Kredit®

We’re unlikely to get federal guidance around consumer privacy, so it’s more critical than ever to pay attention to state-by-state developments. The CCPA is the precedent, but expect variations, which will present compliance challenges, like: ▫️ Data Access Requests: Managing consumer requests for data access and deletion. ▫️ Communication Restrictions: Navigating laws that limit how and when they can contact consumers. ▫️ Data Security: Implementing robust measures to protect consumer information. Read our full guide here: https://lnkd.in/egVjXyg5

Are you making the most out of your relationships with debt settlement companies? Monday, March 31 at 1pm ET, join Kredit®CEO + Co-Founder Dave Hanrahan for an AccountsRecovery.net webinar on how to optimize your relationships with debt settlement companies to find out. ➡️ Register here: https://lnkd.in/eh4QxBet

67% of consumers are living paycheck-to-paycheck, according to a recent report by PYMNTS, and most American consumers feel they couldn’t handle a $400 emergency expense. This financial strain should reshape how banks and lenders approach recovering debts. How? Learn more here: https://lnkd.in/eJATU-SX

Just one week until National Credit Union Collections Alliance (NCUCA) 2025...let the countdown begin!

Consumers are depending on credit cards more than ever, and we expect that more consumers will turn to debt settlement companies for help with navigating their mounting debt. Let’s break down the best practices for how creditors can successfully negotiate with debt settlement companies: 🔶 Build those relationships. Debt settlement companies rely on strong relationships with creditors, and creditors should be open to building those relationships. A collaborative approach, rather than an adversarial one, fosters efficient negotiations. 🔶 Craft compelling offers. Instead of relying on a one-size-fits-all approach to crafting settlements, use the information provided by the debt settlement company to build an offer that makes sense for the consumer. 🔶 Monitor your strategy. Like most things in collections, debt settlement strategy is not “set it and forget it.” Revisit the strategy often based on consumer debt trends and changes in the economy. Want more? Read our best practices here:https://lnkd.in/eryaadKY

Kredit® is heading to the National Credit Union Collections Alliance (NCUCA) Conference for the first time! We’re excited to learn more about how credit unions are using future-ready collections technology, and how credit unions are positioning themselves for success. If you see Dave Hanrahan at NCUCA, stop and say hi!

When a consumer has to miss a payment, Advisors typically have five options for getting the agreement back on track, if creditor agrees: 1️⃣ Doubling up the next payment 2️⃣ Adding an additional installment to the end of the agreement 3️⃣ Splitting up the missed payment over the remaining installments 4️⃣ Adding an additional installment at some point in the agreement 5️⃣ Adding the missed payment amount to the final payment With Kredit®’s new pre-approved payment restructuring feature, Network Members can choose which of these options they want to offer Advisors for when consumers miss payments. Watch the full product demo with Dave Hanrahan and Norbert Veres here: https://lnkd.in/eQNE8dQB Ready to see how this could decrease your break rates? Set up time here:https://lnkd.in/ehVUSYmg

Automation is transforming the debt collection landscape. It allows for accurate data-driven insights, minimizes errors, and enhances customer engagement. Collections leaders are finding that automation not only cuts costs but also opens up new opportunities for growth. How can automation revolutionize your debt collection strategy? Here are three ways: ▪️ Automating repetitive tasks to improve efficiency ▪️ Predicting customer behavior with AI ▪️ Implementing personalized communication Read our full article to uncover how these tactics can significantly enhance your strategy, plus best practices. Get it here: https://lnkd.in/efzJvjK4

When payment plans break, it interrupts the consumer’s progress towards debt payoff. With Kredit®’s newest feature set, pre-approved payment plan restructuring, debt settlement firms can alert their creditor counterparties to anticipated missed payments and select from a pre-approved slate of options to restructure that payment plan automatically. This keeps payment plans on track longer, and helps consumers get their debts paid off quicker. Watch the full demo of the new feature set here: https://lnkd.in/eQNE8dQB Ready to chat about how this feature can improve your debt settlement strategy? Set up time with our team here: https://lnkd.in/ehVUSYmg

The financial technology revolution presents challenges and opportunities. In an era where technology is rapidly evolving, embracing cutting-edge solutions can significantly enhance efficiency and customer satisfaction. What is the financial technology revolution? Check it out here: https://lnkd.in/eadFgWxS