CHANTILLY, Va. – Consumers facing collection from their credit union, credit card company or other creditor may soon be given the choice of making their "best offer" online.
Online Resources Corp., a provider of online financial services technology to more than 800 credit unions, card issuers and other clients, has added that feature to its "virtual collections agent" platform.
Debtors can sign on to the branded collections site and, if they wish, make their single "best offer" for a settlement with their creditor. Depending on automated rules set by the institution, the offer could be accepted or met with a counter offer.
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The new feature is aimed at ensuring that collectors receive the maximum amount they can while keeping the process simple and confidential for the consumer, says Bill Kinnelly, president of Online Resources' Card & Credit Services Division.
"This feature keeps the settlement process short and provides the creditor the best possible outcome," Kinnelly says.
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