Debt Relief Industry

Debt Relief Compliance Tracking Software – First Look. Sweet!

I’m fortunate enough to have been selected as an alpha tester for the new debt relief software by USDR. Granted it’s early days on the rollout but I had to share with you what I’ve seen so far.

There are still more modules to implement but the software makes it VERY easy for any debt relief company to track a number of business critical issues.

If we look at California as an example you can see how great this is to be easily able to drill down in the current legislation. There are links for the bill, each amendment, bill status, history, committee members, etc. For those of us that care about being in the know on this sort of stuff, that’s very cool.

The screens on time barred debt or statute of limitations are very helpful as well. SOL issues will play a more important role in the years ahead since if debt relief companies need to have a greater fiduciary role in assisting consumers on of the issues will be if a debt is time barred to begin with. If it is time barred then it become a lower priority debt in the debt repayment plan.

When you scroll over a state, in this example, Texas, a visual clue pops up showing you the SOL and if you click on the state it takes you to the current regulation/legislation that covers this for the state.

So far this product is far superior to anything else I’ve ever seen and I wish I’d had it when I was running the debt relief company. If you are running a debt relief company now I can’t imagine operating without this application.

Here is the part that is even more exciting for us debt relief geeks, state law tracking.

So when you click on a state the application shows you the corresponding statue for that state. Here is the top of the Maryland screen as an example.

These state specific details are also available on garnishment, collection, and privacy laws as well.

Scott Johnson is the guy with the brains behind this tool that will be a huge asset for debt relief companies. I know he’s not yet opened this to wider testing beyond the handful of people at the moment.

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If you want to see more, try it for yourself and have a chance to meet Scott, you can see a full demonstration of the debt relief compliance application at the free upcoming debt relief master class in July, 2011.

From what I’ve seen as an early alpha tester this debt relief compliance application will be a great help and benefit to both debt settlement and credit counseling groups.


I can always use your help. If you have a tip or information you want to share, you can get it to me confidentially if you click here.




About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

12 Comments

  • The technology has been a component of our debt relief company before we enrolled the 1st client, thru the years we have made enhancements. USDRinc.com is now offering again its back office technology to company’s in the debt relief vertical. New entrants may not know us so here is a short bio of our best in class accomplishments -1st ISO 9001 Certified Debt Settlement Company, 1st National Bank Certified Debt Settlement Program and the BSI Case Study on Performance http://www.usdrinc.com/downloa…  
    For more information about USDR feel free to visit http://www.usdrinc.com

  • The software looks really great.  How did you make the money to pay the programmers to make that great software?  Ill tell you how, by charging consumers advance fees for years, which was a rip-off.

    Before we heap so much praise onto a product, lets remember how that product was financed.

  • The software looks really great.  How did you make the money to pay the programmers to make that great software?  Ill tell you how, by charging consumers advance fees for years, which was a rip-off.

    Before we heap so much praise onto a product, lets remember how that product was financed.

    • The technology has been a component of our debt relief company before we enrolled the 1st client, thru the years we have made enhancements. USDRinc.com is now offering again its back office technology to company’s in the debt relief vertical. New entrants may not know us so here is a short bio of our best in class accomplishments -1st ISO 9001 Certified Debt Settlement Company, 1st National Bank Certified Debt Settlement Program and the BSI Case Study on Performance http://www.usdrinc.com/downloads/bsi-case-study.pdf.  
      For more information about USDR feel free to visit http://www.usdrinc.com

  • With in the application is a license module that would track a company’s individual status of state compliance.  This is what would generate the “Green & Red” list specific to the organization.
     
    Here is a quick list of some of the items
    Bonds
    Insurance
    License
    Renewal dates
    Fee structure allowed
    Back Ground checks
    License Look up

  • With in the application is a license module that would track a company’s individual status of state compliance.  This is what would generate the “Green & Red” list specific to the organization.
     
    Here is a quick list of some of the items
    Bonds
    Insurance
    License
    Renewal dates
    Fee structure allowed
    Back Ground checks
    License Look up

  • Guest, your comment is a perfect example of what has gone on in the debt relief industry for many years. “Just gimme a list of states I can market in” will not work anymore. It frankly never worked, but that’s the approach many took. Washington was green on someones list. Hows that working out for many that relied on the green designation?

    North Carolina was red, but it was learned it did not need to be.

    You really have to take ownership of your own actions. I bet several companies operating in WA would love to make a defense of “The state was listed green, so we went with it”.

  • Well I applaud your desire for a simple approach but in this regulatory climate it’s just not that simple.

    You will need to get your individual states cleared by your corporate counsel. A number of factors come into play like money transmitter licensing, are you registered to do business in that state, debt adjuster statues, debt settlement legislation and then as an aside you need to add the time barred debt issue on top of each debt enrolled.

    No green state, red state list will keep anyone out of trouble and that’s a far to simplistic distillation of a complicated landscape that is different for each and every company. Anyone promoting a simplistic green state, red state list should be kicked in the nuts for setting you up to be sued.

    Look at WV for example. You might meet the fee requirements but if you are not registered with the state you lose. If you fall under the Credit Services Organization Act in WV and you are not registered with the state, you lose. And it appears that debt settlement falls under the CSOA in WV as an “extension of credit.” See the eighth cause of action against Morgan Drexen in this recent case. And then on top of that, you need to be licensed to provide credit services and post a bond with the state.

  • As a sales manager all I want to know is on each state is it “Yes” or “No” for selling to clients.  In words is each state a green or red state to accept clients.  Where is that screen?

  • As a sales manager all I want to know is on each state is it “Yes” or “No” for selling to clients.  In words is each state a green or red state to accept clients.  Where is that screen?

    • Well I applaud your desire for a simple approach but in this regulatory climate it’s just not that simple.

      You will need to get your individual states cleared by your corporate counsel. A number of factors come into play like money transmitter licensing, are you registered to do business in that state, debt adjuster statues, debt settlement legislation and then as an aside you need to add the time barred debt issue on top of each debt enrolled.

      No green state, red state list will keep anyone out of trouble and that’s a far to simplistic distillation of a complicated landscape that is different for each and every company. Anyone promoting a simplistic green state, red state list should be kicked in the nuts for setting you up to be sued.

      Look at WV for example. You might meet the fee requirements but if you are not registered with the state you lose. If you fall under the Credit Services Organization Act in WV and you are not registered with the state, you lose. And it appears that debt settlement falls under the CSOA in WV as an “extension of credit.” See the eighth cause of action against Morgan Drexen in this recent case. And then on top of that, you need to be licensed to provide credit services and post a bond with the state.

    • Guest, your comment is a perfect example of what has gone on in the debt relief industry for many years. “Just gimme a list of states I can market in” will not work anymore. It frankly never worked, but that’s the approach many took. Washington was green on someones list. Hows that working out for many that relied on the green designation?

      North Carolina was red, but it was learned it did not need to be.

      You really have to take ownership of your own actions. I bet several companies operating in WA would love to make a defense of “The state was listed green, so we went with it”.

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