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MSTD, creator of the BackInTheBlack Web-based collections and loss mitigation platform, has integrated consumer credit counseling services into its functionality.
Mortgage servicers using BITB may now set selection parameters, such as unsecured debt to income ratios and the number of open credit cards, to automate the determination of candidates who may benefit from credit counseling.
"Moreover, at the conclusion of the mortgage counseling session, the servicer may instantaneously transfer the borrower, if he or she desires, to a consumer credit counselor so that work on a debt management plan may begin immediately," said Cam Melchiore, executive vice president of MSTD.
Consumer credit counselors are particularly effective at negotiating credit card debt, unpaid medical expenses, overdue utility bills and outstanding IRS balances, according to MSTD.
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Source: HighBeam Research, Counseling Added BITB.(MSTD Inc's BackInTheBlack platform)(Brief...