Digital Debt Collection

With shopping, music, dating, and many more facets of life going digital, it shouldn’t be much of a surprise that debt collectors are getting in on the digital act as well. Digital debt collection is the process of managing debt negotiations via a web portal on the internet versus over the phone which has been the standard for many decades. The topic has been brought to the spot light by a recent announcement by credit reporting agency Experian, that their new self-service platform, known as eResolve will be going live. eResolve is a technology that totes the ability to “help move your collection practice into the digital age by providing a platform where consumers can negotiate and pay their past-due accounts online via their computer, tablet, or smartphone”.

Digital Debt Collection

Other third party technology companies are joining the groundswell for the digital disruption of debt collection as well. Venture start-up company TrueAccord, is a new collection agency that is fusing technology and debt collection into a service that creditors need badly.

These developments in technology and debt resolution offer a true benefit for both creditor and consumer alike. For those who owe on a collections account you can breathe easily knowing that you won’t be harassed by unscrupulous debt collectors. Likewise, creditors will be able to better manage their compliance to laws like the Fair Debt Collection Practices (FDCPA) and the Telephone Consumer Protection Act which were enacted to avoided abuses of debtors by collection agencies.

It has been said by many tech entrepreneurs that technology holds the power to resolve some of the biggest social problems where the government can’t, but in this case it seems that technology is providing a way for companies to more closely adhere to governmental laws and legislation. What’s more important about digital debt collection is that it holds the possibility to help debtors resolve their debt and have a more thorough understanding of their financial picture. This is an absolutely necessity for fixing and avoiding a personal financial crisis and the first thing that a Rocklin bankruptcy attorney will explain during your first consultation.