At the recent 2024 DCS Conference, Reliant was proud to host an exclusive, closed-door Creditor Roundtable, where industry leaders came together to address one of the most important challenges facing both creditors and debt settlement companies: improving communication and collaboration.

This roundtable was more than just a discussion—it was a vital step toward breaking down long-standing barriers between these two groups, fostering a better understanding of how each side can work together for the benefit of consumers. Here are the key takeaways from this impactful event:

Key Insights from the Roundtable

1. Communication Gaps Remain a Major Hurdle
   A central issue discussed during the roundtable was the ongoing lack of communication between creditors and debt settlement companies. Specifically, creditors expressed frustration over not being consistently informed about key updates, such as when consumers drop out of settlement programs. This communication gap makes it challenging for creditors to manage accounts and leads to unnecessary friction between both sides.
2. Data Security is a Growing Priority
   As the industry continues to evolve, so does the need for more secure and efficient ways to exchange data. Both creditors and debt settlement companies acknowledged that safeguarding sensitive information is essential to protecting consumers and building trust. Moving forward, improving data exchange systems will be critical for enhancing security across the industry.
3. Changing Perceptions of Debt Settlement
   On a positive note, creditors are beginning to recognize the unique value that debt settlement companies can bring. There is now less resistance to the debt settlement process, with creditors seeing it as a legitimate and important vertical within the financial services ecosystem. However, more education is still needed to further strengthen understanding and cooperation.

Leading the Conversation

At Reliant, we’ve always believed that our relationships with creditors are invaluable. Strengthening these ties isn’t just about better communication—it’s about improving the entire debt settlement process. This year’s roundtable was a prime example of how we’re facilitating meaningful conversations that lead to actionable solutions.

Reliant’s role as a payment processor also highlights our commitment to innovation and creating a meaningful difference. Currently, 75% of our settlement payments are processed through ACH services, a shift that has streamlined payments for creditors and debt settlement companies alike. This enhancement has helped reduce disruptions and improve overall efficiency, further underscoring Reliant’s dedication to supporting a smoother, more secure payment environment.

By hosting this roundtable, we were able to create a space where creditors and debt settlement companies could openly discuss their concerns and opportunities for collaboration. Our role as the facilitator of this roundtable highlights our leadership and commitment to fostering positive relationships across the industry.

Looking Ahead

As we look forward to the next year, we’re already planning for the 2025 roundtable—an event we expect to be even more impactful. With each roundtable, we strive to bridge the gaps between creditors and debt settlement companies, fostering cooperation that benefits everyone involved, especially consumers.

Stay tuned for more updates as we continue to drive conversations that shape the future of our industry. If you’d like more information or want to discuss how these insights might apply to your business, don’t hesitate to reach out. We’re always here to help.