Kredit is shaking things up for banks, lenders, and everyone in the debt collection world with its latest software releases in Q1 2025. These game-changing tools are all about making debt resolution smoother and more efficient for the whole ecosystem, especially for those tricky debts tied up in litigation.
Our mid-litigation management feature set is purpose built for collections law firms who represent lender clients in litigation against consumers, allowing them to come to agreements with consumers, through their Advisors, to resolve their debt quickly and to track the agreement, payments, and execution of documents required by local courts all in one application.
Kredit’s debt settlement application now supports lenders and servicers providing additional account information: the loan number used by the original creditor.
This additional account information allows Advisors to more accurately identify accounts, increasing the number of accounts they are able to settle because of a more accurate understanding of which accounts are being reported as past-due.
3: Pre-approved Payment Plan Restructuring
Ideally, once consumers enter into a payment plan to resolve their debt, they would make all agreed-upon payments. However, in reality, consumers often face challenging situations which require them to miss a payment. With this new feature set, 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. Creditors have control over both how the payment plans are allowed to be restructured, and how many times debt settlement firms can restructure the arrangements.
4: In-App Chat
One of the biggest challenges in the debt resolution ecosystem is the ability to connect directly and resolve issues efficiently with counterparties. Historically, when processes or automation break down, phone calls, and more recently, email have been used to resolve issues. Now, with the Kredit debt settlement module, Network Members and Advisors can get off the phones and directly chat with their counterparties via a direct conduit for high priority matters.
Bonus:
Over one million consumers, represented by debt settlement firms, are now resolving their accounts through Kredit’s debt settlement platform.
