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Collections Outsourcing

 

  Every bank and financial institution is eager to provide loans for ‘eligible’ people. One can avail housing loan, mortgage loan, vehicle loans, educational and even personal loans easily depending on their income. Based on certain criterion the loans are cleared/disbursed. Then problem of collecting Equate Monthly Installments( EMI) becomes a issue if the person is not paying the EMIs. More often we find that there are defaulters. And the bottom line in balance sheet will be affected due to non collection of loan amounts. Here is where Outsourcing of Collections come into picture.

  Hence the lenders now can avail the services of  ‘collection agencies’ who provide the necessary manpower and resources. The lender need not reveal all the details of  loan account holder to the collection agent. They may inform the geographical details and the amount to be collected.  The collection agents work even at odd hours including nights and Saturdays, as most of the defaulters claim to be busy otherwise. 

  Typically the collection agents contact the loan account holder daily on phone.  They also take up mailings of past-due notices and send personalized collections letters on  the lender’s behalf. They provide the lenders with monthly status updates and delinquency trend reports

  They even provide a customized collection program depending on the lender’s corporate reputation, culture and collection criteria

Who can use Collection Agents:

1.      Banks and financial institution who offer loans

2.      Telecom Service providers

3.      Travel agents who book tickets on flexible booking methods

4.      Any ticketing  companies

5.      Insurance companies

6.      Automobile traders/dealers