Document Management & Workflow Blog

13 Oct 2021 Colin Graf

Important Lessons for Debt Relief Company Success

Important Lessons for Debt Relief Company Success | four people carrying a green arrow

With consumer debt growing at record levels and ongoing pandemic uncertainty adding to the financial anxiety of many Americans, the need for services from debt relief companies is increasing.

According to Experian, one of the three primary credit bureaus, consumer debt balance hit a record high in 2020, reaching $14.88 trillion. Experian data shows the consumer debt balance in the U.S. rose 6% from 2019 to 2020, and average individual debt exceeded 2010 levels, when numbers increased as a result of the Great Recession.

That’s a lot of debt and a lot of consumers in need of assistance from debt relief companies. But without some relief themselves, many of these companies will struggle to keep up with demand.

Many, however, are resigned to the idea that they will continue to be mired in paper and manual processes. This was made clear  at this year’s American Fair Credit Council (AFCC) Fall Conference in Las Vegas, where organizations in the debt relief industry gathered for networking and educational sessions on topics like reputation and “rebranding.”

As an exhibitor at the conference, the MetaSource Team had a chance to speak with numerous industry representatives about the obstacles they face. Here’s an overview of what we learned and what we shared about an available solution.  

Volumes are Increasing & Preparation is Key

Keeping up will mean being prepared for millions of borrowers exiting pandemic-related forbearance programs. For borrowers drowning in financial challenges, beginning to make mortgage and rent payments again while also paying off other debts will not be easy. That’s where companies like yours come in.

You need to prepare for an increase in applications along with all of the supporting incoming correspondence that is part of the onboarding process. If you’re unable to properly manage this rise in volume, you could end up with employees drowning in work and wasted time, and consumers still drowning in debt.  

If this is a major pain point for your company, you’re not alone. The MetaSource Team spoke to many debt relief companies at the AFCC conference that described their struggle to manage the flood of paper and electronic forms of correspondence.

Automation is Possible & It Can Solve Your Challenges

Fortunately, there is a solution: debt settlement process automation.

Process automation eliminates the most tedious, time-consuming manual tasks, despite what many debt relief companies believe about their processes. “It’s accepted,” said MetaSource Senior Director of Business Development, Mario Duckett, who attended this year’s AFCC conference. “Everyone accepts the idea that the debt relief process is always going to be mired in paper and manual data processing.”

But the right system of automation provides a faster, more accurate process that improves customer experience and solves correspondence challenges – even as volumes rise.

MetaSource Can Help You Prepare & Automate

MetaSource’s Debt Settlement Process Automation can help you achieve all that and more. Our solution streamlines the intake, classification, extraction and indexing of data from the avalanche of correspondence and other documents that come with consumer debt. Here’s how it works:

  1. MetaSource securely receives client documents and incoming correspondence in all forms.
  2. Client and creditor documents are classified using advanced recognition technology.
  3. Actionable data is extracted and updates are automatically made to the client’s debt relief platform.
  4. Client and creditor documents are indexed and made easily accessible on MetaSource’s secure cloud-based platform.
  5. MetaSource’s digital mailroom solution scans and electronically routes all incoming mail to the appropriate person or department, including Human Resources, Accounts Payable and Customer Service.

With a proven process that includes a smooth integration with internal CRM platforms, MetaSource enables debt relief and settlement employees to shift their focus to settlements and customer service, even as the volume of work increases. Our Debt Settlement Process Automation Solution reduces cycle time by 60%, decreases the time and resources needed to reach a settlement by 80%, and eliminates data discrepancies.

“Many booth visitors at the AFCC Conference were unaware that such a solution – one that can streamline the entire process – exists,” Duckett said. “They were pleasantly surprised to learn that we can not only take their documents and make them easily accessible but update their debt relief platforms as well.”

Don’t let what you don’t know leave your business mired in inefficiency. Our game-changing solutions have helped many of the industry’s biggest players –  and we can help you too.

Learn more about MetaSource’s solutions for growing your debt relief business, shrinking your paperwork, and creating happy customers.

Click here to contact us today