A loan that remains delinquent for an extended period of time will enter the default stage, which means a borrower has violated the terms of their agreement and the loan payment is now due in full. In order to prevent loss and improve portfolio performance, a lender can partner with specialized agencies who help collect payment on defaulted loans.
Evaluate collections specialists to ensure optimal performance.
It is important to evaluate the effectiveness of each collection agency in order to maximize loan performance. Maintaining regular contact with vendors and providing performance-based incentives are two important steps to encourage better outcomes.
Monitor collections activities to safeguard compliance standards.
There are nuanced legal regulations that govern collection activities and violating them can have serious repercussions. A lender should thoroughly vet and continuously monitor all their vendors and take measures to ensure their borrowers and bottom line are protected.
Goal Solutions provides collections management services utilizing an extensive network of specialized vendors. We continuously monitor and evaluate our agencies, and provide incentives that drive performance.