Fears of creditors can cause family problems, anxiety, heart palpitations, a few extra trips to the bar, avoidance of answering the telephone, a numb feeling when logging into one’s inbox, sleepless nights, cranky days and generally speaking, an unquiet life. An Israeli startup, based in Sun Fransisco, TrueAccord hopes to change all that by making the process of debt collection more civilized and humane. It operates on the assumption that most people aren’t running away from their debts on purpose or are not layabouts who don’t give a damn, but have very good reasons for not paying. Like not having the available funds.
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TrueAccord co-founder, Ohad Samet’s personal experience with creditors inspired him to help create the startup. After a curt phone call about a late payment on his Macy’s card, Samet realized that a traumatic experience with a creditor could drive the debtor away from the company’s brand once he or she has the funds to spend again. “Something is really broken in that experience. There’s a lot of money involved. And it’s a very negative experience.”
TrueAccord uses data intelligence and behavioral psychology to try to determine why the debtor is not paying and negotiates with the creditor a reasonable repayment plan rather than just confronting the debtor with stern threats. The site has a user friendly online interface to connect creditors and debtors and is the go-between to ensure friendly negotiations.
The startup has received $5 million in funding from Khosla Ventures, TenOneTen Ventures, Braintree founder Bryan Johnson, Hunter Walk and Homebrew Investments.