
Click Acceptto accept the proposal as it stands.
Step 3: Reject a proposal.
Click Reject to reject the proposal. The Advisor will be notified upon clicking Done, or Network Members can Propose a new settlement. See Step 4 to learn more on countering a proposal.
Step 4: Counter a proposal.
Step 5: Click Counterand Get started to edit proposal details.
Step 6: The proposed terms are displayed to easily enter updated parameters. Click Continue to progress with countered proposal.
Step 7: Review the counter proposal details before selecting Confirm.
Step 8: Successfully submitted proposals are delivered to Advisors. Unsuccessful submissions will prompt network members re-start the counter process.
HOW TO MANAGE RULESETS
Network Members can define rules to programmatically approve and reject proposals.
Navigate to theRules 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.
Step 1: Click Create ruleset to establish a new ruleset (collection of rules).
Step 2: Type in a name for the ruleset and select Continue to establish this ruleset.
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).
Step 1: Under My Rulesets, click View rules to create a rule.
Step 2: Click Create new rule to establish a new rule.
Step 3: Under Create a new Rule, Network Members can enter rule parameters. Click Activate rule to make a rule active.
Rule Name -Title the rule to clearly communicate the focus or intent
Minimum and maximum starting balance -Define the range of starting balances to which the rule will be applicable. Minimum and maximum ranges must be equal to $0.01 or more.
Discount (%) -Define the discount applied to the range of starting balances
Plan type -Select the rule plan type:
One-timepayment is a lump sum.
Regular installments are recurring payments.
Custom series are tailored recurring payments with variable payment amounts, frequency, and duration. Advisors can propose custom installment plans with variable number of installments and payment amounts, as long as they follow set guardrails.
HOW TO MANAGE RULES
Network Members can update, pause or delete rules at anytime.
Step 1: Select View rulesto view the rules within the ruleset.
My Settlement rules displays a rule cards for each rule that has been defined within a ruleset. Rule cards provide a snapshot of rule variables:
Minimum and maximum starting balance range
Number of payments or time interval (i.e. number of weeks or months)
Discount percent
Minimum payment amount
Plan type
Step 2: Click Details to review or edit the paraments of the rule.
Step 3: Select the three dots to change the status of a rule.
Delete - Permanently delete rule
Pause - Archive rule to re-activate later
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 theSettings tab under the Settlements module.
HOW TO SUGGEST AN ADVISOR
Network Members can invite counterparties to join the Kredit network and manage settlement negotiations.
Step 1: If you have an existing relationship with Advisors, type in their contact information under Suggest an advisor.
Step 2: Click Send invite.
A notification will be sent for them to claim their Kredit profile.
Step 3: Click View sent invitations to monitor previous invitations.
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.
Step 1: Toggle on the relationship with Advisors.
Step 2: Toggle on Blanket Authorization to Communicate for Advisors.
