TrueAccord: My Social Impact Journey
When I was nineteen, a colleague of mine asked me what I saw myself working on later in life. I was barely out of high school and a year into compulsory military service in the Israeli Defense Forces, so at the time I wasn’t in a position to determine my weekend plans let alone set my life goals. Still, intuitively I responded: “I’d like to be in a position of fixing people’s financial issues”. I had a vision, but didn’t yet know how to get there.
Back then I hadn’t even considered that financial issues could be solved using technology. My response was simply a reaction to growing up in a working class neighborhood and seeing parents work multiple jobs to support their families, and often struggling to provide food and other essentials. I’ve always been sensitive to my environment and have enjoyed helping others, and it was clear to me that I’d find a way to assist those who are down on their luck.
Two decades later, TrueAccord has had over 13 million US consumers utilizing its products and services as part of their financial journeys. This is only the beginning.
First fix debt collection, then work with consumers to reach financial wellness
We chose to start TrueAccord from an angle that is surprising to some: Debt collection, an unsexy industry that is even more hated than insurance.
The main reason we chose the far less beaten path? There are 77 million US consumers who deal with collections every year. Collections are traditionally conducted in archaic ways for modern consumers and in dire need of an overhaul. Moreover, consumers in collections usually get thrown out of the financial system with no easy way to dig themselves out of the hole. Being in collections is often the “break it or make it” moment for people, and it often doesn’t end well for consumers. This is something that we can change. This is what I’ve been spending 7+ years on and will keep working on until it’s fixed.
I love the quote: “First time founders are obsessed with product. Second time founders are obsessed with distribution”. With access to its millions of consumers, TrueAccord has distribution on its side and is well-positioned to build the financial products to empower consumers. Debt collection is part of TrueAccord’s identity. Yet it’s only one aspect of the entire ecosystem that it’s building.
“Is there a way for you to take over the accounts that I have in collections?”
The quote above was taken from a call with a consumer while a delegate from one of our biggest clients, a major financial institution, was listening in. I’ll reiterate: A consumer, in collections, asked their collection agency, unpromptedly, to help them manage all of their accounts. And she’s not alone, as our over 200 Google reviews can attest.
Consumers want to choose their collectors, and they want to work with a partner they trust to get on top of their finances. So when consumers ask us the question above, TrueAccord is proud to be in the position to tell them: “Yes, we can!”
That’s exactly why we launched Engage, TrueAccord’s direct-to-consumer product. It takes the TrueAccord Experience a step further: Enabling consumers to take control of their debts while providing them the tools and resources needed on their journey to financial health.
This is yet another step in my personal commitment to making an impact on people’s lives by helping make their financial lives easier. There is still a long way to go, and I’m excited for the next milestones.
If you are driven by social missions and looking to make an impact on the greater social good, I’m looking for additional people to join my journey. And if you wish to get acquainted with the problems with the current US financial system, I have the perfect movie and book for you.
