TrueAccord offers software which enables banks to negotiate debt payments with distressed borrowers; they are now launching a direct to consumer portal called Engage; the idea behind the new offering is to let borrowers reach out to lenders to adjust terms of repayment; allowing borrowers to have flexibility inevitably allows lenders to collect more; TrueAccord works with many large US banks but most do not disclose their relationship; if a bank doesn’t already work with TrueAccord, they will send a request for relief to the bank which streamlines the process for borrowers; in the past TrueAccord was focused only on collections, but the new offering is responding to consumers needs amid COVID-19. American Banker
