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
Banks and financial institution who offer loans
Telecom Service providers
Travel agents who book tickets on flexible booking methods
Any ticketing companies