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Building Bridges: Key Insights from Reliant’s 2024 Creditor Roundtable at the DCS Conference

Posted on by Ryan Hartman

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.

Simple Tips to Protect Your Accounts and Passwords

Posted on by Ryan Hartman

It’s no secret that your online accounts contain personal and sensitive information. The best way to protect yourself from cyberattacks is to prepare and be proactive. Whether its your password to your online banking portal or a social account, its important you apply these methods to avoid fraud and theft. Here are some simple tips you can implement to keep protected: 

Avoid Using Common Passwords 

We understand it’s hard to remember long and complex passwords; we also know that recovering your accounts from cyberattacks is even harder. Make sure to avoid using common phrases such as song lyrics or sequential numbers “12345” just to meet requirements. A strong password is usually 10-12 characters long, has 3-4 random words separated by spaces and includes a mix of uppercase and lowercase letters, as well as numbers and symbols.  

One Does Not Fit All 

It is very important that you don’t use the same password for all your accounts. We do not recommend storing your passwords in an Excel document or notes page on your phone. Although you keep your devices safe, its important to take every precaution necessary to remain protected. A simple way to keep track of all your passwords is by saving them on your web browser or a trusted password manager. If you are going to take this route, it is important to do your due diligence before trusting them.  

Enable Multi-Factor Authentication 

Utilize authentication as often as possible. The most common form of multi-factor authentication is password verification through text, email, or call. Most of your accounts will either require or give you the option to enable multi-factor authentication. Another common form of authentication is answering security questions. The questions and answers you choose should only be known to you. Often creating your own question, if given the option, is the easiest way to apply this tip.  

Lookout For These Scams

Posted on by Ryan Hartman

Scams can appear in many different forms…phone calls, social media, email, and many more. Identifying the scam and knowing what is happening is the best way to protect yourself.  

Phishing and Spoofing 

Phishing is when you receive an email that looks to be from a reputable sender/brand but asks you to click on a link, open an attachment, or call a fraudulent phone number to attempt to steal your personal information. Often these emails have typos, grammatical mistakes, or just look a little off. 

Spoofing is when a scammer disguises as a trusted entity or device to get you to tell them your personal or financial information.  

If you are suspicious, do not click on any links or attachments, call a number in the email, reply to the email, or provide any information on a call. Call the entity directly at a known good number. All legitimate entities will have their customer service phone numbers posted on their website. 

If you ever receive any correspondence, either email or via phone call, from Reliant that you find suspicious, please contact reliantrelations@reliantpayment.com. 

Artificial Intelligence Scams 

Unfortunately, AI can be used for bad too. Scammers are impersonating and cloning voices to trick people into giving money out of desperation and fear. If you are getting a call suddenly from a family member or friend in urgent need, hang up and immediately call them back on their personal number. If they do not answer, call someone that may be with them and knows them well.  

Online Marketplace Scams 

Often scammers will set up fake links and bogus ads on social media marketplaces to give you “unbeatable deals or sales” on brands you may like to buy. When you go to checkout, they will ask you to provide personal information and might ask you to pay using digital payment platforms like Zelle, Cash App, or PayPal. To avoid these scammers, always make sure to visit the brands website to see if the sale is legitimate and always use credit cards or debit cards to make payments because they often provide protection against scams.  

Check Fraud 

Scammers can steal checks directly from your mailbox or even use “deposited” checks that haven’t been disposed of properly. They use chemicals to erase and rewrite checks, create counterfeit checks, or even sell your personal info. Its important to only send checks from inside a post office, fill out all spaces of the check with a line, and always use permanent pen so the information is hard to erase. 

Other Common Scams 

Here is a list of other potential scams to be on the lookout for: 

  • Tech Support 
  • Government Imposters 
  • IRS Imposters 
  • Home Repair 
  • Advance Fee Scams 
  • Computer Virus 
  • ATM Withdrawals