What does the Debt Management Processor do after receiving an installment plan approval?

What does the Debt Management Processor do after receiving an installment plan approval?

• A. Notifies the debtors of the decision
• B. Enters the required information in GFEBS
• C. Reviews the debtors' payment history
• D. Cancels the debtor's previous payment agreements

Answer: (B)

After receiving an installment plan approval, the Debt Management Processor enters the required information in GFEBS (General Fund Enterprise Business System). This step is crucial because it ensures that all financial data related to the debt and the terms of the installment plan is accurately documented and tracked within the system. Entering this information helps to maintain a clear record of the debtor's obligations and facilitates future management of the debt, including monitoring payment compliance and financial reporting. By doing so, the accurate information in GFEBS allows for effective oversight and management of the debt portfolio, which is essential for any robust debt management process.

After receiving an installment plan approval, the Debt Management Processor enters the required information in GFEBS (General Fund Enterprise Business System). This step is crucial because it ensures that all financial data related to the debt and the terms of the installment plan is accurately documented and tracked within the system. Entering this information helps to maintain a clear record of the debtor's obligations and facilitates future management of the debt, including monitoring payment compliance and financial reporting. By doing so, the accurate information in GFEBS allows for effective oversight and management of the debt portfolio, which is essential for any robust debt management process.