CA Deepanjan Periwal, the founder of Debtors Watch says, "In countries like US, UK, Australia, credit tracking is a very common phenomenon to check the creditworthiness of a person based on the historical payment performance. In India, things are not transparent enough. Shrewd debtors were keeping the market in dark and eloping away after completing the cycle of debt sufficiency.
"We, at DebtorsWatch, are targeted towards introducing a transparency in the market where we are inviting people, by giving them an additional hand to recover money."
Businesses can report bad debts by uploading documents supporting their claim. On reporting a default the portal sends a series of email and text reminders to debtors asking them to clear their dues. Failure to do so result in a default being registered on the platform. The portal also allows customers to respond to the defaults reported against them.
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