Credit Providers: Are You Bad at Debt Review?
Still? Really?
Debt review has been part of the National Credit Act since 2007.
That’s more than 15 years for credit providers to get their systems in place, train their staff, and refine their processes. With all the advances in technology, especially now during the AI boom, credit providers should be running a slick, efficient operation when it comes to debt review matters.
Sadly, many Debt Counsellors report unnecessary delays and high numbers of counter proposals on DCRS matters—proposals that should have been accepted automatically under agreed rules.
Some credit providers shockingly still find themselves accused of reckless lending. Even more concerning, we still see company leaders blaming the entire debt review process (which affects only a tiny number of their clients) for their organisation’s financial performance.
Some credit providers websites still continue to have misleading or totally false information about debt review on display.
RATHER: Credit providers should vigorously support debt review, which recovers billions in debt with such minimal cost. They should invest in up to date systems and staff training to ensure smoother processes. They should correct those websites. And if DCRS is not working as intended, they must help fix it quickly, before the Debt Counsellors walk away from it altogether.
