Counseling Added BITB

MSTD, creator of the BackInTheBlack Web-based collections and loss mitigation platform, has integrated consumer credit counseling services into its functionality.

Mortgage servicers using BITB may now set selection parameters, such as unsecured debt to income ratios and the number of open credit cards, to automate the determination of candidates who may benefit from credit counseling.

"Moreover, at the conclusion of the mortgage counseling session, the servicer may instantaneously transfer the borrower, if he or she desires, to a consumer credit counselor so that work on a debt management plan may begin immediately," said Cam Melchiore, executive vice president of MSTD.

Consumer credit counselors are particularly effective at negotiating credit card debt, unpaid medical expenses, overdue utility bills and outstanding IRS balances, according to MSTD.

The first consumer credit counseling agencies to become a part of the BITB platform are the Care One

Credit Counseling branded services. The nonprofit agencies that provide Care One Counseling Services manage 28,000 debt management plans.

The average consumer referred to a Care One Credit Counseling agency from a residential mortgage saves $370 per month from their unsecured debt obligations, according to Paul DeSaulniers, director of business development at Ascend One Corp.

The Care One Credit Counseling service mark is owned by 3C Inc., a member of the Ascend One Corp. family of businesses. Ascend One is based in Columbia, Md.

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