September 14, 2023 - Settlements module
Last updated
Last updated
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.
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
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.
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.
Consumer profiles provide a comprehensive overview of consumer's information and account(s), highlighting key information relevant to the relationship.
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.
The Settlement progress tracker illustrates the status of each account negotiation through the pipeline to a completed settlement agreement.
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.
| 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 |
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.
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.
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.
Network Members can manage the settlement plans submitted by Advisors in the Proposals section.
Navigate to the Proposals tab under the Settlements module.
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.
| 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 |
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.
Network Members can see a proposal view for more details on a proposal.
PROPOSALS WITH OPEN STATUS
Network Members can define rules to programmatically approve and reject proposals.
Navigate to the Rules tab under the Settlements module.
Network Members can apply rules to portfolios that automate decision making, allowing team members to address proposals that rulesets cannot approve.
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).
Network Members can update, pause or delete rules at anytime.
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.
Network Members can invite counterparties to join the Kredit network and manage settlement negotiations.
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.
