See this topic a little mushy, but it is the answer to a question that we often get. You want your credit counseling company, state of the art tools to use to manage your accounts.
Back in the day, credit counseling companies all worked pretty much the same. A customer would the required information. The consulting company would a paper proposal, each creditor mail and wait for a reply by e-mail.
With the advent of electronic communication, the process has changed a little. In 1993 brought his Mastercard RPPS system of credit counseling industry. RPPS = Remote Payment and presentation service.
Now most of the ground-based mail delivery delays are history paper and proposal. RPPS creates a biller directory. The biller directory of counseling centers is to identify to the creditors. With non-stop mergers, moves close to banks by the FDIC, the need to maintain consumer accounts available during this turbulence is critical.
RPPS weekly updates to their biller directory at any counseling center which is a source approved by the creditors. Counseling Agencies that use the MasterCard Worldwide RPPS system. Each agency must be set up to make payments even though the consumer account RPPS. Each agency must pay for access to RPPS.
Since 1993, the number of counseling centers approved source is has declined in the United States. With more consumers, the debt management support in these days, it is of course, not with any counseling RPPS these days is a choice not to use, condition of the tools are their customers can only benefit.
RPPS is connected to 95% of the billing companies out there. Thus, their efficacy in the maintenance of the credit counseling industry is unsurpassed.
RPPS is what online bill payment offer practical for banks to consumers. In addition to pay bill to prevent RPPS routing problems in cases where account numbers due to bank mergers and acquisitions have changed. This way account number changes seamlessly for the consumer benefit executed.
When all is said and done, the services facilitated by MasterCard RPPS if the process of debt relief for consumers in a debt management program.
Payments can and will be prosecuted to the account that received the payment. If there is a difference between what is required and what the creditor sent a consumer, the problem is easy to solve, which are provided in the RPPS system tools.
Savings, loans, some banks, and the IRS does not usually participate in debt management programs. Not participate BB & T Commerce Bank, many installment loan companies and some other banks in a debt management program. However, almost all the major credit card companies and department store credit card companies do not participate. If they participate, do their billers IDs will be included in the weekly updated biller directory. All approved debt management agencies receive these updates. In most cases, if an account number for a specific account entered into the debt management agency system and not a biller ID is then determined, it is not a participating creditors. Hope that helps a little....
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