When are consumer identities shared directly with counterparties?
After locating accounts and corresponding information, each debt settlement firm or other advisor individually establishes when they alert each counterparty they represent consumers. Organizations can immediately alert counterparties, or delay alerting counterparties until a consumer has accrued a sufficient balance to avoid litigation risk.
Does Kredit ever contact consumers represented by an advisor?
Kredit never contacts consumers who are enrolled with debt settlement firms or other advisors under the Kredit brand. In fact, consumers never find out Kredit is involved. Organizations may leverage Kredit infrastructure to send esignature requests to consumers, but they are sent under the individual organization's brand.
Do counterparties offer better terms when negotiating directly versus doing so through Kredit?
The settlement rates each Kredit Network Member offers are solely in their discretion. While some organizations have historically been known to offer different rates through different channels, the primary value propositions of negotiating through Kredit are automation, compliance, and a fluid ecosystem which creates opportunities for deeper settlement discounts due to operating efficiencies.
Does Kredit share organizations' negotiation trade secrets with competitors?
Absolutely not. Each organization who negotiates through Kredit signs an explicit Platform-as-a-Service Agreement and Data Use Agreement that protects them from data misuse and prohibits unauthorized data sharing, for organizations’ sake. Kredit's strategic focus is on sharing automation, compliance and data security best practices which benefits each industry stakeholder.
Can Kredit help with creditor relations if a counterparty is not currently in its network?
Yes, as organizations negotiate through Kredit, they can invite new counterparties to join the Kredit ecosystem after being reviewed by the Kredit team to ensure proper licensing and regulatory good standing.
Does Kredit replace the need for a CRM or payment processor?
Kredit's solutions are a back-office automation suite. Kredit does not take the place of debt settlement firms' or other financial advisors' CRM and payment processing solutions. Kredit tightly integrates with other technology vendors who support organizations.
Still have questions?
The Kredit team is ready to provide any additional information you need.